303611 Anima Annual a 2018 Layout A

ANIMA Funds Plc

Annual Report and Audited Financial Statements For the financial year ended 31 December 2018 Notice for investors in the Federal Republic of Germany pursuant to Sec. 293 para. 1 No. 3 German Investment Code (Kapitalanlagegesetzbuch; “KAGB”). For the following Fund(s) of ANIMA Funds Plc a notification pursuant to Sec. 310 German Investment Code has not been conducted:

ANIMA Solution 2022-I ANIMA Liquidity ANIMA Solution 2022-II ANIMA Short Term Bond ANIMA Solution 2022-III ANIMA Medium Term Bond ANIMA Solution 2023-I ANIMA Bond Dollar ANIMA Solution EM ANIMA Global Bond ANIMA Life Bond PRIMA Bond 2017 Crescita Imprese ANIMA Short Term Corporate Bond ANIMA Traguardo 2017 Global Bonds ANIMA U.S. Equity ANIMA Attiva Cedola Plus 2018 ANIMA Asia/Pacific Equity ANIMA Cedola BRIC 2018 ANIMA Global Equity ANIMA Italian Bond ANIMA Emerging Markets Equity ANIMA Italian Equity ANIMA Euro Equity ANIMA High Yield Bond ANIMA Global Currencies ANIMA Bond 2022 Opportunities ANIMA Variable Rate Bond ANIMA Brightview 2023-I ANIMA Hybrid Bond ANIMA Brightview 2023-II ANIMA Euro Government Bond ANIMA Brightview 2023-III ANIMA Flex 50 ANIMA Brightview 2023-IV ANIMA Smart Volatility Europe ANIMA Brightview 2024-I ANIMA Smart Volatility Global ANIMA Brightview 2024-II ANIMA Smart Volatility Italy ANIMA Brightview 2024-III ANIMA Smart Volatility USA ANIMA Brightview 2024-IV ANIMA Credit Opportunities ANIMA Brightview 2024-V ANIMA Tesoreria Imprese ANIMA Orizzonte Europa 2022 ANIMA Star High Potential Italy ANIMA Orizzonte Europa 2023 - Rendimento ANIMA Star High Potential Global Bilanciato ANIMA Active Selection ANIMA Orizzonte Sostenibile 2023 ANIMA Smart Dividends Europe ANIMA Orizzonte Benessere 2023 ANIMA Flexible Bond ANIMA Flexible Income ANIMA Orizzonte Consumi 2023 ANIMA Infrastructure ANIMA Orizzonte Energia 2023 ANIMA Defensive ANIMA Zephyr Global ANIMA Zephyr Real Assets ANIMA International Bond

Shares of these Fund(s) may therefore not be distributed to investors in the Federal Republic of Germany. ANIMA Funds Plc

Contents Page

Organisation 4

Background to the Company 5

Directors’ Report 10

Investment Manager’s Report 14

Manager’s Report 18

Report of the Depositary to the Shareholders 53

Independent Auditor’s Report 54

Statement of Comprehensive Income 57

Statement of Financial Position 74

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 91

Statement of Cash Flows 108

Notes to the Financial Statements 126

Schedule of Investments ANIMA Liquidity 460 ANIMA Short Term Bond 462 ANIMA Medium Term Bond 465 ANIMA Bond Dollar 472 ANIMA Global Bond 477 ANIMA Life Bond 485 ANIMA Short Term Corporate Bond 488 ANIMA Europe Equity 493 ANIMA U.S. Equity 500 ANIMA Asia/Pacific Equity 504 ANIMA Global Equity 510 ANIMA Emerging Markets Equity 517 ANIMA Euro Equity 527 ANIMA Global Currencies 532 ANIMA Variable Rate Bond 534 ANIMA Hybrid Bond 537 ANIMA Euro Government Bond 541 ANIMA Star High Potential Europe 547 ANIMA Star Bond 556 ANIMA Smart Volatility Europe 563 ANIMA Smart Volatility Global 564 ANIMA Smart Volatility Italy 565 ANIMA Smart Volatility USA 566 ANIMA Credit Opportunities 567 ANIMA Tesoreria Imprese 573 ANIMA Star High Potential Italy 577 ANIMA Star High Potential Global 581 ANIMA Active Selection 590 ANIMA Smart Dividends Europe 592 ANIMA Flexible Bond 596 ANIMA Flexible Income 599 ANIMA Infrastructure 605 ANIMA Solution 2022-I 611 ANIMA Solution 2022-II 614 ANIMA Solution 2022-III 617

ANIMA Funds Plc 1 ANIMA Funds Plc

Contents (continued) Page

Schedule of Investments (continued) ANIMA Solution 2023-I 621 ANIMA Solution EM 623 ANIMA Italian Bond 625 ANIMA Italian Equity 627 ANIMA High Yield Bond 630 ANIMA Bond 2022 Opportunities 634 ANIMA Global Macro 639 ANIMA Brightview 2023-I 648 ANIMA Brightview 2023-II 653 ANIMA Brightview 2023-III 655 ANIMA Brightview 2023-IV 656 ANIMA Brightview 2024-I 657 ANIMA Brightview 2024-II 658 ANIMA Brightview 2024-III 659 ANIMA Brightview 2024-IV 660 ANIMA Brightview 2024-V 661 ANIMA Orizzonte Europa 2022 662 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato 664 ANIMA Orizzonte Sostenibile 2023 666 ANIMA Orizzonte Benessere 2023 668 ANIMA Orizzonte Consumi 2023 670 ANIMA Orizzonte Energia 2023 672 ANIMA Defensive 674 ANIMA Zephyr Global 676 ANIMA Zephyr Real Assets 679 ANIMA International Bond 681

Schedule of Material Portfolio Changes ANIMA Liquidity 684 ANIMA Short Term Bond 685 ANIMA Medium Term Bond 687 ANIMA Bond Dollar 688 ANIMA Global Bond 689 ANIMA Life Bond 690 ANIMA Short Term Corporate Bond 691 ANIMA Europe Equity 692 ANIMA U.S. Equity 694 ANIMA Asia/Pacific Equity 696 ANIMA Global Equity 698 ANIMA Emerging Markets Equity 700 ANIMA Euro Equity 701 ANIMA Global Currencies 703 ANIMA Variable Rate Bond 704 ANIMA Hybrid Bond 705 ANIMA Euro Government Bond 707 ANIMA Flex 50 709 ANIMA Star High Potential Europe 710 ANIMA Star Bond 711 ANIMA Smart Volatility Europe 713 ANIMA Smart Volatility Global 714 ANIMA Smart Volatility Italy 715 ANIMA Smart Volatility USA 716 ANIMA Credit Opportunities 717 ANIMA Tesoreria Imprese 718 ANIMA Star High Potential Italy 719 ANIMA Star High Potential Global 720 ANIMA Active Selection 721 ANIMA Smart Dividends Europe 722

ANIMA Funds Plc 2 ANIMA Funds Plc

Contents (continued) Page

Schedule of Material Portfolio Changes (continued) ANIMA Flexible Bond 724 ANIMA Flexible Income 725 ANIMA Infrastructure 726 ANIMA Solution 2022-I 728 ANIMA Solution 2022-II 729 ANIMA Solution 2022-III 730 ANIMA Solution 2023-I 731 ANIMA Solution EM 732 PRIMA Bond 2017 Crescita Imprese 733 ANIMA Traguardo 2017 Global Bonds 734 ANIMA Attiva Cedola Plus 2018 735 ANIMA Cedola BRIC 2018 736 ANIMA Italian Bond 737 ANIMA Italian Equity 738 ANIMA High Yield Bond 740 ANIMA Bond 2022 Opportunities 741 ANIMA Global Macro 743 ANIMA Brightview 2023-I 745 ANIMA Brightview 2023-II 746 ANIMA Brightview 2023-III 747 ANIMA Brightview 2023-IV 748 ANIMA Brightview 2024-I 749 ANIMA Brightview 2024-II 750 ANIMA Brightview 2024-III 751 ANIMA Brightview 2024-IV 752 ANIMA Brightview 2024-V 753 ANIMA Orizzonte Europa 2022 754 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato 755 ANIMA Orizzonte Sostenibile 2023 756 ANIMA Orizzonte Benessere 2023 757 ANIMA Orizzonte Consumi 2023 758 ANIMA Orizzonte Energia 2023 759 ANIMA Defensive 760 ANIMA Zephyr Global 761 ANIMA Zephyr Real Assets 763 ANIMA International Bond 764

Appendix I - UCITS V Directive Annual Report Disclosures (Unaudited) Remuneration Policy of the Company 765

Appendix II - Securities Financing Transactions Regulations (Unaudited) 766

ANIMA Funds Plc 3 ANIMA Funds Plc Organisation

Registered Office of the Company Directors of the Company* 78 Sir John Rogerson’s Quay Andrew Bates, Chairman (Irish) Dublin 2 Rory Mason** (Irish) Ireland Pierluigi Giverso (Italian) Alessandro Melzi D’Eril (Italian) Manager, Promoter and Distributor – from 1 January 2019 Gary Palmer** (Irish) ANIMA SGR S.p.A., Davide Sosio (Italian) Corso Garibaldi, 99, Agostino Ricucci (Italian, Irish resident) 20121 Milan (MI) Italy Sub-Investment Managers ANIMA SGR S.p.A. (until 31 December 2018) Investment Manager - until 31 December 2018 Corso Garibaldi, 99 ANIMA Asset Management Limited 20121 Milan Block A, 10th Floor Italy 1 George’s Quay Plaza George’s Quay Aletti Gestielle SGR S.p.A.*** (until 1 December 2018) Dublin 2 Via Tortona, 35 Ireland 20144 Milano Italy Administrator, Registrar and Transfer Agent State Street Fund Services (Ireland) Limited Depositary 78 Sir John Rogerson’s Quay State Street Custodial Services (Ireland) Limited Dublin 2 78 Sir John Rogerson’s Quay Ireland Dublin 2 Ireland Independent Auditors Deloitte Ireland LLP Secretary Chartered Accountants and Statutory Audit Firm Tudor Trust Limited Deloitte & Touche House 33 Sir John Rogerson’s Quay 29 Earlsfort Terrace Dublin 2 Dublin 2 Ireland Ireland

Legal Advisor Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland

Registered No: 308009

* Mr. Claudio Tosato resigned as Director of the Company with effect from 30 September 2018. Mr. Agostino Ricucci was appointed as Director of the Company with effect from 1 October 2018. ** Independent Director *** Aletti Gestielle SGR S.p.A. was appointed Sub-Investment Manager from 20 March 2018 to 1 December 2018 (date of the merger of Aletti Gestielle SGR S.p.A. into ANIMA SGR S.p.A.).

ANIMA Funds Plc 4 ANIMA Funds Plc Background to the Company

Description

ANIMA Funds Plc (“the Company”) is an open ended umbrella investment company with variable capital and segregated liability between Funds incorporated with limited liability in Ireland under the Companies Act, 2014 with registration number 308009 and authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and subject to the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities)) Regulations 2015, as amended (the “Central Bank UCITS Regulations”).

The Company is structured as an umbrella investment company in that different sub-funds (each a “Fund”, collectively the “Funds”) may be established with the prior approval of the Central Bank. In addition, each Fund may issue more than one Share Class. The Shares of each class issued by a Fund will rank pari passu with each other in all respects except as to all or any of the following:

- currency of denomination of the class; - hedging strategies; - dividend policy; - the level of fees and expenses to be charged; and - the minimum subscription and minimum holding applicable.

The assets of each Fund will be separate from one another and will be invested in accordance with the investment objectives and policies applicable to each such Fund.

The Funds in existence during the financial year were as follows:

ANIMA Liquidity ANIMA Solution 2022-I ANIMA Short Term Bond ANIMA Solution 2022-II ANIMA Medium Term Bond ANIMA Solution 2022-III ANIMA Bond Dollar ANIMA Solution 2023-I ANIMA Global Bond ANIMA Solution EM* ANIMA Life Bond PRIMA Bond 2017 Crescita Imprese* ANIMA Short Term Corporate Bond ANIMA Traguardo 2017 Global Bonds* ANIMA Europe Equity ANIMA Attiva Cedola Plus 2018* ANIMA U.S. Equity ANIMA Cedola BRIC 2018* ANIMA Asia/Pacific Equity ANIMA Italian Bond ANIMA Global Equity ANIMA Italian Equity ANIMA Emerging Markets Equity ANIMA High Yield Bond* ANIMA Euro Equity ANIMA Bond 2022 Opportunities ANIMA Global Currencies ANIMA Global Macro ANIMA Variable Rate Bond ANIMA Brightview 2023-I ANIMA Hybrid Bond ANIMA Brightview 2023-II ANIMA Euro Government Bond ANIMA Brightview 2023-III ANIMA Flex 50* ANIMA Brightview 2023-IV ANIMA Star High Potential Europe ANIMA Brightview 2024-I ANIMA Star Bond ANIMA Brightview 2024-II* ANIMA Smart Volatility Europe ANIMA Brightview 2024-III* ANIMA Smart Volatility Global ANIMA Brightview 2024-IV* ANIMA Smart Volatility Italy ANIMA Brightview 2024-V* ANIMA Smart Volatility USA ANIMA Orizzonte Europa 2022 ANIMA Credit Opportunities ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato ANIMA Tesoreria Imprese ANIMA Orizzonte Sostenibile 2023* ANIMA Star High Potential Italy ANIMA Orizzonte Benessere 2023* ANIMA Star High Potential Global ANIMA Orizzonte Consumi 2023* ANIMA Active Selection ANIMA Orizzonte Energia 2023* ANIMA Smart Dividends Europe ANIMA Defensive* ANIMA Flexible Bond* ANIMA Zephyr Global* ANIMA Flexible Income ANIMA Zephyr Real Assets* ANIMA Infrastructure* ANIMA International Bond*

* Please refer to note 24 to the financial statements for details of Fund launches and Fund conversions during the financial year.

ANIMA Funds Plc 5 ANIMA Funds Plc Background to the Company (continued)

Categories of Funds

The Funds are referred to under two broad categories, Structured and Non Structured Funds. The Funds are detailed below under three headings as per the Prospectus; Markets Funds, Strategies Funds and Solution Funds.

• Markets Funds: means a traditional bond or equity type Fund, which seeks to achieve its objective through investment in transferable securities and financial derivative instruments. • Strategies Funds: means a Fund the policy of which has been formulated with a view to following a particular trading or investment strategy. • Solution Funds: means a Fund, the policy of which has been formulated with a view to providing investment solutions over a specific timeframe.

Markets Funds ANIMA Liquidity ANIMA Emerging Markets Equity ANIMA Short Term Bond ANIMA Euro Equity ANIMA Medium Term Bond ANIMA Global Currencies ANIMA Bond Dollar ANIMA Variable Rate Bond ANIMA Global Bond ANIMA Hybrid Bond ANIMA Life Bond ANIMA Euro Government Bond ANIMA Short Term Corporate Bond ANIMA Italian Bond ANIMA Europe Equity ANIMA Italian Equity ANIMA U.S. Equity ANIMA High Yield Bond ANIMA Asia/Pacific Equity ANIMA International Bond ANIMA Global Equity

Solution Funds ANIMA Solution 2022-I ANIMA Brightview 2023-IV ANIMA Solution 2022-II ANIMA Brightview 2024-I ANIMA Solution 2022-III ANIMA Brightview 2024-II ANIMA Solution 2023-I ANIMA Brightview 2024-III ANIMA Solution EM ANIMA Brightview 2024-IV PRIMA Bond 2017 Crescita Imprese ANIMA Brightview 2024-V ANIMA Traguardo 2017 Global Bonds ANIMA Orizzonte Europa 2022 ANIMA Attiva Cedola Plus 2018* ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato ANIMA Cedola BRIC 2018* ANIMA Orizzonte Sostenibile 2023 ANIMA Bond 2022 Opportunities ANIMA Orizzonte Benessere 2023 ANIMA Brightview 2023-I ANIMA Orizzonte Consumi 2023 ANIMA Brightview 2023-II ANIMA Orizzonte Energia 2023 ANIMA Brightview 2023-III

Strategies Funds ANIMA Flex 50 ANIMA Star High Potential Global ANIMA Star High Potential Europe ANIMA Active Selection ANIMA Star Bond ANIMA Smart Dividends Europe ANIMA Smart Volatility Europe ANIMA Flexible Bond ANIMA Smart Volatility Italy ANIMA Flexible Income ANIMA Smart Volatility Global ANIMA Infrastructure ANIMA Smart Volatility USA ANIMA Global Macro ANIMA Credit Opportunities ANIMA Defensive ANIMA Tesoreria Imprese ANIMA Zephyr Global ANIMA Star High Potential Italy ANIMA Zephyr Real Assets

* These Funds are recognised as Structured Funds, the remaining Funds are Non-Structured. Structured Funds refer to Funds with a pre-determined return target on a pre-determined time horizon and which hold over the counter financial derivative instruments which include swaps, options and reverse triparty repurchase agreements.

ANIMA Funds Plc 6 ANIMA Funds Plc Background to the Company (continued)

Segregated Liability

The Company is structured as an open-ended umbrella investment company with segregated liability between its Funds. While the provisions of the Companies Act, 2014, as amended provide for segregated liability between Funds, these provisions have not been tested in foreign courts, in particular in satisfying local creditors’ claims. Accordingly it is not free from doubt that the assets of any Fund of the Company may not be exposed to the liabilities of other Funds.

Investment Objectives

Please refer to the Prospectus for each Fund’s investment objectives and policies.

Investment Management

During the financial year, ANIMA Asset Management Limited served as Investment Manager, pursuant to an Investment Management Agreement, in respect of the following Funds.

ANIMA Liquidity ANIMA Traguardo 2017 Global Bonds ANIMA Short Term Bond ANIMA Attiva Cedola Plus 2018 ANIMA Medium Term Bond ANIMA Cedola BRIC 2018 ANIMA Bond Dollar ANIMA Italian Bond ANIMA Global Bond ANIMA Brightview 2023-I ANIMA Variable Rate Bond ANIMA Brightview 2023-II ANIMA Flex 50 ANIMA Brightview 2023-III ANIMA Smart Volatility Europe ANIMA Brightview 2023-IV ANIMA Smart Volatility Global ANIMA Brightview 2024-I ANIMA Smart Volatility Italy ANIMA Brightview 2024-II ANIMA Smart Volatility USA ANIMA Brightview 2024-III ANIMA Tesoreria Imprese ANIMA Brightview 2024-IV ANIMA Active Selection ANIMA Orizzonte Europa 2022 ANIMA Smart Dividends Europe ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato ANIMA Solution 2022-I ANIMA Orizzonte Sostenibile 2023 ANIMA Solution 2022-II ANIMA Orizzonte Benessere 2023 ANIMA Solution 2022-III ANIMA Orizzonte Energia 2023 ANIMA Solution 2023-I ANIMA Defensive ANIMA Solution EM ANIMA Zephyr Global PRIMA Bond 2017 Crescita Imprese ANIMA Zephyr Real Assets

The Investment Manager ANIMA Asset Management Limited has delegated the management of all Funds to ANIMA SGR S.p.A. from 1 October 2018 to 31 December 2018 (date of the termination of the Investment Management Agreement between the Company and ANIMA Asset Management Limited).

During the financial year, ANIMA SGR S.p.A. served as Sub Investment Manager, pursuant to a Sub-Investment Management Agreement, in respect of the following Funds.

ANIMA Liquidity* ANIMA Global Currencies ANIMA Short Term Bond* ANIMA Hybrid Bond ANIMA Medium Term Bond* ANIMA Euro Government Bond ANIMA Bond Dollar* ANIMA Flex 50* ANIMA Global Bond* ANIMA Star High Potential Europe ANIMA Life Bond ANIMA Star Bond ANIMA Short Term Corporate Bond ANIMA Smart Volatility Europe* ANIMA Europe Equity ANIMA Smart Volatility Global* ANIMA U.S. Equity ANIMA Smart Volatility Italy* ANIMA Asia/Pacific Equity ANIMA Smart Volatility USA* ANIMA Global Equity ANIMA Credit Opportunities ANIMA Emerging Markets Equity ANIMA Tesoreria Imprese ANIMA Euro Equity ANIMA Star High Potential Italy ANIMA Variable Rate Bond* ANIMA Star High Potential Global

*ANIMA SGR S.p.A. acted as Sub-Investment Manager of this Fund from 1 October 2018.

ANIMA Funds Plc 7 ANIMA Funds Plc Background to the Company (continued)

Investment Management (continued)

ANIMA Active Selection* ANIMA Brightview 2023-III* ANIMA Smart Dividends Europe* ANIMA Brightview 2023-IV* ANIMA Flexible Bond ANIMA Brightview 2024-I* ANIMA Flexible Income ANIMA Brightview 2024-II* ANIMA Infrastructure ANIMA Brightview 2024-III* ANIMA Solution 2022-I* ANIMA Brightview 2024-IV* ANIMA Solution 2022-II* ANIMA Brightview 2024-V* ANIMA Solution 2022-III* ANIMA Orizzonte Europa 2022* ANIMA Solution 2023-I* ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato* ANIMA Solution EM* ANIMA Orizzonte Sostenibile 2023* ANIMA Attiva Cedola Plus 2018 ANIMA Orizzonte Benessere 2023* ANIMA Italian Bond* ANIMA Orizzonte Consumi 2023* ANIMA Italian Equity ANIMA Orizzonte Energia 2023* ANIMA High Yield Bond ANIMA Defensive* ANIMA Bond 2022 Opportunities ANIMA Zephyr Global* ANIMA Global Macro ANIMA Zephyr Real Assets* ANIMA Brightview 2023-I* ANIMA International Bond ANIMA Brightview 2023-II*

*ANIMA SGR S.p.A. acted as Sub-Investment Manager of this Fund from 1 October 2018.

Aletti Gestielle SGR S.p.A. served as Sub Investment Manager, pursuant to a Sub-Investment Management Agreement from 20 March 2018 to 1 December 2018 (date of the merger of Aletti Gestielle SGR S.p.A. into ANIMA SGR S.p.A.), in respect of the following Funds.

ANIMA Asia/Pacific Equity ANIMA Emerging Markets Equity

Net Asset Value

The Net Asset Value of a Fund is determined by valuing the assets of each relevant Fund (including income accrued but not collected) and deducting the liabilities of each relevant Fund (including a provision for duties and charges, accrued expenses and fees and other liabilities). The Net Asset Value of a class is determined by calculating that portion of the Net Asset Value of the relevant Fund attributable to the relevant class subject to adjustment to take account of assets and/or liabilities attributable to the Class. The Net Asset Value of a Fund is expressed in the base currency of the Fund. The base currency of each Fund may vary as a result of the primary economic environment in which it operates.

The Net Asset Value per Share is calculated by dividing the Net Asset Value of the relevant Fund or Class by the total number of Shares in issue in the Fund or Class at the relevant Valuation Point rounded to four decimal places.

Issue and Redemption of Shares

Issue of Shares

Applications for Shares should be made to the Administrator or to the Distributor for onward transmission to the Administrator. Applications received by the Administrator or by the Distributor prior to the Dealing Deadline for any Dealing Day are dealt with on that Dealing Day. Any applications received after the Dealing Deadline will be dealt with on the following Dealing Day unless the Directors in their absolute discretion determine otherwise provided that the application is received before the Valuation Point. Minimum Subscription amounts are disclosed in the Fund or Class Information Card in the Prospectus.

ANIMA Funds Plc 8 ANIMA Funds Plc Background to the Company (continued)

Issue and Redemption of Shares (continued)

Redemption of Shares

Applications for the redemption of Shares are made to the Administrator or to the Distributor for onward transmission to the Administrator. Requests for redemptions received prior to the Dealing Deadline for any Dealing Day are dealt with on that Dealing Day. Any requests for redemptions received after the Dealing Deadline for a Dealing Day will be dealt with on the next Dealing Day unless the Directors in their absolute discretion determine otherwise provided that the application is received before the Valuation Point. Redemption requests will only be accepted where cleared Funds and completed documents are in place for original subscriptions. There is no minimum redemption transaction size for any Class of Share in any Fund. Shareholders should note that if a redemption request would, if processed, leave the Shareholder holding Shares having a Net Asset Value of less than the Minimum Holding, the Directors may, in their discretion, redeem the whole of the Shareholder’s holding. The redemption price per Share shall be the Net Asset Value per Share less applicable duties and charges.

Published Information

The Net Asset Value per Share is made available at the registered office of the Administrator during normal business hours and at the following website www.animafunds.ie not later than the third Business Day following the relevant Valuation Point. The Prospectus also allows for publication in such other place as may be determined by the Directors from time to time. The Directors of the Company have approved the daily publication of the Net Asset Value per Share in “Il Sole-24 Ore” (Italian daily newspaper).

ANIMA Funds Plc 9 ANIMA Funds Plc Directors’ Report

The Directors submit their report together with the audited financial statements of the Company for the financial year ended 31 December 2018.

Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ report and the financial statements in accordance with Irish law. Irish law requires the Directors to prepare financial statements for each financial year that gives a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards and Irish law.

Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year.

In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2014, as amended.

The Directors confirm that they believe that they have complied with the above requirements in preparing the financial statements.

The Directors are responsible for the maintenance and integrity of the corporate and financial information relating to the Company which may be included on the Investment Manager’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In carrying out the above requirements the Company has appointed ANIMA Asset Management Limited as Investment Manager (the “Investment Manager”) and the Company has appointed State Street Fund Services (Ireland) Limited to act as administrator (the “Administrator”) of the Company.

The Directors are also responsible for safeguarding the assets of the Company. In this regard they have appointed State Street Custodial Services (Ireland) Limited (the “Depositary”) as depositary to the Company pursuant to the terms of a depositary agreement. The Directors have a responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. The Directors believe that they have complied with the requirements of the Companies Act, 2014, as amended, with regard to accounting records by employing an experienced administrator with appropriate expertise and by providing adequate resources to the financial function. The accounting records of the Company are maintained by the Administrator at 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Compliance Statement The Directors acknowledge that they are responsible for securing compliance by the Company with its Relevant Obligations as defined with the Companies Act 2014 (the “Relevant Obligations”). The Directors confirm that they have drawn up and adopted a compliance policy statement setting out the Company’s policies that, in the Directors’ opinion, are appropriate to the Company in respect of its compliance with its Relevant Obligations.

The Directors further confirm the Company has put into place appropriate arrangements or structures that are, in the Directors’ opinion, designed to secure material compliance with its Relevant Obligations and that measures have been taken throughout the financial year to which this Report relates to meet and satisfy the Company’s compliance with the Relevant Obligations.

Relevant Audit Information The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to ensure that the Company’s Statutory Auditors are aware of this information.

ANIMA Funds Plc 10 ANIMA Funds Plc Directors’ Report (continued)

Audit Committee The Company is authorised as an investment company with the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment of Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). The Company was a self-managed investment company until 31 December 2018. From 1 January 2019 the Company has appointed ANIMA SGR S.p.A. as manager of the Company pursuant to a Management Agreement. During the financial year, as a self-managed investment company authorised pursuant to the UCITS Regulations, the Company defined in its Business Plan its organisational structure which is based on the principle of delegation. Within this organisation, during the financial year the Board of Directors of the Company has appointed individuals (the “Designated Persons”) responsible for monitoring the performance of the Company’s delegates. Regarding Internal Audit, in light of the nature, scale and complexity of the Company’s business and the nature and range of services and activities undertaken in the course of its business, the Company has not established a specific Internal Audit function or an Audit Committee. Rather, within the delegation structure described above, during the financial year the Board has appointed a Designated Person responsible for ensuring that the functions delegated to third parties are subject to internal audit reviews. Where a material issue arises during the internal audit review of the delegate and such issue is relevant for the service provided to the Company, the Designated Person would request further information on the findings and inform the Board of the Company on the matter. At least on a quarterly basis the Designated Person reported to the Board of Directors of the Company any internal audit matter, if identified. The Board was therefore satisfied with the arrangements in place.

Transactions with Connected Persons Regulation 41 of the Central Bank UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in the best interest of the unit-holders of the UCITS”.

As required under Central Bank UCITS Regulation 78.(4), the Directors, as responsible persons, are satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected person; and all transactions with connected persons that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1).

Employees There were no persons employed by the Company during the financial year. However, one individual was hired, through an agency, to work on a contract basis.

Review of performance of the business, principal activities and future developments of the business A detailed performance review of the business, the Funds’ principal activities and future developments is included in the Investment Manager’s Report for each Fund.

Principal risks Under Companies Act 2014, as amended, the Company is required to give a description of the principal risks and uncertainties which it faces. Investment in the Company carries with it a degree of risk, including, but not limited to, the risks referred to below and in Notes 2 and 3 of these Financial Statements. Information about the financial risk management objectives and policies of the Company is also discussed in Notes 2 and 3.

The principal risks and uncertainties facing the Company include Market risk, Credit risk and Liquidity risk. These risks should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties. Other risks may arise of which the Board is not aware or which it deems immaterial.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: currency risk, interest rate risk and other price risk. Market risks are referred to in Note 3 of these Financial Statements.

Credit risk is the risk that the issuer or the counterparty of a financial instrument will be unable to pay amounts in full when they fall due. Credit risk comprises two types of risks: issuer risk and counterparty risk.

All securities, cash at bank balances are held by the Depositary, State Street Custodial Services (Ireland) Limited. Bankruptcy or insolvency of the Depositary, State Street Custodial Services (Ireland) Limited, may cause the Company’s rights with respect to cash and securities held by these entities to be delayed or limited and the Company’s would be treated as a general creditor of that entity in respect of its cash balances. Periodic monitoring and an annual credit review are performed on the Depositary by a credit research team. This review may include as appropriate an assessment of the Depositary’s liquidity position, income streams, asset quality and credit ratings. Credit risk is referred to in Note 3 of these Financial Statements.

Liquidity risk is the risk that the Funds will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial assets. Delivery obligation may arise from: account payable (i.e.management fees, depositary fees, etc.), financial derivative instruments, cash redemptions of redeemable participating shares. Liquidity risks are referred to in Note 3 of these Financial Statements.

ANIMA Funds Plc 11 ANIMA Funds Plc Directors’ Report (continued)

Results and Distributions The results and distributions for the financial year are set out in the Statement of Comprehensive Income for each Fund.

Distribution Policy

The Articles of Association of the Company empower the Directors to declare dividends in respect of any Shares in the following Funds out of the net income, realised gains or capital standing to the credit account of the Fund:

ANIMA Life Bond ANIMA Bond 2022 Opportunities ANIMA Hybrid Bond ANIMA Global Macro ANIMA Variable Rate Bond ANIMA Brightview 2023-I ANIMA Flex 50 ANIMA Brightview 2023-II ANIMA Credit Opportunities ANIMA Brightview 2023-III ANIMA Active Selection ANIMA Brightview 2023-IV ANIMA Smart Dividends Europe ANIMA Brightview 2024-I ANIMA Flexible Income ANIMA Brightview 2024-II ANIMA Flexible Bond ANIMA Brightview 2024-III ANIMA Tesoreria Imprese ANIMA Brightview 2024-IV ANIMA Solution 2022-I ANIMA Brightview 2024-V ANIMA Solution 2022-II ANIMA Orizzonte Europa 2022 ANIMA Solution 2022-III ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato ANIMA Solution 2023-I ANIMA Orizzonte Sostenibile 2023 ANIMA Solution EM ANIMA Orizzonte Benessere 2023 PRIMA Bond 2017 Crescita Imprese ANIMA Orizzonte Consumi 2023 ANIMA Traguardo 2017 Global Bonds ANIMA Orizzonte Energia 2023 ANIMA Attiva Cedola Plus 2018 ANIMA Zephyr Global ANIMA Cedola BRIC 2018 ANIMA Zephyr Real Assets

The above details are in summary form only and must be read in conjunction with the detailed information contained within the Prospectus of the Funds.

Significant Events During the Financial Year Significant events during the financial year are disclosed in Note 24 to the financial statements.

Significant Events After the Financial Year End Significant events after the financial year end are disclosed in Note 25 of the financial statements.

Corporate Governance Code The Irish Funds association (“IF”) in association with the Central Bank has published a corporate governance code (the “IF Code”) that may be adopted on a voluntary basis by Irish authorised collective investment schemes. The Company adheres to the IF Code.

Directors The name and nationality of persons who were Directors at any time during the financial year ended 31 December 2018 are set out below. All Directors are non-executive directors.

Andrew Bates, Chairman (Irish) Rory Mason* (Irish) Pierluigi Giverso (Italian) Alessandro Melzi D’Eril (Italian) Gary Palmer* (Irish) Davide Sosio (Italian) Claudio Tosato** (Italian) Agostino Ricucci*** (Italian, Irish resident)

*Independent Director **Resigned on 30 September 2018. ***Appointed on 1 October 2018.

ANIMA Funds Plc 12

ANIMA Funds Plc Investment Manager’s Report for the financial year ended 31 December 2018

Financial markets

In 2018, global equities performed poorly in local currency terms, posting a loss of close to 10%. Bond indices also lost ground in 2018, with both the global government securities (in local currency terms) and corporate issues registering declines. Only euro-area government issues showed a slight gain, connected with the decline in rates in the last quarter of the year. In 2018, the euro weakened against the US dollar and the Japanese yen, while it strengthened slightly against the British pound.

After a positive start to the year for equity markets, a global correction was triggered in the first quarter of 2018. The protectionist declarations of US policy-makers, the tariffs consequently adopted by that country, the threat of an escalation of trade tensions between the United States and China, together with expectations for the progressive normalization of monetary policy by the US Federal Reserve and the ECB, combined to erode investor confidence, sparking alternating periods of risk aversion and volatility across all asset classes. The positive figures for global growth and the outcome of the reporting season in the first quarter of 2018 then enabled stock markets in the spring to partially recoup the losses they had suffered. However, the consolidation of the performance of global markets masked a significant dispersion of developments between the different geographical areas: US equities posted gains, while stocks in Japan and Europe declined. The Italian equity market, which at the start of the year was one of the best performing in the euro area, saw its gains eroded after the first week of May, moving gradually into negative territory, due primarily to pressures on the banking sector. Until early autumn, global stock markets continued to register overall gains, essentially driven by the US market, which benefited from positive news on economic growth and corporate fundamentals, reaching new record highs. By contrast, Europe and Japan lost ground due to escalating geopolitical risk and a strengthening exchange rate, respectively. The start of the last quarter of 2018 was marked by major corrections in equity markets and a sharp increase in volatility, reflecting a gradual increase in fears of slower global growth as a result of the risk factors that had emerged in previous months. The increase in interest rates (in the United States) and the growing signs of the impact of trade tensions on macroeconomic conditions and corporate fundamentals helped worsen the sell-off. Also contributing to the significant correction in all markets were the end of quantitative easing in Europe, corporate quarterly reports revealing difficulties in achieving performance targets and a more cautious outlook for the coming quarters. The downward trend in the equity markets of the developed countries was mainly driven by the generalised decline in the financial sector and the commodities segment, the correction in technology stocks and the energy sector. The emerging countries also posted losses in this environment, with the decreases varying among the different geographical areas, as the strength of the US dollar and the tariff crisis contributed to the decline.

In bond markets, the widespread climate of uncertainty and risk aversion on a global scale boosted safe-haven assets, which benefited from the increase in political risk. In this environment, the yields of core government bonds experienced significant downward pressure. The continuation of domestic political uncertainty before and after the elections caused the risk premiums and volatility of Italian government securities to rise, with especially large increases at shorter maturities, causing the yield curve to flatten considerably over the last ten days of May. BTPs came under pressure, repeatedly penalised by the investor focus on political risks. The yield on the 10-year BTP rose from a low in April (1.70%) to maximum in October (over 3.65%), while 10- year BTP/Bund spread widened from a low in April of around 113 basis points to more than 325 basis points in October and November, approaching the peak registered in 2013. After mid-November, BTPs showed some signs of recovery (with the BTP/Bund spread narrowing to less than 280 basis points and the 10-year BTP yield to around 3%) thanks to the more conciliatory position of the Italian government in the talks with the European Union on revising the Budget Act. The Italian political situation also had a certain impact on global financial markets, with falling markets and a progressive weakening of the euro, accompanied by gains for financial assets perceived as safe havens (German and US government bonds, the yen and the Swiss franc). The risk-off registered over the course of 2018 led to a significant widening of spreads on corporate securities, generating widespread corrections in corporate markets and declines in both the investment grade and high-yield segments, with the largest losses incurred in subordinated securities, accompanied by a substantial reduction in liquidity on these markets. Significant losses were also recorded for emerging economy debt securities, affected not only by the strengthening of the US dollar but also by an increase in the specific risk for some areas.

On the foreign exchange front, the spring of 2018 saw a gradual appreciation in the US dollar, driven by renewed investor focus on the interest rate differential, and a matching depreciation of the euro, reflecting a more conciliatory-than-expected stance on the part of the ECB and the political turbulence seen in Italy and Spain. The euro experienced its most substantial buffeting in April and May and August, during the acute phase of the Turkish crisis, weakening against other major currencies except the pound, which continues to be weighed down by Brexit uncertainty. The euro recovered partially against the US dollar after the ECB’s September meeting, during which the central bank confirmed the optimism about the pick-up in core inflation due to stronger wage growth in the euro area. The yen and the Swiss franc appreciated significantly in their role as safe-haven currencies. Conversely, many emerging economy currencies experienced persistent weakness, penalised by the strength of the dollar and heightened political risk (especially in Argentina, Brazil and Turkey).

Commodity indices registered losses due to the downward pressure on prices induced by trade tensions, fears about the global growth and the impact of developments on the Chinese economy. The price of oil rose by more than 25% from the beginning of the 2018 until the start of the fourth quarter, after having experienced fluctuations in relation to estimates of world demand and OPEC production. In the final part of the year, oil prices fell steeply, closing 2018 with an annual decline of around 20%. The price of gold went through a lateral phase marked by volatility in the first quarter of 2018, before gradually declining until the start of the final quarter of the year, when it recorded a partial recovery, closing 2018 down about 1.5%.

ANIMA Funds Plc 14 ANIMA Funds Plc Investment Manager’s Report for the financial year ended 31 December 2018 (continued)

Macroeconomic conditions

The global macroeconomic environment remains uncertain: signs of a slowdown have emerged, highlighted by the decline in a number of economic indicators and the recent weak figures for global growth. The current situation is characterised by the persistence of disruptive factors that are contributing in different ways to fuel potential risks. The accentuation of geo-political tensions, mainly related to the protectionist measures imposed by the United States and the countermeasures adopted by other countries, are slowing world trade and, with it, world growth. The G7 summit held in June in Canada ended in a rift with US President Trump, who withheld his signature from the final document, exposing major divergences in relations between the United States and the other six member countries. Rapprochement and reconciliation among major contenders (the US and China) resumed in the wake of the truce agreed during G20 meeting at the end of November 2018. A further factor of uncertainty is represented by the process of normalization of monetary policies by the main central banks, which are continuing the gradual winding down of earlier expansionary measures. Considerable uncertainty also remains about the developments in and future implications of Brexit.

In the United States, growth was solid and broadly based, buoyed by a labour market characterised by rising employment and wages. The increase in disposable income and wealth was one of the driving factors. The Leading indicators continue to point to expansion, but the expansionary impact of the tax cuts adopted by the Trump administration could wane. Core inflation is around 2%. Over the course of 2018, the Fed raised its official rate target four times (one-quarter of a point in March, June, September and December), going from a range of 1.25% - 1.50% to one of 2.25% - 2.50%, in line with plans for the progressive reduction of the monetary stimulus and a gradual rise in the Fed Funds rate. Greater moderation in future rate increases can be expected in 2019. The Trump administration imposed import duties in 2018, with a gradual expansion in the number of product categories affected, mainly involving imports from China. Despite repeated attempts to reach an agreement, concern over the potentially distorting effects of financial imbalances and trade policies remains. In the euro area, GDP growth slowed and surveys have shown a decline in confidence. Intra-EU exports are weak. The ECB has confirmed that the fundamentals underlying consumption and investment remain sound, consistent with a generalised expansion of the economy and a gradual – albeit weaker than expected increase in inflation. The ECB has maintained a prudent, persistent and moderate approach to the normalization of monetary policy, basing the measures to be taken on developments in growth and inflation. The beginning of the termination of unconventional measures with the official announcement of the end of quantitative easing and the cessation of the government securities purchase program followed a period of tapering, while rates are expected to remain at their current low levels until after the summer of 2019 or as long as necessary in order to nudge inflation towards the medium- term target.

In Italy, GDP estimates and confidence surveys signalled a slowdown in activity. The political scenario was uncertain, reflecting considerations connected with the sustainability of cohabitation between the majority parties, fiscal discipline, funding the main measures in the Government’s programme, the consolidation of the budget and possible strains in institutional relations with the European Union. The initial rejection of the Draft Budgetary Plan for non-compliance with the rules of the Stability and Growth Pact was attributable to the risks associated with the overestimation of the expansionary effects on growth and the underestimation of interest expenditure on the debt, while also taking account of overly optimistic forecasts for inflation. The most recent opening to dialogue with the European Union on the part of the Government sought to avoid the opening of a formal excessive deficit procedure, agreeing a postponement of the assessment after restructuring the budget proposals, with the forecast deficit falling to 2.04% of GDP. Vulnerabilities remain, however, such as the stock of non-performing bank loans and the challenges of undertaking a virtuous reform programme and reducing the high level of public debt.

In France, the protests in opposition to the increase in fuel taxes, which then spread to encompass the economic policies of the French government in general, prompted President Macron to revise the budget for 2019: initial estimates of the impact of the new measures introduced could push the deficit/GDP ratio beyond the 3% limit.

In the United Kingdom, the Brexit process has experienced alternating periods of crisis and stalemate. The technical agreement with the EU on the treaty for the country’s withdrawal from the Union was considered by many to be unsatisfactory. Repeated attempts by the May government to get Parliament to ratify the agreement have run up against fierce internal political opposition and an apparent closure to further negotiations by the EU. Nevertheless, negotiations are continuing to reach agreement on the divorce bill.

In Japan, the most recent GDP estimate shows a contraction in activity, but the rising trend in investment underlying moderate growth continues. Inflation is increasing, but remains far from the Bank of Japan’s target of 2%, making any projection of the time needed for convergence uncertain. The Japanese central bank confirmed its commitment to persistently continuing the monetary policy stimulus and controlling the yield curve.

The overall uncertainty surrounding the emerging markets is keeping the focus on developments in trade relations between China and the United States: expectations for future actions by Beijing include a reduction in duties on imported cars and increased purchases of agricultural products from the United States. Recent data confirm that Chinese economic activity and foreign trade has slowed. The authorities are adopting counter-cyclical measures to contrast the slowdown in growth.

ANIMA Funds Plc 15 ANIMA Funds Plc Investment Manager’s Report for the financial year ended 31 December 2018 (continued)

Outlook for 2019

The forecasts for global macroeconomic developments and growth in 2019 take account of the approaching end of a long economic expansion. Leading indicators point to a slowdown and subsequent stabilization of the global economy. The medium- term scenario reflects the normalization of monetary policies (and the consequent progressive restriction of financial conditions), the potential imbalances (at longer-term) generated by the protectionist and tax policies of the Trump administration, divergences in growth in the various regions of the world, inflationary developments characterised by an unfavourable base effect due to the decline in oil prices, the periodic re-emergence of geopolitical strains, Brexit and Italian economic policy. These factors could weaken growth looking forward and adversely impact the risk appetite and confidence of investors. Moreover, the progressive elimination of the monetary easing removes a factor that has compressed volatility, making it very difficult to discern the direction of markets.

This environment counsels the adoption of a short- and very-short-term tactical approach. From the short-term perspective for the various major asset classes, it is advisable to maintain a prudent stance with both equities and bonds.

In the equity markets, the emergence of more balanced and benign conditions could permit a more constructive approach with an eye to benefiting from a recovery after the recent broad decline, which has made valuations attractive. However, this would require ongoing evaluation of developments in the various factors capable of triggering abrupt changes in perceived risk and calls for frequent tactical adjustments, but it appears to be the most appropriate approach for coping with the current volatility while maintaining a cautious approach to asset selection. More specifically, it requires very careful monitoring of developments in trade tensions, since increasingly accommodating positions could be welcomed by equity markets.

With regard to the fixed-income segment, the normalization of monetary policy that will continue to characterise the main developed areas and potential interest rate and credit risks, taking account of the progressive rise in interest rates, will be reflected in expectations for returns. Measures to end the monetary easing by the major central banks should neither be a surprise nor foreshadow especially aggressive action. In view of the macroeconomic situation and inflation in the euro area, ECB will be more prudent, conciliatory and accommodating, especially with regard to interest rates.

The uncertainty that permeates the Italian political and economic situation suggests maintaining a prudent approach with BTPs as well: attention is focused on future auctions as from January 2019, after the discouraging signals emerging from the limited success of the recent issue of the BTP Italia. In the core area, the Bund appears to be anchored to very low rates and there may be room for a decline in prices if the situation should calm and the current support to prices exerted by scarcity effects, Brexit fears and Italy country risk should dissipate. The risks associated with the complexity and the current structure of the markets therefore suggest maintaining a tactical vision aimed at neutrality in more secure and conservative positions, while exploiting any volatility to boost gains on short-term positions.

With regard to the investment-grade and high-yield corporate bond classes, the increase in volatility and the risk premium that has characterised recent months has pushed prices to generous levels. However, the uncertainty in the markets counsels prudent and highly selective tactical management of investments, with a preference for short-term instruments. The volatility of the entire sector and the widening of spreads reflect the risks arising from the next tapering of the ECB, while market illiquidity is currently widespread. These conditions suggest maintaining reserves of liquidity. The approach to emerging market government securities remains constructive, both in relation to possible developments in local currencies and the apparent resumption of dialogue between China and United States.

On the foreign exchange front, the US dollar appears overvalued against the other G10 currencies. Any convergence in growth rates between the United States and the rest of the world could enable the elimination of this misalignment. However, growth expectations could still be modified by future developments: Italian political events, the Brexit negotiations, or the apparent US- China reconciliation at the recent G20 meeting. The euro has experienced strong pressure, reflecting in part the Italian debt tensions and the adjustment of expectations for future action by the BCE. With regard to the British pound, current rates are thought to price in much of the difficulties faced in achieving any agreement: any decline in the probability of a failure to reach a Brexit deal could foster an appreciation of sterling. However, high volatility and a lack of directionality continue to characterise the situation. The yen remains a safe-haven asset. Certain emerging market currencies, beginning with those offering higher real rates, could experience selective repricing subject to developments in the US dollar. It is likely that the directionality of the main exchange rates will remain limited until greater clarity emerges about developments in the issues addressed above.

ANIMA Funds Plc 16 ANIMA Funds Plc Investment Manager’s Report for the financial year ended 31 December 2018 (continued)

It should be noted that all performance figures in tables below refer to the financial year between close of 31 December 2017 and 31 December 2018. In the case of Funds with weekly pricing, last available prices prior to 31 December 2017 and 31 December 2018 have been used. Performances shown are calculated net of relevant fees and gross of any dividends paid.

PRIMA Bond 2017 Crescita Imprese

The Fund matured at the end of 2017 and was converted into ANIMA Liquidity on 2 March 2018. The Fund, during the converting period, was invested in money market instruments.

Fund | Share Class | Performance PRIMA Bond 2017 Crescita Imprese | Silver | -0.17%*

*Performance in the table above refers to the period between 31 December 2017 and 2 March 2018 inclusive.

ANIMA Traguardo 2017 Global Bonds

The Fund matured at the end of 2017 and was converted into ANIMA Liquidity on 2 March 2018. The Fund, during the converting period, was invested in money market instruments.

Fund | Share Class | Performance ANIMA Traguardo 2017 Global Bonds | Silver | -0.38%*

*Performance in the table above refers to the period between 31 December 2017 and 2 March 2018 inclusive.

ANIMA Cedola BRIC 2018

On the 9 January 2018, the Fund reached the maturity and on the dealing day following the maturity period (12 March 2018) the Fund was converted into ANIMA Liquidity.

Fund | Share Class | Performance ANIMA Cedola BRIC 2018 | Silver | 0.17%*

*Performance in the table above refers to the period between 31 December 2017 and 12 March 2018 inclusive.

The Fund paid a dividend of EUR 0.167478652 per share on 16 January 2018.

The Investment Manager ANIMA Asset Management Limited Dublin, April 2019

ANIMA Funds Plc 17 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018

ANIMA Liquidity

The management of the Fund relies on a quantitative investment process based on a risk budget with constraint of tracking error, aiming at outperforming the market, constantly and with a low relative risk profile. The bond selection process is based on relative value analysis.

The Fund maintained an overweight position in Italian and Spanish bills during 2018 along with a corresponding underweight position in German, French and Dutch bills.

Fund | Share Class | Performance ANIMA Liquidity | A | -1.08% | I | -0.68% | Prestige | -0.97% | Silver | -1.28%

ANIMA Short Term Bond

The Fund did not take any active decisions on duration during the year.

Fund | Share Class | Performance ANIMA Short Term Bond | I | -0.54% | Prestige | -0.97% | Silver | -1.33%

ANIMA Medium Term Bond

The Fund did not take any active decisions on duration during the year.

Fund | Share Class | Performance ANIMA Medium Term Bond | I | 0.41% | Prestige | -0.07% | Silver | -0.45%

ANIMA Bond Dollar

The Fund did not take any active decisions on duration during the year.

Fund | Share Class | Performance ANIMA Bond Dollar | I | 5.09% | Prestige | 4.55% | Silver | 4.18%

ANIMA Funds Plc 18 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Global Bond

The Fund did not take any active decisions on duration during the year.

Fund | Share Class | Performance ANIMA Global Bond | I | 3.89% | Prestige | 3.49% | Silver | 3.02%

ANIMA Life Bond

Since the beginning of the year, the Fund has kept its long-term allocation and duration profile with the aim of increasing the expected return of the investment, with an over-exposure to Italian Government Bond and Corporate Bonds versus the benchmark, and a short duration position compared to the benchmark. During the year, the Fund has had a negative performance, below its benchmark. After benefiting in the first quarter from slightly increasing yields and narrowing spreads, the Fund has suffered from the sudden and dramatic rise in Italian yields, particularly in the short-end, happened in the last days of May and protracted to the end of the year.

Fund | Share Class | Performance ANIMA Life Bond | Silver | -2.01%

ANIMA Short Term Corporate Bond

The Fund (Class I) recorded a negative net performance in absolute terms -1.24% and compared to the benchmark -0.24%. The Fund was negatively impacted by the widening of the spreads of corporate, banking and insurance in particular. The duration of the portfolio was lower than that of the reference benchmark for the entire period.

The first part of the year was mainly characterised by rising rates within the euro area, discounting a positive macroeconomic scenario. This market expectation, however, did not affect the "investment grade" space, nor the short term part of the curve, thanks to purchases from ECB. In this context, the insurance sector -anyway- has moved against the trend; the subordinated debt provided a profoundly negative performance.

During the second quarter, driven by the negative sentiment generated by political events (Italian above all), the market has definitely worsened its performance; widespread sales on Italian-governmental and corporate bonds fell in May, during the presentation of the new Italian prime minister’s cabinet. In that context, the financial manes, first of all the subordinated ones, once again began to discount a "destructive" phase of the entire European project. The summer break was not enough to heal the confidence of investors, who indeed are keen to sell corporate - no longer just Italians - in the third quarter of the year, when political fears for the Italian fiscal budget were added in September to the dispute around a coming recession, driven by the economic fundamentals no longer solid throughout the European continent.

In this context, the Fund has maintained an underweight, with a huge preference for the short end bonds or "callable" ones, reducing the interest rate duration versus the benchmark. This allocation, however, was not able to mitigate the volatility that affected the prices of the assets in the portfolio, because of an overweight of peripheral bonds. The described allocation has continued to characterise the portfolio also at the end of the fourth quarter of the year, in the belief that volatility has overflowed on short-term asset prices and that their returns were interesting enough for the subscribers. Only the dissipation of a sudden economic slowdown that the market is pricing at this stage will increase the level of investment in the Fund more steadily: the Fund is cash rich, and the huge new inflows of the last part of the year are, in fact, still waiting to be allocated.

The Fund has carefully monitored the performance of the primary market, where few and selected acquisitions have been executed, even if there were not enough issues compliant with the three years horizon of the Fund. The market seems already confident that ongoing repricing, however, can generate new opportunities even in the early months of 2019. Our "bottom up" approach will be again an element of allocation of the cash position, if there would be rights opportunities on a steady risk- return base.

ANIMA Funds Plc 19 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Short Term Corporate Bond (continued)

With regard to the currency exposure, it is worth remembering that almost all the issues have been denominated in Euro and, in any case, every exposure to the currency risk of the Fund has been hedged.

The Fund hasn’t derivatives exposure for the entire period.

Fund | Share Class | Performance ANIMA Short Term Corporate Bond | I | -1.24% | Silver | -2.08%

ANIMA Europe Equity

2018 has been the worst year registered for European equity markets since 2008, with the main index losing more than 13%. The poor performance came together with a higher volatility in respect to the previous year.

During the first half of 2018 the European stock market return has been negative (c.-3%). The performance was mainly influenced by the weakening of the macro momentum and the increased political risk in the Euro area, along with the continued tensions between China and US. Notably, the quarter also saw the rally of oil prices thanks to the extended cuts in the supply and the higher-than-expected global demand.

European markets had a strong start of the year, continuing the trend began in 2017 and ending the month of January in positive territory: the performance was particularly strong in peripheral indices. The month saw the peak of most of the economic leading indicators, with the economic sentiment hitting a 17-year-high and the consumer confidence close to a 33- year-high. Moreover, the Euro area composite PMI crested, reaching the highest level registered in years.

The month of February, though, started with a sharp markets sell-off, and an increase in the volatility, which reached the highest level since summer 2016. Fundamentally, the Euro area macro-prints started showing signs of a slow-down, despite remaining consistent with a robust and solid growth. The poor performance registered, however, was mainly due to a higher-than- expected-US inflation print and the consequent jump in yields: just before the first FOMC meeting of the Powell era, the FED turned more hawkish, not excluding the possibility to proceed with four hikes in 2018.

The reporting season demonstrated the healthy status of European companies: the Q4 2017 earnings deliveries exhibited a robust trend with both Eurozone and Europe delivering a double-digit growth in earnings (+14% and +16%). Furthermore, the commentaries from the entities were very solid, guiding for a continuation of the earnings trajectory into 1H 2018.

The main European political event of the first quarter was the Italian general elections held on the 4th of March. The center-right alliance won a plurality of seats in both the Chambers (Senate and Chamber of Deputies), with the League’s Populist Party emerging as the main political force within the coalition. The anti-establishment Five Star Movement, however, obtained the largest number of votes, forcing the other parties to find an agreement with them: the result was a hung parliament. Right after the election, the President of Republic started to speak with the main leaders of the political parties in order to explore the possibilities of an executive government.

The end of the first quarter saw the beginning of the political tensions between US and China, after Donald Trump announced on March 22nd the intention to impose tariffs on Chinese imports worth $50 billion, in order to reduce the US trade deficit. Despite the limited economic impact, the geopolitical implications of this financial measure negatively affected the following months.

Between April and May, the European macroeconomic situation kept on weakening, with the PMI manufacturing data correcting more than 7% from January’s peak. Furthermore, the escalation of the European political risk weighted on the European markets: in Italy, the initial candidature of a euro-skeptic Minister of Finance caused the largest intraday moves in fixed income markets registered since the beginning of the Euro area. In Germany, the divergences on the migrant crisis worsened the historical relationship between CDU and CSU, posing a threat to the stability of the executive government.

At the end of the quarter, the market seemed to re-focus on trade tensions after President Trump threatened it will impose a 20% tariff on all cars coming into the US from the European Union: important companies of the auto sector have started issuing profit warnings blaming the conflict between China and US.

ANIMA Funds Plc 20 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Europe Equity (continued)

The second half of the year has been characterized by the worsening of the economic and political background together with the sharpening of commercial tensions between China and US. Furthermore, in the second semester of the year oil prices suffered the production increase in Iraq, Russia, and Saudi Arabia, along with US granting waivers from the Iran sanctions.

During the summer, European markets benefitted from the positive meeting between Trump and Juncker, who agreed to avoid reciprocal tariffs on imports of goods. In addition, the reporting season of the second quarter of 2018 demonstrated the good health of European firms, which delivered a solid 10% EPS growth.

From a political perspective, the second semester of the year was characterized by the continuous talks between Italy and the EU about the future budget plan: the initial draft sent by the Italian government raised concerns among investors over the future sustainability of the public debt. In Germany, Angela Merkel announced her slow exit from politics by leaving the CDU presidency after her party’s heavy losses in regional elections. On the other hand, in the US, the mid-term elections delivered a split congress as highly anticipated by the analysts: Democrats took control of the House of Representatives with a comfortable margin while the Republicans held the Senate with a slightly stronger margin.

During the last month of the year, European markets extended their losses, ending the year down over than 13%. The European economic data continued to worsen, with the PMI Index recording its lowest level in five years: the drop was more pronounced in France, where the streets protests’ caused relevant losses for the French economy. The important G-20 meeting, between the American President Trump and the Chinese counterparty Mr. Xi saw a positive outcome and the two Presidents determined an important settlement: the USA will not increase, as previously expected, the tariffs on $200 billion Chinese products from 10% to 25%, but China will be required to buy a substantial quantity of American agricultural products.

During the first half of 2018, the portfolio was mainly underweight the Consumer Staples sector, due to concerns over a possible increase of interest rates, which has been historically correlated with some pressure on the defensive sectors. Moreover, it has been underweighted Healthcare companies due to an increasing pricing pressure on drugs and a negative correlation with rising yields, together with a scarcity of new products in the pipelines. On the other hand, it was overweight on the Energy sector due to the extended cuts in oil production and a higher-than-expected global demand – which has supported oil price momentum – and on Information Technology companies due to the positive trend of earnings, the structural growth of the software segment, and the increasing penetration of the semi-conductors in the automotive industry.

For the reasons mentioned above, during the second half of the year the fund maintained its overweight on the IT sector while has been increased its exposure to the Healthcare one: the reasons behind this switch are the increasing geopolitical risks, which favored defensive sectors, together with valuations below the historical average. Moreover, the fund kept the Consumer Staples sector underweighted, but reduced the exposure to the Energy sector due to the production increase in Iraq, Russia, and Saudi Arabia, which negatively affected oil prices.

Overall, the fund obtained a negative gross performance in absolute terms, but a positive one in relative terms.

Fund | Share Class | Performance ANIMA Europe Equity | I | -10.91% | Prestige | -11.85% | Silver | -12.43%

ANIMA U.S. Equity

In 2018, the Fund reported an absolute positive gross performance of 4.31% (in euro currency), or 4.5% higher than the relative benchmark, which, by contrast, reported a negative return of -0.19%.

As of the year-end, the US stock market (S&P500 Index) reported a negative total return of -4.4% in local currency. However, the performance was positive and equal to +0.37%, when considered in euro currency. Therefore, 2018 marks the first year since the financial crisis that the US equity market registered a negative performance. In 2018, the earnings per share of the S&P500 grew by 20%.

The Nasdaq Composite exits the year with a negative total return in local currency, equal to -2.81%. However, it too saw a positive performance of 2.03%, when considered in euro currency.

ANIMA Funds Plc 21 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA U.S. Equity (continued)

The biggest positive contributor to the performance of the S&P500 was the healthcare sector, which obtained a positive annual total return of 6.5%, proving itself as the best sector during the 12-month period. Additional positive contribution came from the utility sector, which reported a positive total return of 4.1%. The technology and consumer discretionary sectors followed, with positive total returns of 1.6% and 1% respectively. Conversely, the biggest negative contribution came from the energy sector, as well as financials and industrials. In particular, the strong negative performance experienced by the financial sector was due to the inversion of the yield curve and a slowdown in loans growth.

As far as the investment style is concerned, at the end of the 12-month period, “Growth” stocks reported a less negative performance than “Value” stocks, with a negative total return of -1.52% vs -8.28%, both in local currency. From a strategic perspective, firms with high operating leverage, high quality and strong balance sheets outperformed the overall market, with the best positive performance.

Unlike 2017, 2018 was a year characterised by a sharp increase in volatility. As a matter of fact, in 2018, as many as 110 trading days experienced a +1% intraday move, compared to only 10 trading days in 2017. Three-month realised volatility spiked to 24 at the close of 2018, recording its highest reading since 2012. The VIX index ended the year with a 130% increase vis-à-vis its initial reading of 10. What caused the volatility to dramatically increase was the tighter monetary policy promoted by the FED, accompanied by a rise in investors’ fear of tensions with China, should augmented tariffs on imports be imposed by the Trump administration. So far, the dollar amount of the announced tariffs accounts for 0.3% of the US GDP, still a limited negative impact to economic growth. However, it is fundamental to keep the current situation under control, in order to exclude the risk of an escalation that might lead to an actual trade war.

Evidence of the US economic growth, supported by the tax cuts for both corporates and individuals, was first gathered in the first half of the year. In the short term, the fiscal stimulus provides support to investments, consumption and job offerings. In the medium term, the permanent reduction in tax rates on companies’ earnings should increase the desired level of capital stock and eventually the productivity. Indeed, during this economic cycle, productivity has been rather weak, amounting to 0.5%, or one standard deviation below its historical average. Should the productivity start accelerating, profit margins of corporate America would keep on being elevated. An increased productivity should also prevent inflation from accelerating.

US companies are focused on free cash flow generation. The current free cash flow as a percentage of the S&P500 topline is equal to 10% on average.

For what concerns 2019, the consensus of investors expects an EPS growth equal to 17%. The market forecasts a moderation in the US economic growth too. The expected GDP growth for 2019 is 2.6%, vs 2.9% in 2018. Furthermore, the FED has announced three additional interest rate hikes, with the purpose to achieve the long-term target range of 2.75%-3%. Finally, the 2018 tax reform has altered the income brackets, resulting in multiple American consumers receiving tax refunds in 2019 that will be used to further support consumption growth as well as the overall 2019 economic growth.

While we remain overweight higher beta, cyclical names with exposure to the technology and some high quality industrial names, we also have exposure to the less cyclical sectors, like consumer staples with names with a strong brand value and less cyclicality in earnings.

Despite the attractive valuation and the astounding cash generation that characterise companies in the technology sector, the investors’ lack of confidence and concerns on a potential regression of the economy led to a sell-off in the month of September, that hit the most cyclical sectors the most, among which tech. On 1 October 2018, the S&P500 experienced a 13% downfall.

Nevertheless, Microsoft positively contributed to the performance of the Fund, gaining +18% since the start of the year. Twitter and Netflix, now in the new communication services GICS sector, also reported a positive performance, being up 19% and 39% respectively since the start of the year, thanks to the positive earnings revisions. The stocks in the consumer discretionary sector that most positively contributed to the final performance of the Fund are Lululemon Athletica (+54% y/y), Amazon (+34% y/y) and Under Armor (+22% y/y), thanks to the high confidence of US consumers in 2018, following the tax reform. Last but not least, the leadership of the most defensive sectors in the final months of 2018 allowed healthcare equities to outperform the overall market. A standout in the portfolio was Intuitive Surgical (+31% y/y).

In the near term, we expect to maintain the current overweight positions on technology and consumer-related sectors, while keeping an underweight on financials, because companies in this sector require a more relevant increase in loans in order to get higher earnings growth.

ANIMA Funds Plc 22 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA U.S. Equity (continued)

We prefer stocks of companies that feature strong balance sheets, superior returns on invested capital, and significant cash flow generation, that may be used to reinvest in corporate projects that can help generate even more value for shareholders.

Fund | Share Class | Performance ANIMA U.S. Equity | I | 3.87% | Prestige | 2.82% | Silver | 2.21%

ANIMA Asia/Pacific Equity

Asia Pacific suffered in 2018 from synchronised cyclical decline in major developed and emerging markets, coupled with significant earnings and markets retracement mainly driven from US-China trade tension, flattening of US yield curve and prosecution of central bank policy normalization. Japan, with a quick strength of the yen (around 108-106) in the first and last month of 2018 and a mean level (between 110 and 114) for the rest of the year, was able to peak in January on the strength of US and retrace/stabilise during spring and summer season. After a small bounce in September lived a huge retracement following US (which peaked in September) reaching the lowest end December. Cyclical industrial, exporter, technology linked to semiconductor and capex sectors suffered in global discretionary consumption slowdown. Even oil and raw material price retracement fueled underperformance by energy, chemical and steel related stocks. Banks also suffered on retracement of global rates and low inflation. Safe heavens in trading company and domestic retail, telecom, railway and utility sectors plus pharma. Australia enjoyed particularly the recovery in raw material and energy prices for the first half of the year, while financials lagged on the introduction of adverse regulatory reforms plus slowdown in real estate.

The Fund’s performance in 2018 was -10.05% (Class I), net of tax and commissions. Gross performance was -9.13%, versus benchmark -7.58%.

Major negative contribution to the Fund’s performance versus benchmark came from stock picking in Japan, especially in financials and in same tech names, while most positive stock picking was again in Japan in pharma and consumer staples.

We consider Asia Pacific valuations interesting in the medium term and in the short term the Funds keeps equity allocation in line with benchmark with overweight positions mostly in Japan. Sector wise, the Fund has overweight in telecom, financials, trading companies and construction sector, against materials/chemicals, tech and real estate.

Use of derivative instruments has been limited to index future contracts and currency forward transactions, to adjust country and currency exposure.

Fund | Share Class | Performance ANIMA Asia/Pacific Equity | I | -10.05% | Prestige | -10.96% | Silver | -11.50%

ANIMA Global Equity

2018 started with extreme euphoria and ended with great disappointment and frustration as global equity indices offered negative returns of around -11%, marking the worst performance since the 2008 financial crisis, with the American S&P500 index for the first time negative in nine years.

ANIMA Funds Plc 23 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Global Equity (continued)

The start of 2018 showed good economic data, high commodity prices, rising consumer figures in China, and continued growth in investments by global companies that boosted global equity markets. In particular, in the US, January was characterised by a strong optimism associated with the tax reform implemented by the Trump administration, which brought the level of the S&P500 to the historical highs. After a positive start for the equity markets, a global correction was triggered in the first quarter of 2018. The protectionist initiatives of the US government, the risk of an escalation of the commercial tensions between the United States and China, together with the progressive normalization of monetary policy by the FED and the ECB, helped undermine investors' confidence, causing markets to experience alternative phases of risk-aversion and volatility. The good data on global growth and the outcome of the reporting season in the first quarter of 2018 allowed the stock markets to partially recover the losses suffered even if the global exchanges showed a significant dispersion of performance among the various geographies: positive US equities, negative in Japan and Europe. The key element in April was the increase in the oil price, which translated into a strong outperformance of the energy sector. The significant weight that this sector holds within the European equity indices including Italy, France and the United Kingdom explains in part why the European markets outperformed the rest of the world. In May and June, global markets fluctuated with almost no returns until the end of the first half.

Fears about the trade war between the US and China had a negative impact on the markets in Europe and Japan despite the significant appreciation of the US dollar that offered support to earnings of exporting companies. During the summer, the combination of strong selling pressures in emerging markets, spread widening and uncertainty in domestic markets caused an under-performance of European markets. On the other hand, the US stock market rose following the speech of the governor of the Fed in August, which showed a tone inclined towards a monetary policy slightly less hawkish than expected. Until the start of autumn, the global equity index remained positive following the strength of the US market: the American stock exchange benefited from a positive flow of data on economic growth and company fundamentals, reaching new historical highs. On the other hand, Europe and Japan had gradually lost ground due to the escalation of geo-political risk and the strengthening of the exchange rate. In particular, in September, the guidelines of the new government in Italy and the presentation of the budget document, together with considerable uncertainties relating to Brexit in the United Kingdom, had a negative impact on the European exchanges. In addition, the TOPIX in Japan collapsed due to the loss of market confidence in global growth potential, disappointing quarterly results for IT companies and the Fed's increase in interest rates. The beginning of the last quarter of 2018 marked important corrections in the equity markets and a sharp increase in volatility, reflecting a gradual increase in fears of a slowdown in global growth due to the risk factors already emerging in the previous months. The increase in interest rates and increasing evidence of the impact of commercial tensions on the macro-economic context and on company fundamentals, particularly in the IT sector, contributed to exacerbating the sell-off phase. The quantitative easing in Europe, companies’ quarterly results that hardly met analysts’ estimates, and a more cautious outlook for the coming quarters, progressively contributed to inducing a significant correction of all the markets. The underperformance of the US markets persisted over the end of the year, especially in December when a series of negative news regarding the Trump administration and the possibility of a shutdown caused the equity markets to record the worst performance of the last 80 years. Despite a creepy fourth quarter, the US market outperformed global markets on an annual basis, closing at -6%, against -13% in Europe and -18% in Japan.

Sector performance had huge reversals in 2018. At the beginning of the year, cyclicals strongly outperformed defensives on the perception that rising rates would hurt stable sectors and high dividend yield stocks. Cyclicals began to sell off in April on the trade war fears, and technology stocks followed in third quarter as iPhone sales disappointed and semiconductor inventories rose. This led to a resurgence in demand for defensive, steady dividend investments and enabled these stocks return or surpass their initial January starting point. Not all defensive sectors were winners. For example, US food companies that were heavily indebted due to acquisitions declined substantially. In fact, US consumer staples returned -11% in 2018, well below the -6% of the S&P and nearly in line with financials at -14.7%. Within cyclical sectors, energy was the sector that offered the worst returns globally (-20%), although in markets like Russia and Brazil it recorded positive performances and contributed to the recovery of emerging markets in the second half of the year. The sector significantly underperformed due to the collapse in oil prices following the announcement of lower Iranian sanctions than expected and thus causing an "over-supply" situation. The oil price was also influenced by the "deleveraging" of macro funds, which exerted downward pressure on short-term futures. Other cyclical sectors (financials, materials and industrials) have lost around -15% globally. Most of the decline in financial stock prices took place in the fourth quarter as a result of the risk-off environment and the widening of credit spreads for investment grade corporate bonds. The materials sector was weak throughout 2018, while the industrials and IT sectors suffered from concerns about the Chinese economy and iPhone sales data.

ANIMA Funds Plc 24 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Global Equity (continued)

The forecasts of the global macroeconomic scenario and growth in 2019 depend on the pace of the end of a long-term economic cycle. The leading indicators represent a slowdown and a subsequent stabilization of the global economy. Within the medium-term scenario there are the actions to normalise monetary policies (and the consequent progressive tightening of financial conditions), the potential (longer-term) imbalances induced by the protectionist and fiscal policies of the Trump administration, the divergences on growth trends in various geographies, the inflation dynamics, the periodic re-emergence of geopolitical tension, Brexit, Italian economic policy. These factors could prospectively weaken growth and adversely affect investors' risk appetite and confidence. Furthermore, the progressive removal of monetary easing means that there is no factor able to hold market volatility, making it very difficult to identify its directionality. This context suggests the adoption of a tactical approach modulated in the short and very short period. On equity markets, a more constructive approach could be supported by better economic conditions, in light of a recovery phase after the recent collapse that brought the equity indices to interesting valuation levels.

In 2018, the Fund achieved negative absolute gross performance (-8.81%), lower than the benchmark (-4.11%). The annual performance net of commissions is equal to -10.62% (-6.52% vs. benchmark). The underperformance is mainly explained by the stock picking (-3.96%) while the asset allocation has impacted -0.50%. The Fund outperformed the benchmark in the first two weeks of January and then lost ground due to exposure to the healthcare sector, which suffered as a result of investor preference for cyclical sectors as highlighted above. Once the "long cyclical / short defensive" popular trade began to show signs of weakness, the Fund's performance recovered from the benchmark at the end of April as IT stocks underperformed more defensive "value" stocks. However, this over-performance was short-lived as the market abruptly reversed its direction by once again favoring American technology names, especially software and internet stocks that were underweight in the Fund's portfolio. The Fund preferred to invest in the biotech companies that offered more attractive valuations, positive earnings momentum and attractive returns on capital. This allocation did not generate any over-performance as the biotech sector ended the year at -7%, compared to the healthcare sector at + 4%. Among the main reasons are lack of investors’ appreciation of new drugs within the pipeline of these companies, preference for companies that pay dividends and fears of potential pricing pressure. On the other hand, the underperformance of the biotech sector was partially offset by the stock picking in European and Japanese markets. Moreover, in the fourth quarter the Fund lost further ground compared to the benchmark due to the sell- off of the financials stocks, which represent the biggest overweight in cyclicals, further weakness in biotech stocks and the underperformance of the IT hardware companies in USA despite strong cash generation and high dividend yield.

At the geographical level, the relative performance of 2018 can be summarised as follows. 1. US (-3.36%). Stock picking contributed -3.36%. The worst sectors are IT (-1.39%) due to the Fund underweight and the positions in IBM and Xerox, healthcare (-0.84%) due to the weakness of biotech stocks and lack of exposure to Managed Care companies like United Healthcare, industrials (-0.88%) because of GE and JCI, financials (-0.69%) as the Fund preferred to bet on Insurance and Asset Management stocks and the absence in the portfolio of companies such as Berkshire Hathaway and JPM. Furthermore, part of the underperformance is attributable to the Fund's underweight (- 0.32%). 2. Europe (-0.06%). The positive asset allocation (+0.77%) was offset by stock picking (-0.84%). The financial sector was the worst (-1.29%) mainly due to Standard Life Aberdeen and the weakness of Asset Management stocks in general. In addition, French banks experienced a multiple compression during the year despite solid balance sheets, high dividend yields and improving capital positions. Other particularly negative sectors were consumer discretionary (-0.29%) and industrials (-0.33%). In contrast, the healthcare sector made a + 0.75% contribution thanks to the over-performance of pharmaceutical stocks. In addition, the consumer staples and IT sectors were also positive with +0.45% outperformance. 3. Japan (-0.19%). Stock picking was positive (+0.14%), while asset allocation was negative (-0.33%). The industrials sectors (-0.10%) and IT (-0.41%) were particularly negative, partly offset by the healthcare sector (+0.25%), which benefited from the strong over-performance of pharmaceutical stocks.

ANIMA Funds Plc 25 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Global Equity (continued)

Over the year, the Fund maintained an overweight in Europe and Japan at the expense of the US. The overweight in Europe is supported by the fact that the defensive stocks characterised by a high "dividend yields" presented cheaper valuations and had much more solid balance sheets than the American peers. Despite the fears in Europe on trade and politics, the cyclical versus defensive trade lagged other global markets and it was not until well into the second half of 2018 that there was a marked shift out of cyclicals into defensive stocks like healthcare. The reasons for this delay include the strength of the Euro and the exposure to emerging markets that have penalised many of these traditional global defensive companies, while investors' doubts about the debt of domestic companies penalised sectors such as utilities and telcom. As these defensive sectors continued to raise earnings estimates and accelerate capital return, the market rotated towards these names, although at the end of 2018 there is still a substantial gap between their performance versus global peers. Since the beginning of the year, the overweight position in Europe has been reduced following a strong performance of European stocks in April. The Fund has been able to exploit (in particular the energy sector in Italy and the UK) and part of this overweight was allocated in the US. Another significant overweight of the Fund since the beginning of the year is Japan, which was gradually reduced in the first half of the year with the aim of taking profits in stocks that had the best returns over this period, particularly in the healthcare sector. Japanese healthcare stocks had a tremendous performance in 2018 and the Fund reduced its positions midyear to buy US healthcare stocks as well as European names, which had lagged. The weight of Japanese equity has increased once more since August, particularly in the financials and consumer staples sectors. In the fourth quarter, the Fund reduced its position in Swiss stocks, which had heavily outperformed to reinvest in US names that had corrected sharply.

At the sector level, the Fund began the year by overweighting the energy and industrials sectors, underweighting materials, IT and real estate. The weight in the healthcare sector has increased since the second quarter and industrials and financials have been reduced. In addition, in the second quarter, the Fund reduced its exposure to IT stocks, a choice that was not very effective given the strong over-performance in this period and strategically justified by the expectations of a potential negative impact caused by the trade war, as well as the appreciation of the dollar. If this scenario had occurred, it would have been reasonable to expect a market rotation into the biotech names that showed accelerating earnings and had positive news regarding novel drugs in the pipeline. However, the market continued to favor the FANG and Microsoft stocks. This allocation paid out only starting from the third quarter after Facebook announced disappointing results and the momentum slowed down in the IT sector in general. At the end of the first half of the year, the Fund increased its positions in financials and consumer discretionary and reduced its exposure to the energy sector following a strong upward movement in share prices and oil prices in May. During the summer, the Fund took profits in a few healthcare stocks that outperformed and the weight in utilities was increased in the third quarter. The fourth quarter saw no significant changes at the sector level other than a reduction in industrials, an increase in materials and an increase in consumer staples in the UK and Japan at the expense of the US. At the end of the year, the focus of the Fund remained on the reduction of defensive names with unattractive valuations to increase liquidity with a close look at the Brexit dynamics.

During the year, the Fund maintained a level of investment more or less in line with the benchmark (100%). At the end of the year, the Fund had a 97.7% equity exposure. In particular, geographical exposure is allocated in the USA (47.3%), Japan (15.2%) and the United Kingdom (9.5%). The main sectors in the portfolio are: financials (18.7%), healthcare (14.1%) and IT (12.6%). The main overweight are the financials and consumer staples sectors, while the major underweight are represented by the industrials, IT, materials and real estate sectors.

Fund | Share Class | Performance ANIMA Global Equity | I | -9.70% | Prestige | -10.62% | Silver | -11.24%

ANIMA Emerging Markets Equity

Global equity markets started-off in January to their best start of the year since 1988, but corrected substantially thereafter to end the year down 11.2%, for the worst year since global financial crisis. Markets turned volatile, experiencing large swings with the VIX scaling the highest 1-day change ever on February 5th. While the US market recovered and reached new highs Emerging Markets faced a spate of losses for the rest of the year, interspersed with a couple of short rallies in July and November, to end the year down 16.6% in USD.

After scaling 38.7% in 2017 Asian equities declined 16.44%, driven by the index heavyweight China (-20.4%) and Korea (- 22.6%). China started the year positively, with President Xi’s consolidation of power, but the enthusiasm fizzled out as a full- blown trade war ensued between China and US from April. Coupled with the PBoC prior monetary tightening, China experienced a mild slow down. Elections drove the markets in Brazil and Mexico, with investors chasing Brazilian equities after it became clear that Bolsonaro would pursue a liberal economic agenda. On the contrary, uncertainty caused by President Obrador in Mexico caused a sharp decline for every Mexican asset.

ANIMA Funds Plc 26 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Emerging Markets Equity (continued)

EM currencies remained weak all over the year, with the Turkish Lira and the Argentine Peso down more than 30% versus USD.

The Fund’s performance in 2018 was -12.25% (Class I), net of tax and commissions. Gross performance was -11.35%, versus benchmark -10.27%.

Major positive contributions to the Fund’s performance versus benchmark came from the underexposure in both equities and currencies, while country allocation and stock picking acted as a drag, especially in China and Brazil.

We maintain a constructive view about 2019, with no escalation in US-CN trade relations as our base-case scenario, and with less pressure on EM currencies from USD. With earnings already cut significantly over last year valuations are sitting on the lower end of past ten year range, limiting the downside risk. The Fund is significantly overweight Chinese equities.

Fund | Share Class | Performance ANIMA Emerging Markets Equity | I | -12.25% | Prestige | -13.14% | Silver | -13.72%

ANIMA Euro Equity

Key Events In the second half of the year, the main events that affected the financial markets were: Japan and the European Union signed a free trade deal while the US President Donald Trump intensified the trade war against China. Italy announced a deficit target of 2.4% of GDP for the next three years instead of the 0.8% target set by the previous administration; EU finance ministers approved European Commission’s plan for disciplinary action against Italy for breaching the bloc’s fiscal rules. UK companies were pressured by Brexit uncertainty as export sales fell by 30% and investment trended lower. Turkish economy faced headwinds after a sharp decline in its currency and higher inflation added pressure on the central bank. Eurozone composite PMI fell to 52.7 from 53.1, the lowest level since September 2016. IMF cut world economic forecast for 2018 and 2019 from 3.9% to 3.7% for both the years.

Markets: All major equity indices were in red in 2H 2018.

The Euro Stoxx Index ended 2018 down 15%. The German Equity market was the worst performer, down 18%. Italy was the second worst performer, down 16% and all the other major equity indices were down double digits too.

Oil price fell by more than 40% from October’s peak to December’s bottom and the Vix volatility index was up by almost 110% over the fourth quarter.

Synchronised deceleration of global growth, trade war between China and the US, the lack of details on the Brexit deal and the European Commission’s plan for disciplinary action against Italy were the main reasons of the weakness of the equity markets.

In the second half of the year, defensives stocks hugely outperformed cyclicals and the gap in term of valuation reached a peak. Best performing sectors were utilities and telecom; worst performing were banks and auto.

In the second half of the year, the overexposure to defensive sectors and to companies with a strong balance sheet helped the Fund to outperform. From a geographical point of view, it also helped to be invested in the Swiss market and to be under invested in Italy.

Looking forward, we expect the volatility of the market to stay high. The visibility is very low but we think that the valuation gap between defensive sectors and cyclical sectors is extreme. We are going to buy some cyclical stock and some oil integrated name after the recent correction.

Fund | Share Class | Performance ANIMA Euro Equity | I | -14.15%

ANIMA Funds Plc 27 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Global Currencies

During 2018, the Fund achieved a positive absolute gross performance of 1.26% compared with benchmark performance of 1.74% (relative positive performance of -0.48%). The absolute performance is due to depreciation of EUR relative to the other main developed currencies (mainly USD). The negative relative performance is due to the short USD position kept in the second half of the year.

During the first quarter of 2018, rates in the United States and in Europe began to rise again, in the wake of economic activity data that clearly exceeded expectations (particularly in the US). The tax reform is the reason for this outperformance of the American economy compared to the European one and at the same time the main reason for the depreciation of the US dollar compared to the EUR (due to the growth of the American deficit due precisely to the fiscal stimulus). The Fund suffered in absolute term from EUR strength, in particular versus USD.

In the second quarter, USD and JPY appreciation relative to EUR contributed the most to the positive absolute and relative performance. The Fund was penalised by the strong pressure of short-term Italian government bonds: these securities were used to manage the Fund's exposure to EUR.

In the second half of 2018, Turkish Lira depreciation of almost 40% caused pressure on all Emerging Markets assets and contributed to further appreciation of USD. The Fund suffered from this appreciation given the short position on USD relative to EUR.

In September central banks both in Europe and in US signaled their intention to maintain their already announced path in setting monetary policy (hiking rates in US and ending quantitative easing in Eurozone respectively); given a small deterioration in activity data, mainly in Europe, markets suddenly start to price increasing possibility of a global slowdown. USD appreciated again versus EUR given the strong difference between economic cycles in US relative to Eurozone, and the Fund has been penalised again from the short USD position.

In the last, few days of 2018 sell off in equity markets intensify and caused a huge spike in volatility that caused JPY to appreciate versus almost all other currencies.

Fund starts 2019 with a short position in USD versus EUR, GBP, AUD and also a short position in CHF. All the active positions has been and will be taken trough forward contracts on currencies and options.

Fund | Share Class | Performance ANIMA Global Currencies | I | 0.38% | Prestige | -0.43%

ANIMA Variable Rate Bond

Over the 2018, the Fund had an average exposure of around 90% to a portfolio of floating rate notes mostly made up of CCTs (85%) and corporate bonds (5%). The remaining 10% was invested into a diversified set of fixed and variable rate corporate bonds in the first half of the year and then in money market instruments. Over the considered timeframe, the cash holding on average has been near 1%.

The Fund’s negative return was mainly due to the sharp repricing of country risk in Italian government bond occurred between May and October. The Fund’s under-performance relative to its benchmark was mainly due to the overweight to Italian CCTs and the portfolio’s longer average maturity.

Fund | Share Class | Performance ANIMA Variable Rate Bond | I | -6.22%

ANIMA Flex 50

During the 2018, the Fund has been invested in other ANIMA Funds’ sub-funds focusing on long only fixed income strategies as well as in absolute return fixed income and equity strategies.

The Fund between May and June faced a considerable flow of redemptions that brought down the overall NAV of the fund from €410 mln down to €44 mln. And from there, the total assets declined progressively until the total liquidation of the fund occurred at the end of the year. The Fund had been invested in a portfolio of 13 collective investment schemes for the past six months.

ANIMA Funds Plc 28 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Flex 50 (continued)

The performance of the Fund has been negatively affected by all the main asset classes with the equity component being the main negative contributor. The Fund was fully redeemed on 7 December 2018.

Fund | Share Class | Performance ANIMA Flex 50 | I | -2.99%*

*Performance in the table above refers to the period between 31 December 2017 and 7 December 2018 inclusive.

The Fund paid a dividend of EUR 0.0334923 per share on 23 April 2018.

ANIMA Hybrid Bond

During the period, the Fund reached a net performance of -4.68%. The Fund had a lower duration and a higher concentration in high yield issues than the benchmark for the entire half.

In the first part of the year, corporate bonds spreads slightly widened, even if the main driver of the bear bond market was mainly the increase in interest rates: in that face, the position focused on shorter maturities was rewarded.

The month of February saw a sharp correction of the equity indices, which ended up widening the subordinated debt sector spreads. The wording of the Central Banks, however, and the positive macroeconomic data, sustained a rapid mean reverting.

The comeback of confidence has led the growth of the primary market in March; the new hybrid emissions of Unibail-Rodamco, Grand City and Groupe La Poste entered into the market, bringing the volume of new issues since the beginning of the year to 9 billion, demonstrating a strong demand for the asset class.

The price movement in the hybrid sector was certainly frenetic during the month of May, albeit with thin volumes compared with what was highlighted in the periphery government sector; the increased risk of Italian political environment, and the subsequent widening of BTP spreads, has generated a repricing effect on other risky asset classes on the market; a movement that has definitely affected the corporate hybrids as well.

The third quarter was affected by a slightly increased volatility; in September, even if the market has to evaluate political risk in Italy (budget deficit discussions) and in Britain (Brexit), we have seen huge issuance volume across financials and non- financials, bringing issuance to the busiest month since 2012. The new issues were taken well by the market at beginning but after the usual tightening in spreads investors drop out from riskiest investments or reduce usual order sizes; it was the sign that investors were not willing to take risk on, if they are not getting paid adequately, drawing the huge widening of the last quarter of the year.

In October, the situation surrounding the Italian budget proposal had also repercussions on the overall risk sentiment. The rating actions of Moody’s and S&P ultimately helped to alleviate some concerns, but it was not enough to restore the sentiment. Another focus was the anti-money laundering case with Danske, which is still very unclear but pushed spreads too wide, looking at our evaluation models. In October, the hybrid market had also one of the most important new issues of the year: Vodafone. The Fund bought the bonds; Vodafone remained an overweight until the end of the year.

After a tough October for hybrid bonds, things did not improve in the last part of the year. Besides the ongoing discussions between the EU and the Italian government regarding their budget proposal, several other topics came forth to cause worry for market participants: Brexit is an ongoing dominant theme, the ongoing trade disputes with the US and a rapid decrease of oil prices were interpreted as a sign of a global downturn in economic activity, creating a wide risk off that affected the Option Adjusted Spread of the whole hybrid sector. In December we had a massive sell off even if no specific elements affected the evaluations of subordinated non-financial issues, leaving, anyway, some opportunities through the hybrid market.

Regarding the allocation during the first quarter of the year, it should be noted that the Fund remains oriented to pick the best opportunities that can be presented "bottom-up"; the analysis of the fundamentals of the issuers in this context remains the best key, in a medium-term perspective.

ANIMA Funds Plc 29 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Hybrid Bond (continued)

For the entire period, the Fund had no FX exposure nor used derivatives.

Fund | Share Class | Performance ANIMA Hybrid Bond | I | -4.68%

ANIMA Euro Government Bond

The Fund started the year with an overweight on duration on core and periphery has been put near neutrality given the political risk related to the Italian elections. During the first quarter, date released were positive than expected and central banks made clear they intention to continue the normalization process through more tightening: Fed raised rates and reduced the balance sheet, while the ECB announced the taper of APP. The important shift to a more positive macro environment has led to a progressive reduction of duration exposure on core rates. During this period, the Fund went short duration, especially on core markets Germany and France. The Italian crisis lead us to change, temporarily, the exposure on core duration to a more neutral stance, while reducing permanently the exposure to Italy. The duration allocated to inflation linked was residual until the end of the year and has been increased substantially only during around December, when we decided to turn underweight duration with a significant exposure on inflation linked market on both Germany, France and Italy. During the summer lull, we decided to turn neutral on duration maintaining the exposure. Only after the partial reduction of tension Italy in late November, we turned again short duration on core and back neutral again on Italy.

In the Corporate bond space, the Fund has been short exposure and beta compared to the benchmark, with almost no exposure to low grade high yield bond or banks subordinated debt.

In the first half the Fund has had a negative performance and below its benchmark.

Fund | Share Class | Performance ANIMA Euro Government Bond | I | -1.72%

ANIMA Star High Potential Europe

During the first half of 2018, the European stock market return has been negative (c.-3%). The performance was mainly influenced by the weakening of the macro momentum and the increased political risk in the Euro area, along with the continued tensions between China and US. Notably, the quarter also saw the rally of oil prices thanks to the extended cuts in the supply and the higher-than-expected global demand.

The FY 17 reporting season delivered a relatively healthy picture for European companies: earnings deliveries exhibited a robust trend with both Eurozone and Europe delivering a double-digit growth in earnings (+14% and +16%). Furthermore, the commentaries from the entities were very solid, guiding for a continuation of the earnings trajectory into 1H 2018.

ANIMA Funds Plc 30 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Star High Potential Europe (continued)

The main European political event of the first quarter was the Italian general elections held on the 4 March 2018. The center- right alliance won a plurality of seats in both the Chambers (Senate and Chamber of Deputies), with the League’s Populist Party emerging as the main political force within the coalition. The anti-establishment Five Star Movement, however, obtained the largest number of votes, forcing the other parties to find an agreement with them: the result was a hung parliament. Right after the election, the President of Republic started to speak with the main leaders of the political parties in order to explore the possibilities of an executive government.

The end of the first quarter saw the beginning of the political tensions between US and China, after Donald Trump announced on 22 March 2018 the intention to impose tariffs on Chinese imports worth $50 billion, in order to reduce the US trade deficit. Despite the limited economic impact, the geopolitical implications of this financial measure negatively affected the following months.

The second half of the year has been characterised by the worsening of the economic and political background together with the sharpening of commercial tensions between China and US. Furthermore, in the second semester of the year, oil prices suffered the production increase in Iraq, Russia, and Saudi Arabia, along with US granting waivers from the Iran sanctions.

From a political perspective, the second semester of the year was characterised by the continuous talks between Italy and the EU about the future budget plan: the initial draft sent by the Italian government raised concerns among investors over the future sustainability of the public debt. In Germany, Angela Merkel announced her slow exit from politics by leaving the CDU presidency after her party’s heavy losses in regional elections. On the other hand, in the US, the mid-term elections delivered a split congress as highly anticipated by the analysts: Democrats took control of the House of Representatives with a comfortable margin while the Republicans held the Senate with a slightly stronger margin.

During the last month of the year, European markets extended their losses, ending the year down over than 13%. The European economic data continued to worsen, with the PMI Index recording its lowest level in five years: the drop was more pronounced in France, where the streets protests’ caused relevant losses for the French economy. The important G-20 meeting, between the American President Trump and the Chinese counterparty Mr. Xi saw a positive outcome and the two presidents determined an important settlement: the USA will not increase, as previously expected, the tariffs on $200 billion Chinese products from 10% to 25%, but China will be required to buy a substantial quantity of American agricultural products.

During 2018 portfolio had an average net equity exposure between 20 & 30% with total gross invested rounding 65% in line with our moderately positive view on European equities, and a more cautious view on Fixed Income duration. In term of positioning, the Fund during the year has been mainly underweight the consumer staples on concerns of a possible increase of interest rates that historically have been correlated with some pressure on the defensive sectors; moreover, it has been underweight on industrial and materials companies due to the early cyclicality these sectors exhibit and, particularly for industrials, valuations that looked very rich versus the market overall. On the other hand, it was overweight on the Information Technology sector due the positive trend of earnings, the structural growth of the software segment, and the increasing penetration of the semi-conductors in the automotive industry, the Fund was also overweight (mostly during the first 9 months of the year) the energy sector in order to benefit from the recovery in oil price led by a better balance between demand and supply.

ANIMA Funds Plc 31 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Star High Potential Europe (continued)

Fund | Share Class | Performance ANIMA Star High Potential Europe | I | -4.02% | Prestige | -4.67% | Silver | -5.03% | A | -4.11% | Classic A | -6.22% | Classic B | -5.05%

ANIMA Star Bond

In 2018, the Fund achieved a negative absolute gross performance of -5.05%, due to active positions in FX (ca. -2.35%) and in duration (ca. -2.70%).

During the first quarter of 2018, rates in the United States and in Europe began to rise again, in the wake of economic activity data that clearly exceeded expectations (particularly in the US). The tax reform is the reason for this outperformance of the American economy compared to the European one and at the same time the main reason for the depreciation of the US dollar compared to the EUR (due to the growth of the American deficit due precisely to the fiscal stimulus). The Fund benefits from rising interest rates by maintaining short duration exposure through the sale of 10-year Treasury futures and 10-year bund, while it loses from USD long exposure against EUR.

In the second quarter, the rise in US rates (especially in their real component) and the sudden strength of the dollar caused concerns about the fundamentals of some emerging countries (Argentina and Turkey above all); very soon, however, the entire asset class has been sold by international investors; however, selloff in Emerging Markets assets (bonds, equity and currencies) didn’t propagate to other asset classes (High Yield, Corporate investment grade and equity in Developed markets). The Fund has been penalised by exposure to emerging government bonds, both in hard currency and in local currency. Duration positioning (that was bought back once rates in United States have reached and surpassed what we believe to be fair value) has limited overall fund losses. In the end of May, the Fund was further penalised by the strong pressure of short-term Italian government bonds: these securities were used to manage the Fund's liquidity. Once part of the recorded losses were recovered, we decided to reduce these securities as further volatility episodes cannot be ruled out, in particular during after august, when discussion on budget law could generate possible headlines not market friendly.

The end of the first half sees the Fund partially recovering its losses thanks to the short position of US dollars (set up during the month of May, when we considered US and EU central banks to be priced correctly) and to the recovery in the prices of the securities and currencies of emerging countries.

The second half of 2018 starts with considerable tensions on Turkish Lira that soon propagated to other Emerging Market assets, leading US and European interest rates further down (with the exception of Italian bonds). The Fund benefits from the long duration exposure in German and US bonds (obtained through Treasury and Bund futures), tactically implemented during the third quarter, but it is penalised by the exposure to Emerging Markets bonds, by the position on European inflation expectations, and by the short position on Italian bonds (achieved by selling the future).

Between the third and the fourth quarter, the management of duration exposure positively contributes to the performance of the Fund; however, renewed geopolitical tensions (in particular US-China trade war), weaker than expected economic data, and the WTI retracing back to about $50 per barrel from $70, caused a considerable selloff in Investment Grade and High Yield credit markets (both in the US and in Europe), and a reduction in global inflation expectations. The portfolio suffers in this period due to the presence, although contained, of these positions.

The Fund faces the month of December with a short duration position in core markets (US and Germany), due to the expectation of a potential resolution (at least temporary) to the US-China tensions (opportunity available during the G20 meeting in Buenos Aires). However, even though expectations were realised (the introduction of new tariffs on Chinese imports in the US was postponed), new tensions in the equity markets generated a strong demand for risk free assets, pushing down interest rates.

ANIMA Funds Plc 32 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Star Bond (continued)

The Fund starts 2019 with a short duration position in core markets (realised through the sale of Treasury and Bund futures), and a bond portfolio invested in Emerging Markets (with the local currency component being reduced), in European corporates (with a partial switch from European High Yield to subordinated bonds with a short call date, able to guarantee a good yield), and in Japanese inflation expectations. Active positions have been implemented through derivatives (duration position through futures on US Treasury and German Bund, and FX positions through forward contracts).

Fund | Share Class | Performance ANIMA Star Bond | I | -5.59% | Prestige | -6.28% | Silver | -6.50% | Classic A | -7.14% | Classic B | -6.88% | I Dis | -5.59%

ANIMA Smart Volatility Europe

The Fund is an open-ended flexible fund based on a proprietary risk control quantitative model with a view to capturing European equity market volatility.

Fund | Share Class | Performance ANIMA Smart Volatility Europe | I | -10.39%

ANIMA Smart Volatility Global

The Fund is an open-ended flexible fund based on a proprietary risk control quantitative model with a view to capturing Global equity market volatility.

Fund | Share Class | Performance ANIMA Smart Volatility Global | I | -7.57%

ANIMA Smart Volatility Italy

The Fund is an open-ended flexible fund based on a proprietary risk control quantitative model with a view to capturing Italian equity market volatility.

Fund | Share Class | Performance ANIMA Smart Volatility Italy | I | -6.43%

ANIMA Smart Volatility USA

The Fund is an open-ended flexible fund based on a proprietary risk control quantitative model with a view to capturing US equity market volatility.

Fund | Share Class | Performance ANIMA Smart Volatility USA | I | -8.25%

ANIMA Funds Plc 33 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Credit Opportunities

Despite the expectations on the gradual tightening of the monetary policy of Central Banks, the year started in a very positive fashion for High Yield, with further spread compression in line with the last month of 2017.

The first catalyst that negatively contributed to the performance of High Yield sector since the beginning of February was the volatility shock that characterised the US equity market and that spread to the credit market, causing an increase to the liquidity premium and a widening in spreads. Other factors that hurt the High Yield segment in the first half are the geopolitical tensions and the trade war among major countries. On the political front, it is also necessary to highlight the uncertainty and volatility originated from the Italian elections.

Despite the increase in volatility observed in the first half, in the third quarter, the price action of the High Yield segment showed a moderately positive performance and a renewed interest in the asset class, as witnessed by the slight increase in inflows.

Unfortunately, the moderately positive performance and renewed interest in the High Yield segment that we experienced in the third quarter turned out to be short lived. The last quarter of the year was characterised by increasing volatility, gradual but constant spread widening, strong increase in idiosyncratic issues (especially in December and for lowest rating sectors), absence of liquidity in the market and complete unwillingness to take on risk. This environment weighted on valuations that often didn’t reflect fundamentals.

Regarding Central Banks policy, on the one hand, the ECB continued to grant relatively easy financial conditions. Despite this, ECB confirmed again its intention to end purchases in January but to continue to sustain the market with reinvestments at least until after the summer of 2019. Rates normalization is expected at that time. On the other hand, the Fed showed a more dovish tone, having communicated to the market that we are close to the neutral rate as well as its intention to be more “patient” and data dependent in the future decision of monetary policy.

Regarding the Trade War and the geo-political tensions, the leaders of China and US agreed to begin a truce of 90 days in which intensify negotiations to find a solution. An eventually positive outcome would be capable to revive trades and the business cycle. That would represent a strong positive catalyst for growth and for the risky assets in which the portfolio invests.

Regarding the Brexit, talks intensified during the quarter since the deadline got closer. UK Prime Minister lost support in her own party, with some resignations that increased political uncertainty even more. A “withdrawal agreement” has been found and now need to be approved by the UK parliament; the probability of a positive outcome is actually quite low.

Italian political situation stabilised, with additional risk premium incorporated in the sovereign debt, but far less volatility compared with the first half of the year. The business environment has not been favourable for Italian companies that experienced also an increase in financing costs and a worsening in financial metrics.

In terms of companies’ fundamentals, even though we are seeing a gradual increase in costs that leads margins lower, we continue to observe generally solid balance sheets with a still sustainable level of debt. Maturities distribution, for the issuers in which the Fund invests, does not seem to create unsustainable refinancing risk.

The main problems that weighted on the Fund’s performance in the fourth quarter arose from market illiquidity and idiosyncratic events. Market illiquidity led to a close to absent primary market and to a price action that often did not reflect the fundamental numbers. Idiosyncratic problems, on the other hand, held up strongly compared to recent months. The US energy sector as well as some European cyclical names showed the worst performance during December. Furthermore, the lack of liquidity as well as the reduction in the expectations for rates increase, contributed negatively to the Fund’s performance.

At the end of the year, the result for the Fund was a net negative performance of -4.80%.

Expectations for the first part of the next year remain moderately positive on financial bonds, especially the subordinated ones with short call dates and with favourable technical aspects. We are now looking for some opportunities in the Auto and Chemical sectors that repriced substantially in the last market sell-off mainly due to trade war related concerns. We think that a potential positive outcome from the discussion between the Presidents of the US and China can be strongly positive for cyclical assets, but we also think that an eventual pro-cyclical trend could be short-lived and should be seen as a good opportunity to reduce risks.

ANIMA Funds Plc 34 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Credit Opportunities (continued)

Euro-zone is to remain our focus, indeed we think that the US market is too tight and offers less value at this stage if compared to Europe.

The medium rating has been BBB, in order to have a prudent approach with the asset class in a relatively tight environment, and we expect to keep it stable going forward.

We limited a lot the duration risk choosing short duration bonds rather than hedging it with derivatives since credit curve was very flat and the term premium was very poor.

We continue to hold a sufficient liquidity buffer to face periods of market volatility, seizing any opportunities that may arise during the correction phases.

Fund | Share Class | Performance ANIMA Credit Opportunities | I | -4.80%

ANIMA Tesoreria Imprese

The Fund aims to provide an attractive rate of return, investing in a highly diversified portfolio consisting of government and corporate bonds, convertibles, equity and other ANIMA Funds’ sub-funds.

In terms of exposure, about 80% of the Fund was invested in a portfolio of Italian government bonds, while the corporate bond component was 15%.

The Fund negative return over the first half of the year was mainly due to the sharp repricing of Italian country risk between May and June. In particular, the Fund’s negative performance was mainly due to its significant investment in Italian government bonds. Additionally, the Fund was also negatively affected by the significant exposure to CCTs, which underperformed the BTPs with similar maturities.

During the summer of 2018 the Fund’s activity was limited to derivatives: the Fund opened a short position in futures on Italian government bonds to hedge the long position in securities.

During the second half of the year the government bond component contributed positively to the performance, while the contribution from corporate bonds was negative.

The fund’s exposure to Italian government bonds was the main driver of the positive performance for the las months of the year. Indeed, after having suffered a lot because of political uncertainties, Italian government securities enjoyed a rally during the month of December.

The corporate bond component of the portfolio, instead, performed negatively because of the widening of corporate spreads across European issuers, with the only exception of Italian ones, which contributed positively to the overall performance.

During the period under consideration, the fund sold some put options with underlying the European equity index, in order to benefit from a potential rally of the equity market, while it reduced its short position in futures on the Euro Schatz (short-term securities issued by Germany).

The Fund’s composition at the end of 2018 is as follows: about 53% of the NAV is constituted by Government bonds (only Italian ones), while around 28.6% of the NAV is made of corporate bonds. There is also a marginal OICR component (equity funds), which represents 3.4% of NAV.

Fund | Share Class | Performance ANIMA Tesoreria Imprese | Prestige | -4.81%

ANIMA Funds Plc 35 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Star High Potential Italy

Beginning the year with particularly brilliant stock markets, with Italy reaching the peak of the period favored by the upturn in interest rates that push the financial and cyclical sectors, to the detriment of utilities and consumer staples. In the second half of the quarter, the rise in inflation expectations in the main economies was accompanied by a sudden and accentuated movement in real rates that generated an explosion of volatility on the stock markets. Piazza Affari has given up ground mainly driven by a weakness in the industrial sector and securities sensitive to changes in rates, while the financial sector has on average continued to outperform the indices. In this phase, the Fund generated a positive performance thanks to the book pair trades and an average allocation of 25%; the hedging strategy in options in the highly variable phases also contributed positively. Second quarter of 2018 with two faces, with a first market phase in a decisive recovery and Piazza Affari, which returns on the highest levels of the year. In particular, the energy sector benefited from the rise in oil prices, while some industrial stocks suffered the partial deterioration of macro data on global growth. The second phase of the quarter, on the other hand, saw a significant increase in volatility in the peripheral markets, with Piazza Affari, which in a few weeks cancelled the gains of the first few months. Political uncertainty has brought tension on government bonds, with rising spreads and the banking sector down sharply. In this difficult and variable environment, the Fund achieved a partially negative result, with an equity exposure maintained on average just over 10% and a positive contribution from pair trades. The markets in October have corrected significantly given the persistent uncertainties related to global growth, the heavy negative revisions in terms of growth expectations of corporate profits and the maintenance of high tensions between the Government and the European Commission for the budget deficit.

In the fourth quarter, after having maintained low equity exposure, the net exposure increased in the 35% area seen and the expectations for a reduction of the uncertainties related to the Brexit and the commercial tensions. In fact, during the period there was an agreement between Europe and Italy on the financial maneuver with a substantial reduction in the spread as well as between China and America for a 90-day respite but these elements were not enough. The correction was global due to the uncertainties linked to economic growth, the restrictive policy of the US central bank and the negative evidence on company fundamentals. So globally, December was one of the worst months in terms of performance since the 1930s with all the major asset classes that ended the year in negative territory.

The Fund thus closed 2018 with an absolute negative performance mainly due to the equity exposure, considering that the Italian market lost about 14%.

We believe that the current phase of uncertainty may continue in the coming months, so we remain cautious. The geopolitical tensions on the tariff war, the more restrictive monetary policy and a phase of possible political and economic uncertainty in Italy, in the coming quarters could further generate volatility in both the bond and equity sectors, generating interesting opportunities.

Fund | Share Class | Performance ANIMA Star High Potential Italy | I | -2.65% | Prestige | -3.56% | Silver | -3.91% | Classic A | -5.10% | Classic B | -3.87%

ANIMA Star High Potential Global

In 2018, all major asset classes have posted negative total returns. After a turbulent year, global equities (MSCI AC World in local currency) returned -10%; which is the worst year since the financial crisis in 2008 and the sixth worst year on record. US relatively outperformed vs the rest of the world. Of the major European markets, export and auto – exposed German equities were the most significant underperformer (-18% in local currency). In UK the uncertainty on the Brexit resolution, weighted on the index performance, with companies more internationally focused outperforming the more domestic (-12% vs -16% in GBP). At a sector level, financials and materials underperformed the most in 2018. Relatively defensive sectors such as Health Care and utilities outperformed.

Concerns around rising rates, trade, slowing global growth and rising geopolitical risks (including Brexit, Italian politics) have driven the sell-off in 2018. The VIX index more than doubled y/y. At the end of December, different asset classes were pricing recession fears. Real data still do not confirm an imminent recession. Our view remain cautiously optimistic and we do expect a slowdown in global growth and stabilization in the coming quarters.

ANIMA Funds Plc 36 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Star High Potential Global (continued)

The price of oil continued to appreciate during the first half of the year reaching a price level that had not been seen since 2014. After reaching the peak in October, oil finished the year as the worst performing asset class for the year -19%.

The US dollar strengthened against the main currencies, and in particular against the euro. To support the upside there are a number of reasons including the interest rate differential, stronger US economic data compared to major economies in developed countries. The currency strategy contributed positively to the Fund's performance in the first half of the year, thanks to the USD long position towards a basket of currencies of developed countries (mainly EUR, JPY and GBP). This position has been closed and we have opened a short USD versus EUR and JPY) once we thought that both FED and ECB were correctly priced by money markets.

The bond exposure remained contained during the six-month period and continues to decline with respect to the part invested in European high-yield. The overall duration exposure was managed tactically through the use of derivative instruments (futures and options on US Treasuries and German Bunds). In the second half of the year, the Fund suffered from short USD versus EUR and short duration exposure obtained through the sale of bund and treasury futures. Small position (below 5% of NAV) in European High Yield contributed negatively to fund’s performance as did the long Japanese break even inflation position (this position, as all break even exposure globally, has been influenced by the sharp drop in oil prices registered during the second half of 2018). Towards the end of the year, we implemented a long JPY vs USD position as a hedge to equity exposure. This position contributed to a reduction in overall fund’s volatility during the last few trading days of the year.

As regards the equity component, the average equity exposure was around 30% during the year. At the sector level, the greatest contributions are attributable to health care, consumer discretionary and utilities, while commodities and financials have negatively impacted.

The Fund's strategy in a scenario of low returns and high volatility is to focus on quality companies, with a particular attention on cash generation and low leverage. One of the effects of central bank monetary policies has been to encourage record levels of leverage across the system. In the United States, the average level of corporate debt is much higher than it was in 2007. Tightening financial conditions should drive the continued outperformance of stocks with strong balance sheets and earning stability. Bond exposure remains limited (close to 15%) at the beginning of 2019, while FX exposure maintains a preference for a short USD position versus a basket of currencies (EUR, JPY, NOK, CAD, BRL and RUB).

The currency strategy contributed positively to the Fund's performance in the first half of the year, thanks to the USD long position towards a basket of currencies of developed countries (mainly EUR, JPY and GBP). This position has been closed and we have opened a short USD versus EUR and JPY) once we thought that both FED and ECB were correctly priced by money markets.

In the second half of the year Fund suffered from short USD versus EUR and short duration exposure obtained through the sale of bund and treasury futures. Small position (below 5% of NAV) in European High Yield contributed negatively to the Fund’s performance as did the long Japanese break even inflation position (this position, as all break even exposure globally, has been influenced by the sharp drop in oil prices registered during the second half of 2018).

Towards the end of the year, we implemented a long JPY vs USD position as a hedge to equity exposure. This position contributed to a reduction in the overall Fund’s volatility during the last few trading days of the year.

Bond exposure remains limited (close to 15%) at the beginning of 2019, while FX exposure maintains a preference for a short USD position versus a basket of currencies (EUR, JPY, NOK, CAD, BRL and RUB).

Fund | Share Class | Performance ANIMA Star High Potential Global | I | -8.79% | Prestige | -9.44% | Silver | -9.79% | Classic A | -10.33% | Classic B | -9.85%

ANIMA Funds Plc 37 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Active Selection

The investment objective of the Fund is to generate stable long-term rates of return and acceptable liquidity. The Fund seeks to achieve this objective by investing its assets primarily in funds, which invest in a variety of markets across several strategies.

The investment allocation in collective investment schemes is based on a proprietary model that provides a dynamic allocation between two portfolios, a medium to high volatility portfolio (“satellite portfolio”) and a low to medium volatility portfolio (“core portfolio”).

The satellite portfolio has a global asset allocation. The objective of the core portfolio is to limit the total volatility of the Fund, through the selection of collective investment schemes, which invest across fixed income and/or flexible/absolute return strategies (strategies that seeks to make positive returns in any market condition).

During 2018, the Fund invested in a range of funds managed by ANIMA Asset Management, ANIMA SGR S.p.A. and AXA.

The exposure to satellite portfolio has been at high level in January 2018, has been reduced in February and increased again since May to the end of September 2018. Since then, because of the huge spike in volatility and equity sell off, the satellite portfolio weight has been reduced significantly.

The Fund’s negative return in 2018 is due to poor performance across a range of asset classes, mainly in the equity space.

Fund | Share Class | Performance ANIMA Active Selection | I | -8.74%

ANIMA Smart Dividends Europe

The Fund is an open-ended flexible Fund based on a proprietary risk control quantitative model with a view to capturing European equity market volatility, with a particular focus on high dividend yield stocks.

Fund | Share Class | Performance ANIMA Smart Dividends Europe | I | -6.96%

ANIMA Flexible Bond

ANIMA Flexible Bond was launched on 5 December. In 2018 we spent the last weeks to compose the portfolio.

Portfolio composition is based on short term government bond (52%), corporate bond IG (3.5%) and EM bond (7%).

About FX exposure the Fund is short 9% USD against 6% AUD, RUB weight is 1%, GBP and NOK weight both 2.5%.

Duration is less than 12 months.

Fund | Share Class | Performance ANIMA Flexible Bond | I | -0.03%*

*Performance from start date

ANIMA Flexible Income

In 2018, the Fund achieved a negative absolute gross performance of -5.76%, due to active positions in FX (ca. -1.8%), bonds (ca. -3.9%) and equity (-0.1%).

During the first quarter of 2018, rates in the United States and in Europe began to rise again, in the wake of economic activity data that clearly exceeded expectations (particularly in the US). The tax reform is the reason for this outperformance of the American economy compared to the European one and at the same time the main reason for the depreciation of the US dollar compared to the EUR (due to the growth of the American deficit due precisely to the fiscal stimulus). The Fund benefits from rising interest rates by maintaining short duration exposure through the sale of 10-year Treasury futures and 10-year bund, while it loses from USD long exposure against EUR.

ANIMA Funds Plc 38 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Flexible Income (continued)

In the second quarter, the rise in US rates (especially in their real component) and the sudden strength of the dollar caused concerns about the fundamentals of some emerging countries (Argentina and Turkey above all); very soon, however, the entire asset class has been sold by international investors; however, selloff in Emerging Markets assets (bonds, equity and currencies) didn’t propagate to other asset classes (high Yield, Corporate investment grade and equity in Developed markets). The Fund has been penalised by exposure to emerging government bonds, both in hard currency and in local currency. Duration positioning (that was bought back once rates in United States have reached and surpassed what we believe to be fair value) has limited overall fund losses. In the end of May, the Fund was further penalised by the strong pressure of short-term Italian government bonds: these securities were used to manage the Fund's liquidity. Once part of the recorded losses were recovered, we decided to reduce these securities as further volatility episodes cannot be ruled out, in particular during after august, when discussion on budget law could generate possible headlines not market friendly.

Exposure to equity markets has been managed through the use of ETFs on global equity markets and through the use of futures and options especially on the European market. The management of the equity exposure contributed positively to the Fund's performance.

The Fund faces the month of December with a short duration position in core markets and a long global equity exposure, due to the expectation of a potential resolution (at least temporary) to the US-China tensions (opportunity available during the G20 meeting in Buenos Aires). However, even though expectations were realised (the introduction of new tariffs on Chinese imports in the US was postponed), new tensions in the equity markets generated a strong demand for risk free assets, pushing down interest rates. Thus, due also to its equity exposure, the Fund suffered during the last part of the year.

The Fund starts 2019 with a short duration position in core markets (realised through the sale of Treasury and Bund futures), and a bond portfolio invested in Emerging Markets (with the local currency component being reduced), in European corporates (with a partial switch from European High Yield to subordinated bonds with a short call date, able to guarantee a good yield), and in Japanese inflation expectations. FX exposure is biased toward a preference for EUR against USD. The exposure to global equity markets remains present. Active positions have been implemented through derivatives (duration position through futures on US Treasury and German Bund, FX positions through forward contracts, and equity exposure through futures and ETFs).

Fund | Share Class | Performance ANIMA Flexible Income | I | -6.41%

ANIMA Infrastructure

2018 has been a tough year for global equity markets, the MSCI world closed down -7.4% for the year. The main issues have been Geopolitical tension between USA and China, higher political risk in Europe (i.e. Italy, France and UK), a slowdown in the economy at the end of the year and the transition from a quantitative easing to a quantitative tightening environment pursued by Central Banks (i.e. FED and BCE).

Global equity markets had a strong start of the year, continuing the trend began in 2017 and ending the month of January in positive territory. This month showed the peak of most of the economic leading indicators, with both the Euro area composite PMI and the US ISM manufacturing reaching the highest level registered in years.

ANIMA Funds Plc 39 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Infrastructure (continued)

The month of February started with a sharp markets sell-off, and an increase in the volatility, which reached the highest level since summer 2016. Fundamentally, the Euro area macro-prints started showing signs of a slowdown, despite remaining consistent with a robust and solid growth. The poor performance registered, however, was mainly due to a higher than expected US inflation print and the consequent jump in yields: just before the first FOMC meeting of the Powell era, the FED turned more hawkish, not excluding the possibility to proceed with four hikes in 2018. The move in the yields had a negative impact across the infrastructure asset class, especially on long duration and highly leveraged assets like regulated utilities, airports and REITs.

The end of the first quarter marked the beginning of the political tensions between US and China, after Donald Trump announced on March 22 the intention to impose tariffs on Chinese imports worth $50 billion, in order to reduce the US trade deficit.

Despite the slowdown in the macroeconomic momentum and the deterioration of the geopolitical scenario, between April and May the infrastructure asset class benefited from the lower expectations on inflation: furthermore, the rise in the oil and gas prices had a positive impact on companies transporting these commodities (US MLPs in general).

At the end of the second quarter, the market seemed to re-focus on trade tensions after President Trump threatened to impose new tariffs, causing the main US commercial partners to intimidate countermeasures. Such geopolitical environment had a negative impact on both stocks in emerging markets (especially China) and on global growth estimates, furthermore, long-term interest rates declined. This entire situation, favored a general rotation into defensive sectors and a positive impact on long duration infrastructure assets.

This trade war has also been one of the main topics in the third quarter of the year. In particular, USA President announced his intention to put additional $200bn tariffs on Chinese goods during the month of August. On the other hand, the macro picture has been resilient: USA reported a robust GDP growth in Q2 thanks to the effect of the fiscal policy and the continuous decline of the unemployment rate, and there had been a positive momentum on both European PMI and German IFO in Q3. Between August and September, European markets have been under pressure due to an increased political risk in Italy: the Government threatened to breach the Deficit/GDP limit imposed by the European Union on its budget law. This has brought the spread of the Italian government bond to the highest level since 2013, along with higher spreads on the remaining countries of the Eurozone periphery.

From a monetary policy perspective, both FED and BCE reiterated their intentions to gradually back off from their expansionary measures.

At the beginning of the fourth quarter, global equity markets have been in correction mode. This was mainly driven by a portfolio derisking from investors ahead of midterm elections in US, increasing geopolitical risk in Europe (i.e. Brexit negotiation stalling, European Union against Italian budget law and “yellow vest” riots in France). This pressure temporarily faded away at the end of November, when China and USA reached a 90 days standstill agreement on potential tariffs increase. Finally, December has been quite tough for all major global equity markets: MSCI World closed down 7.9% for the month. Reasons for the sell-off have been a combination of weak global macroeconomic data releases and the outcome of the US FED Meeting of the 19th: market participants were spooked by President Powell’s reiteration that the Fed will continue on its path of “some further gradual” rate hikes and had no intention to break from cutting its massive bond portfolio.

Given the expectations of both rise in interest rates and a still supportive macroeconomic environment, during 2018 the Fund maintained a long exposure on cyclical infrastructure sectors, especially infrastructure construction companies and their suppliers.

The Fund also maintained a positive exposure on renewable energy, telecommunication towers in the first half of the year and telecommunication services in the second half. Conversely, the Fund maintained a short exposure to those sectors composed of long duration and highly leveraged assets (regulated utilities, airports and toll roads). Moreover, the Fund had a neutral exposure on oil transport and MLP sectors.

ANIMA Funds Plc 40 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Infrastructure (continued)

From a strategic perspective, there has been a repositioning in the Fund during the month of December: we substantially decreased the exposure of cyclical infrastructures on the back of weakening macro data, and we increased the weight of defensive assets with solid and sustainable balance sheets. Finally, the Fund remained short stocks with long duration assets and high leverage (toll roads, airports), which are more exposed to political risk and increased in real interest rates.

Since its launch in June, the Fund obtained an absolute gross performance of -1.55% with an annual volatility of 2.74%.

Fund | Share Class | Performance ANIMA Infrastructure | I | -2.08%*

*Performance from start date.

ANIMA Solution 2022-I

The Fund aims to provide Shareholders with capital appreciation and with distributions at such times as the Company may determine, as detailed in the Prospectus. The Fund aims to achieve investment objectives by investing in two different components being (i) a portfolio of government and corporate bonds and (ii) “active equity”: a portfolio which includes investment in: collective investment schemes (including exchange-traded funds) with equity (satellite) and/or fixed income underlying, Euro money market instruments, government bonds (core).

A marked increase in European equity market volatility saw the Fund’s satellite exposure reduced significantly in February. This was maintained until early May, when the Fund gradually moved to a less defensive positioning, increasing exposure to the satellite portfolio of the active equity component. The exposure to the satellite portfolio continued to increase in the third quarter, while at the beginning of October, because of the significant spike of the volatility in the equity market, it has been reduced drastically, up to levels around 16% at end of year. The Fund’s negative return over the year is mainly due to a poor return of the active equity component, in particular of the satellite portfolio, but also fixed income component contributed slightly negatively during the year.

Fund | Share Class | Performance ANIMA Solution 2022-I | I | -7.01%

ANIMA Solution 2022-II

A marked increase in Italian equity market volatility saw the Fund’s satellite exposure reduced significantly in February. This was maintained until early May, when the Fund gradually moved to a less defensive positioning, increasing exposure to the satellite portfolio of the active equity component. The exposure to the satellite portfolio continued to increase in the third quarter, while at the beginning of October, because of the significant spike of the volatility in the equity market, it has been reduced drastically, up to levels around 22% at end of year. The Fund’s negative return over the year is mainly due to a poor return of the active equity component, in particular of the satellite portfolio, but also fixed income component contributed negatively during the year, although in a more modest way.

Fund | Share Class | Performance ANIMA Solution 2022-II | I | -4.83%

ANIMA Funds Plc 41 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Solution 2022-III

A marked increase in global equity market volatility saw the Fund’s satellite exposure reduced significantly in February. This was maintained until early May, when the Fund gradually moved to a less defensive positioning, increasing exposure to the satellite portfolio of the active equity component. The exposure to the satellite portfolio continued to increase in the third quarter, while at the beginning of October, because of the significant spike of the volatility in the equity market, it has been reduced drastically, up to levels around 31% at end of year. The Fund’s negative return over the year is mainly due to a poor return of the active equity component, in particular of the satellite portfolio, but also fixed income component contributed negatively during the year, although in a more modest way.

Fund | Share Class | Performance ANIMA Solution 2022-III | I | -4.29%

ANIMA Solution 2023-I

The Fund aims to provide Shareholders with capital appreciation through investment in collective investment schemes, and, where market conditions so warrant, in money market and debt instruments. The investment allocation in collective investment schemes is based on a proprietary model that provides a dynamic allocation between two portfolios, a medium to high volatility portfolio (“satellite portfolio”) and a low to medium volatility portfolio (“core portfolio”). The objective of the core portfolio is to limit the total volatility of the Fund, through the selection of collective investment schemes, which invest across fixed income and/or flexible/absolute return strategies (strategies that seeks to make positive returns in any market condition). The satellite portfolio, which is expected to be the main driver of the Fund’s performance, will be mainly allocated to collective investment schemes investing in European equities markets with a long only approach.

A marked increase in European equity market volatility saw the Fund’s satellite exposure reduced significantly in February. This was maintained until early May, when the Fund gradually moved to a less defensive positioning, increasing exposure to the satellite portfolio. The exposure to the satellite portfolio increased significantly in the third quarter, even if the exposure to the satellite portfolio had been on average around 65% since launch to the end of September. While at the beginning of October, because of the huge spike in volatility, the satellite’s portfolio weight has been reduced drastically. Since then, the average exposure to equity allocation has remained stable around 22%. The Fund’s negative return over the year is mainly due to a poor return from the satellite portfolio, mainly in the last quarter of the year. The core portfolio also contributed negatively, albeit to a lesser extent.

Fund | Share Class | Performance ANIMA Solution 2023-I | I | -9.06%*

*Performance in 2018:

ANIMA Solution EM

The Fund aims to provide Shareholders with capital appreciation through investment in collective investment schemes s, and, where market conditions so warrant, in money market and debt instruments. The investment allocation in collective investment schemes is based on a proprietary model that provides a dynamic allocation between two portfolios, a medium to high volatility portfolio (“satellite portfolio”) and a low to medium volatility portfolio (“core portfolio”). The objective of the core portfolio is to limit the total volatility of the Fund, through the selection of collective investment schemes, which invest across fixed income and/or flexible/absolute return strategies (strategies that seeks to make positive returns in any market condition). The satellite portfolio, which is expected to be the main driver of the Fund’s performance, will be mainly allocated to collective investment schemes investing in emerging markets equities with a long only approach.

ANIMA Funds Plc 42 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Solution EM (continued)

The Fund was launched on 7 February 2018. The exposure to satellite portfolio has been on average around 65% since launch to the end of September, while beginning of October, because of the huge spike in volatility, the satellite’s portfolio weight has been reduced drastically. Since then, the average exposure to equity allocation has remained stable around 22%. Since launch date, the Fund has returned -9.47% with the decline being largely due to poor returns from the satellite portfolio.

Fund | Share Class | Performance ANIMA Solution EM | I | -9.47%*

*Performance from start date.

ANIMA Attiva Cedola Plus 2018

The objective of the Fund is (i) to provide Shareholders with a Coupon on each Coupon Payment Date, (ii) to provide Shareholders with capital appreciation at the Maturity Date and (iii) to seek to protect, as at the Maturity Date, the capital originally invested. The Fund tries to achieve its goals also by investing in, but not limited to, a basket of Funds under the umbrella of ANIMA Funds Plc. The Fund was fully redeemed on 17 December 2018.

Fund | Share Class | Performance ANIMA Attiva Cedola Plus 2018 | Institutional | -0.06%*

*Performance in the table above refers to the period between 31 December 2017 and 17 December 2018 inclusive.

ANIMA Italian Bond

Over the year, the Fund had been invested in more than 95% of the assets in Italian government bonds, while the remaining assets were held in cash. In comparison to the benchmark, the Fund was overweighed in I/Ls and floaters issued by the Italian government and correspondingly underweight in fixed rate notes.

The Fund negative return was mainly due to the sharp repricing of country risk in Italian Government bond occurred between May and June. During the rest of the year, the huge volatility of BTP combined with an increasing uncertainty about the Italian situation suggested to maintain a prudent exposure that was held until the end of the year.

The Fund’s underperformance relative to its benchmark was mainly due to the overweight in linkers and floaters that fared badly in comparison to the corresponding securities in the benchmark, and a short exposure to German Bund.

In terms of duration the Fund was actively managed according the Fund manager’s view of the markets but, overall, was neutral in comparison to the benchmark.

Fund | Share Class | Performance ANIMA Italian Bond | I | -4.11% | Silver | -5.12%

ANIMA Italian Equity

In 2018, the Fund (Class I) registered a negative net performance (-7.4%) outperforming the benchmark for more than 5%. At the end of March, the Fund changed the reference benchmark from Comit Perf (a broad Italian market index) to MSCI Italy Small Cap (an index focused on small/mid Italian listed stocks).

The year was characterized by a good first half followed by a negative period driven by multiples risk factors: arising commercial tensions between China and US, the end of QE in Europe, the normalization of interest rates in the US and poor quarter results, just to name few. During the year, the Italian small/mid cap index underperformed the main market of roughly 3.5 points (with the FTSEMidex ending the year at -19.5% and the FTSEMib at -16.1%). We believe the reason behind the underperformance of the Italian small/mid cap Index is a natural correction of stocks multiples after the run had in 2017 following the PIR legislation. During the year, the Fund was managed with a highly selective approach and a focus on valuations aimed at avoiding investments in stocks with a huge discrepancy between price appreciation and earnings growth.

ANIMA Funds Plc 43 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Italian Equity (continued)

In relative terms, stock picking positively contributed to the performance, especially in the financial sector. In particular, the Fund benefited the most from the conversion of Intesa shares from savings to ordinary and from the voluntary public tender offer for Vittoria Assicurazioni launched by its major shareholder. The real estate sector positively contributed as well, in particular from the Beni Stabili-Convivio merger. In the second half, a positive contribution to the performance of the Fund came also from the overall underweight of the Fund against the benchmark, justified, in our opinion, by the rising fears of an economic slowdown in Italy and the frictions between the Government and the EU on the future budget plan.

The Fund was mainly penalised by the underweight in the consumer sector (i.e Moncler, Amplifon, Yoox Net-A-Porter) and in the utilities sector (mainly A2A, Italgas and Hera).

After the market correction, the Fund reduced its underweight positions against the benchmark. We still confirm our prudent approach in stock picking, more “value” oriented, which we believe fits best with the current market volatility. We prefer names whose multiples didn’t realise a sensible appreciation yet: as a matter of fact, the portfolio is at discount according to different metrics (P/E, P/B ecc). For a sensible appreciation of the market in the long run a reduction of debt/GDP ratio will still be needed: we are convinced that public debt reduction is needed in order to guarantee debt sustainability at the end of QE. A lower debt/GDP ratio could also help Italian economy growth potential.

Fund | Share Class | Performance ANIMA Italian Equity | I | -7.44% | Silver | -8.62%

ANIMA High Yield Bond

From a top down perspective, the main macroeconomic events that continued to have an impact on the asset class and on risky assets in general, are the liquidity shrinkage driven by central banks tightening, the Trade War, Brexit approaching deadline and the Italian political situation. Regarding Central Banks policy, on the one hand, the ECB continued to grant relatively easy financial conditions. Despite this, ECB confirmed again its intention to end purchases in January but to continue to sustain the market with reinvestments at least until after the summer of 2019. Rates normalization is expected at that time. On the other hand the Fed showed a more dovish tone, having communicated to the market that we are close to the neutral rate as well as its intention to be more “patient” and data dependent in the future decision of monetary policy Regarding the Trade War and the geo-political tensions, the leaders of China and US agreed to begin a truce of 90 days in which intensify negotiations to find a solution. An eventually positive outcome would be capable to revive trades and the business cycle. That would represent a strong positive catalyst for growth and for the risky assets in which the portfolio invests.

Regarding the Brexit, talks intensified during the quarter since deadline gets closer. UK Prime Minister lost support in her own party, with some resignations that increased political uncertainty even more. A “withdrawal agreement” has been found and now need to be approved by the UK parliament; the probability of a positive outcome is actually quite low.

ANIMA Funds Plc 44 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA High Yield Bond (continued)

Italian political situation stabilized, with additional risk premium incorporated in the sovereign debt, but far less volatility compared with the 1st half of the year. The business environment has not been favorable for Italian companies that experienced also an increase in financing costs and a worsening in financial metrics.

In terms of companies' fundamentals, even though we are seeing a gradual increase in costs that leads margins lower, we continue to observe generally solid balance sheets with a still sustainable level of debt. Maturities distribution, for the issuers in which the fund invests, does not seem to create unsustainable refinancing risk.

The main problems that weighted on the fund's performance in the 4th quarter arose from market illiquidity and idiosyncratic events. Market illiquidity led to a close to absent primary market and to a price action that often did not reflect the fundamental numbers. Idiosyncratic problems, on the other hand, held up strongly compared to recent months, especially in the lowest rating sectors (single B and CCC). The US energy sector as well as some European cyclical names showed the worst performance during December. Furthermore, the lack of liquidity as well as the reduction in the expectations for rates increase, contributed negatively to the fund's performance.

At the end of the year, the result for the fund was a gross absolute performance of -8.81%, compared with -3.13% for the benchmark. The net relative performance achieved by the fund at the end of the year was -5.68%.

Euro-zone is to remain our focus, indeed we think that the US market is too tight and offers less value at this stage if compared to Europe.

We maintain a short duration in view of an increase in returns, although we believe that this process has reduced in intensity due to the uncertainty situations described.

We continue to hold a sufficient liquidity buffer to face periods of market volatility, seizing any opportunities that may arise during the correction phases.

Fund | Share Class | Performance ANIMA High Yield Bond | I | -8.81%*

*Performance from start date.

ANIMA Bond 2022 Opportunities

ANIMA Funds Plc 45 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Bond 2022 Opportunities (continued)

The main problems that weighted on the Fund’s performance in the fourth quarter arose from market illiquidity and idiosyncratic events. Market illiquidity led to a close to absent primary market and to a price action that often did not reflect the fundamental numbers. Idiosyncratic problems, on the other hand, held up strongly compared to recent months, especially in the lowest rating sectors (single B and CCC). The US energy sector as well as some European cyclical names showed the worst performance during December.

At the end of the year, the result for the Fund was a net negative performance of -2.86%.

Expectations for the first part of the next year remain moderately positive on financial bonds. We are now looking for some opportunities in the Auto and Chemical sectors that repriced substantially in the last market sell-off mainly due to trade war related concerns. We think that a potential positive outcome from the discussion between the Presidents of the US and China can be strongly positive for cyclical assets, but we also think that an eventual pro-cyclical trend could be short-lived and should be seen as a good opportunity to reduce risks.

The medium rating has been BB in order to have a prudent approach with the asset class in a relatively tight environment and we expect to keep it stable going forward.

We limited a lot the duration risk choosing short duration bonds rather than hedging it with derivatives since credit curve was very flat and the term premium was very poor.

We continue to hold a sufficient liquidity buffer to face periods of market volatility, seizing any opportunities that may arise during the correction phases.

Fund | Share Class | Performance ANIMA Bond 2022 Opportunities | I | -2.86%

ANIMA Global Macro

The Fund delivered gross negative performances of -7.38% in 2018.

The first months of the year were a continuation of 2017, with rising growth and inflation expectations. As February started, however, a deep plunge of the major equity markets triggered a serious repricing of global risk premia. The tentative for a recovery was then stopped by the breakthrough of the “trade war”, as the US increased tariffs on imports and China and the EU subsequently retaliated. These events had influences also on inflation pressure, as some commodities (especially oil prices) rallied to new tops for this year. In the FX space, the US dollar rallied, both against emerging market currencies and the “majors”. In European markets, there were some turbulences too, due to the Italian elections and the buildup of the government: the increasing spread between Bunds and BPTs together with the intensifying political divergences amongst the various European governments, in fact, are a serious threat for growth in Europe.

During the summer, global equity indices entered a period of severe correction, while major economies’ government bonds rallied, as market started pricing a lower than expected growth both in the developed and in the emerging world. China, in fact, is increasingly showing signs of a growth slowdown, but also in the G7 economies leading indicators started to fall. Commodity prices dropped as well, with Oil prices slipping almost 50% following the increase in production by Saudi Arabia and the inability to get an agreement on production between OPEC countries.

From a monetary policy point, the most important central banks kept on going with their “normalization” path, although they all repeated that this process will be extremely slow as they want to avoid major turbulences in global markets. FED, in particular, continued raising rates, while ECB confirmed the end of its QE for December and explored the possibility of a rate hike after the summer of 2019.

ANIMA Funds Plc 46 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Global Macro (continued)

In this context, the portfolio was managed dynamically, maintaining a medium level of risk and a preference for the non- directional component, especially in the first part of the year. The risk was lowered during the latest months, as global economy started slowing and financial markets crashed.

Fund | Share Class | Performance ANIMA Global Macro | I | -8.11% | Classic A | -9.19%*

*Performance from start date.

Portfolio duration has been dynamically managed, moving from low levels at the beginning at the year to almost 8 year by December. The composition of the duration exposure has changed as well: in the first months, the main weight was on inflation linked bond as inflation pressures and pushed rates up, whilst by year’s end it shifted on nominal bonds. Exposure on Italian government bond has always been low, and didn’t impact portfolio performance.

Equity and commodity exposure has been actively managed: their weight was higher in the central part of the year, while in the latest months it has been reduced to 15% for equities and 7% for commodities. A small part of the portfolio is invested on emerging market bonds in local currency and on US and European High Yield ETFs.

Currency exposure has been dynamically managed, with a net exposure ranging between 5 and 10%. In particular, the US dollar has reached a 25% weight, mainly to hedge portfolio risks.

For the coming year, we don’t plan to dramatically change the portfolio structure. However, we will consider a scaling back of the risk budget should the global macroeconomic situation deteriorate further. Moreover, a closer look will be put upon the monetary policy stance from the major central banks and their “normalization path” and to the evolution of the “trade war”, as it could dramatically impact global trade.

ANIMA Brightview 2023-I

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Euro Equity Instruments, (ii) entering in a Total Return Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of (net of dividend) -2.05%.

The Fund paid a dividend of EUR 0.10 per share on 18 January 2018.

Fund | Share Class | Performance ANIMA Brightview 2023-I | I | -2.05%

ANIMA Brightview 2023-II

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of (net of dividend) -5.48%.

The Fund paid a dividend of EUR 0.104 per share on 3 May 2018.

Fund | Share Class | Performance ANIMA Brightview 2023-II | I | -5.48%

ANIMA Funds Plc 47 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Brightview 2023-III

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of (net of dividend) -4.87%.

The Fund paid a dividend of EUR 0.104 per share on 16 August 2018.

Fund | Share Class | Performance ANIMA Brightview 2023-III | I | -4.87%

ANIMA Brightview 2023-IV

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of (net of dividend) -7.92%.

The Fund paid a dividend of EUR 0.104 per share on 18 October 2018.

Fund | Share Class | Performance ANIMA Brightview 2023-IV | I | -7.92%

ANIMA Brightview 2024-I

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 85% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of -7.93%.

Fund | Share Class | Performance ANIMA Brightview 2024-I | I | -7.93%*

*Performance from start date.

ANIMA Brightview 2024-II

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of -7.15%.

Fund | Share Class | Performance ANIMA Brightview 2024-II | I | -7.15%*

*Performance from start date.

ANIMA Funds Plc 48 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Brightview 2024-III

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of -5.62%.

Fund | Share Class | Performance ANIMA Brightview 2024-III | I | -5.62%*

*Performance from start date.

ANIMA Brightview 2024-IV

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a negative performance of -1.06%.

Fund | Share Class | Performance ANIMA Brightview 2024-IV | I | -1.06%*

*Performance from start date.

ANIMA Brightview 2024-V

The objective of the Fund is to seek to provide a positive investment return linked to an exposure to a dynamically managed basket of equity and fixed income indices, while aiming to protect the Fund’s NAV per Share at 90% of the initial offer price at the Maturity Date. The Fund aims to achieve its investment objectives by (i) direct investment in Debt Instruments, (ii) entering in an Interest Rate Swap, (iii) exposure to the Actively Managed Portfolio and achieving the protection element.

Year to date the Fund accounted a positive performance of 4.27%.

Fund | Share Class | Performance ANIMA Brightview 2024-V | I | 4.27%*

*Performance from start date.

ANIMA Orizzonte Europa 2022

The Fund is being primarily structured as a fund seeking to provide a positive return to investors at the Maturity Date. The objective of the Fund is (i) to seek to provide Shareholders with two Dividends on the Dividend Payment Dates; (ii) to seek to provide Shareholders with capital appreciation at the Maturity Date, while trying to limit downside in adverse market conditions. After the Maturity Date, the objective of the Fund will be to provide liquidity and current income, to the extent of preservation of capital. The Fund will seek to achieve its investment objectives by investing in different components: (i) Debt Instruments; (ii) Interest Rate Swap; (iii) Equity Swap.

Year to date the Fund accounted a negative performance of (net of dividend) -8.17%.

The Fund paid a dividend of EUR 0.075 per share on 15 May 2018.

Fund | Share Class | Performance ANIMA Orizzonte Europa 2022 | Silver | -8.17%

ANIMA Funds Plc 49 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato

The Fund is being primarily structured as a fund seeking to provide a positive return to investors at the Maturity Date. The objective of the Fund is (i) to seek to provide Shareholders with two Dividends on the Dividend Payment Dates; (ii) to seek to provide Shareholders with capital appreciation at the Maturity Date, while trying to limit downside in adverse market conditions. After the Maturity Date, the objective of the Fund will be to provide liquidity and current income, to the extent of preservation of capital. The Funds will seek to achieve its investment objectives by investing in different components: (i) Debt Instruments; (ii) Interest Rate Swap; (iii) Equity Swap.

Year to date the Fund accounted a negative performance of (net of dividend) -7.30%.

The Fund paid a dividend of EUR 0.05 per share on 30 October 2018.

Fund | Share Class | Performance ANIMA Orizzonte Europa 2023 || - Rendimento Bilanciato | Silver | -7.30%

ANIMA Orizzonte Sostenibile 2023

The Fund is being primarily structured as a fund seeking to provide a positive return to investors at the Maturity Date. The objective of the Fund is (i) to seek to provide Shareholders with two Dividends on the Dividend Payment Dates; (ii) to seek to provide Shareholders with capital appreciation at the Maturity Date. After the Maturity Date, the objective of the Fund will be to provide liquidity and current income. The Funds will seek to achieve its investment objectives by investing in different components being (i) Debt Instruments and (ii) enter into an Interest Rate Swap and (iii) Second Swap (exposure to the Active Managed Portfolio).

Year to date the Fund accounted a negative performance of -13.70%.

Fund | Share Class | Performance ANIMA Orizzonte Sostenibile 2023 | Silver | -13.70%*

*Performance from start date.

ANIMA Orizzonte Benessere 2023

The Fund is being primarily structured as a fund seeking to provide a positive return to investors at the Maturity Date. The objective of the Fund is (i) to seek to provide Shareholders with two Dividends on the Dividend Payment Dates; (ii) to seek to provide Shareholders with capital appreciation at the Maturity Date. After the Maturity Date, the objective of the Fund will be to provide liquidity and current income. The Funds will seek to achieve its investment objectives by investing in different components being (i) Debt Instruments and (ii) enter into an Interest Rate Swap and (iii) Second Swap (exposure to the Active Managed Portfolio).

ANIMA Orizzonte Benessere 2023 (continued)

Year to date the Fund accounted a negative performance of -5.61%.

Fund | Share Class | Performance ANIMA Orizzonte Benessere 2023 | Silver | -5.61%*

*Performance from start date.

ANIMA Funds Plc 50 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Orizzonte Consumi 2023

The Fund is being primarily structured as a fund seeking to provide a positive return to investors at the Maturity Date. The objective of the Fund is (i) to seek to provide Shareholders with two Dividends on the Dividend Payment Dates; (ii) to seek to provide Shareholders with capital appreciation at the Maturity Date. After the Maturity Date, the objective of the Fund will be to provide liquidity and current income. The Funds will seek to achieve its investment objectives by investing in different components being (i) Debt Instruments and (ii) enter into an Interest Rate Swap and (iii) Second Swap (exposure to the Active Managed Portfolio).

Year to date the Fund accounted a negative performance of -0.60%.

Fund | Share Class | Performance ANIMA Orizzonte Consumi 2023 | Silver | -0.60%

*Performance from start date.

ANIMA Orizzonte Energia 2023

The Fund is being primarily structured as a fund seeking to provide a positive return to investors at the Maturity Date. The objective of the Fund is (i) to seek to provide Shareholders with two Dividends on the Dividend Payment Dates; (ii) to seek to provide Shareholders with capital appreciation at the Maturity Date. After the Maturity Date, the objective of the Fund will be to provide liquidity and current income. The Funds will seek to achieve its investment objectives by investing in different components being (i) Debt Instruments and (ii) enter into an Interest Rate Swap and (iii) Second Swap (exposure to the Active Managed Portfolio).

Year to date the Fund accounted a negative performance of -0.06%.

Fund | Share Class | Performance ANIMA Orizzonte Energia 2023 | Silver | -0.06%*

*Performance from start date.

ANIMA Defensive

The Fund started on 24 May 2018 but it has seen an increase in its assets under management above all at the end of the year. During the year, the Fund has been invested especially in a blend of Italian government bonds and money market instruments, however in December, at the same time as the increase of the NAV, the Fund invested over half of its assets in an initial portfolio of collective investment schemes (underlying funds) between Premium Assets, which is a portfolio of funds both Equity and Fixed Income, and Less Risky Asset, meaning a portfolio of Money Market funds.

Fund | Share Class | Performance ANIMA Defensive | Silver | -0.36%*

*Performance from start date.

ANIMA Zephyr Global

The multiasset part of the portfolio has been managed dynamically, with an equity weight that was on average 60%, especially on US and Europe. It was then lowered by year end to a 20% ca., as a consequence of persistent uncertainty in global growth in the medium term. The Fixed Income part of the portfolio has been allocated mainly in Italian Government Bonds (around 65% on average), focusing on Money Market and Short End, up to 5 years maturities. The rest of the portfolio has been invested in other Euro Government Bond 3 to 5 years issues, mainly German and Spanish, and some small Investment Grade Corporate Bonds. The Duration of the Fixed Income Component has been on average around 1.70 years.

Fund | Share Class | Performance ANIMA Zephyr Global | Silver | -7.55%*

*Performance from start date.

ANIMA Funds Plc 51 ANIMA Funds Plc Manager’s Report for the financial year ended 31 December 2018 (continued)

ANIMA Zephyr Real Assets

The multiasset part of the portfolio has not been invested during this year, as market conditions were very poor, especially by year’s end. The Fixed Income part of the portfolio has been allocated mainly in Italian Government Bonds (around 60% on average), focusing on Money Market and Short End, up to 5 years maturities. The rest of the portfolio has been invested in other Euro Government Bond 3 to 5 years issues, mainly German and Spanish, and some small Investment Grade Corporate Bonds. The Duration of the Fixed Income Component has been on average around 1.60 years.

Fund | Share Class | Performance ANIMA Zephyr Real Assets | I | 0.55%*

*Performance from start date.

ANIMA International Bond

Since inception (August 13, 2018) the Fund achieved a positive absolute gross performance of 0.84%, compared with benchmark performance of 1.27% (relative negative performance -0.43%). Positive absolute gross performance is due to the rally of Government bond during November and December.

During the month of September, the usual appointments with the American and European central banks have been perceived by market participants as restrictive: for this reason interest rates start to go up again (they peaked in the United States between October and November); both institutions reiterate the rate hike plans (in US) and the conclusion of the APP – Assets Purchase Program (in Europe) despite the geopolitical tensions continue to be the main worry on investors’ minds (trade relations between China and the United States over all) , and growth figures, particularly in the Eurozone, do not appear to be in line with the ECB's expectations. The Fund at this stage benefits from the short duration position, but has been penalised by the short position of USD compared to EUR: the US currency continues to capitalise on the strong difference between the economic cycle of its economy and that of the rest of the world, much weaker.

The Fund faces the month of December with short duration position relative to benchmark, given the expectations of a possible (at least temporary) resolution to tensions between China and the United States (the opportunity was offered by G20 meeting in Buenos Aires). However, despite expectations have proven correct (the introduction of duties on products imported from China into the United States has been postponed), rates fall precipitously on the back of strong tensions on the equity markets, which generate a sustained demand for risk-free assets.

The Fund start 2019 with a duration position lower than the benchmark and an underweight of USD compared to EUR and AUD. Positions against the benchmark were implemented through the use of derivatives (US Treasury futures and the German duration Bund and forward contracts for the forward purchase / sale of currency positions).

Fund | Share Class | Performance ANIMA International Bond | I | 0.46%*

*Performance from start date.

The Manager ANIMA SGR S.p.A. Milan, April 2019

ANIMA Funds Plc 52

- - EUR (179,874) (1,206,704) (2,731,808) (3,938,512) (4,118,386) (4,118,386) 10,647,999 (11,854,703) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to Corporate Bond 31 December 2018 ANIMA Short Term ANIMA - - EUR (24,117) 4,029,660 (6,030,144) (2,000,484) (2,921,837) (4,922,321) (4,946,438) (4,946,438) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2018 Statement of Comprehensive Income - EUR (6,904) (1,130) (537,969) 1,265,263 1,917,559 3,182,822 2,644,853 2,637,949 2,636,819 Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Global Bond ANIMA - - EUR (12,014) (564,114) 7,638,207 7,626,193 7,626,193 2,481,133 5,721,188 8,202,321 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Bond Dollar ANIMA - - EUR ANIMA (60,337) 9,869,665 4,508,952 1,400,451 1,340,114 1,340,114 (5,360,713) (3,108,501) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Medium Term Bond Medium Term - - EUR ANIMA (20,046) (284,461) (897,554) 3,916,139 (4,200,600) (1,182,015) (1,202,061) (1,202,061) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount Short Term Bond Short Term 31 December 2018 - - EUR 3,083 (96,160) (3,606,339) (3,606,339) (1,663,798) (1,660,715) (1,849,464) (3,510,179) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2018 EUR (7,261,396) (2,909,294) (3,625,252) (63,392,103) Year ended Year 115,712,578 (366,961,694) (251,249,116) (314,641,219) (324,811,909) (328,437,161) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company* Total 31 December 2018 Notes ANIMA Funds Plc Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet (loss)/income Operating expensesOperating (loss)/income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss)/profit for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease)/increase in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements. * Excluded from this total are cross holdings, please see note 22.

ANIMA Funds Plc 57 - - EUR (5,993) ANIMA 409,043 (285,631) (3,252,935) (2,843,892) (3,129,523) (3,135,516) (3,135,516) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2018 Variable Rate Bond Variable - - EUR 7,386 7,386 (3,901) 11,287 ANIMA (62,222) (97,340) 170,849 108,627 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2018 Statement of Comprehensive Income - EUR (43,666) (253,444) 3,412,231 (1,925,386) (18,126,066) (18,379,510) (19,569,245) (16,157,014) (18,082,400) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Euro Equity ANIMA - EUR (65,115) (820,919) (141,811) 1,226,479 (6,010,724) (6,831,643) (6,896,758) (7,038,569) (7,237,203) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2018 - EUR (7,156) ANIMA (902,182) (261,907) 1,612,583 (4,356,768) (4,625,831) (5,067,169) (3,454,586) (4,363,924) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - EUR ANIMA (24,600) (127,580) (575,995) 1,370,475 (6,038,879) (6,063,479) (6,191,059) (6,833,359) (5,462,884) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2018 Asia/Pacific Equity - EUR (89,588) (924,628) 3,235,100 2,629,584 5,864,684 3,778,697 3,689,109 2,764,481 (2,085,987) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA U.S. Equity ANIMA - EUR ANIMA (822,768) (382,617) (7,009,459) 13,521,978 (61,825,993) (62,648,761) (67,955,895) (54,433,917) (61,443,376) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2018 Notes ANIMA Funds Plc Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet (loss)/income Operating expensesOperating (loss)/income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss)/profit for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease)/increase in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 58 - - (968) EUR (14,836) (719,776) (1,255,922) (1,256,890) (1,976,666) (1,991,502) (1,991,502) Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2018 - - 530 EUR (18,879) (3,849,820) (3,849,290) (1,670,542) (5,519,832) (5,538,711) (5,538,711) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2018 Statement of Comprehensive Income - - EUR (2,017) (14,067) (382,376) (4,096,185) (4,098,202) (4,480,578) (4,494,645) (4,494,645) Year ended Year for the financial year ended 31 December 2018 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2018 - - EUR (196,457) 8,808,202 (2,865,877) (23,331,941) (23,331,941) (29,077,809) (20,269,607) (23,135,484) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2018 - EUR (652,790) (785,505) 11,760,074 (32,581,616) (33,234,406) (29,591,394) (17,831,320) (13,964,791) (31,796,111) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2018 - 1 EUR 41,324 (20,125) (333,859) (2,841,940) (2,560,000) (2,549,405) (2,508,081) (5,422,065) (5,422,065) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2018 - - EUR (60,718) (943,095) 2,464,811 (3,936,163) (3,936,163) (3,875,445) (5,397,161) (2,932,350) Year ended Year ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2018 - - EUR (5,164) ANIMA (445,048) 1,431,634 (1,679,136) (1,673,972) (1,679,136) (2,660,558) (1,228,924) Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Notes ANIMA Funds Plc Please refer to note 24 the financial statements for details of Fund terminations during the financial year. 1 Income Operating incomeNet (losses) on financial assets and liabilities at fair value through profit or lossNet (loss) Operating expensesOperating (loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of Redeemable 6 Assets (Decrease) in Net Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations with the exception of ANIMA Flex 50 which was prepared on a discontinued basis. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 59 - - - 1 EUR 9,043 4,242 (3,397) (3,397) (4,801) (7,639) (3,397) ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond s above relate to (continued) 31 December 2018 - EUR (3,161) (22,708) 388,324 (977,151) (126,518) (1,365,475) (1,103,669) (1,106,830) (1,129,538) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2018 Statement of Comprehensive Income - - EUR (2,668) 14,965 ANIMA (147,614) (1,661,075) (1,646,110) (1,793,724) (1,796,392) (1,796,392) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2018 - EUR (84,774) (74,846) 1,333,127 (7,174,780) (6,907,677) (5,574,550) (1,440,610) (7,015,160) (7,090,006) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2018 - EUR (60,907) (302,939) (131,476) 1,641,528 (1,944,467) (1,507,494) (1,012,172) (1,315,111) (1,376,018) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2018 - - EUR (6,555) ANIMA 318,970 (195,002) (2,093,308) (1,774,338) (1,969,340) (1,975,895) (1,975,895) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount Tesoreria Imprese Tesoreria 31 December 2018 - EUR (1,322) (622,659) (149,304) 3,675,572 (9,695,903) (6,020,331) (6,642,990) (6,792,294) (6,793,616) Year ended Year ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2018 - - 28 EUR (4,101) (745,112) (745,084) (169,478) (914,562) (918,663) (918,663) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Income Operating incomeNet (losses) on financial assets and liabilities at fair value through profit or lossNet (loss)/income Operating expensesOperating (loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of Redeemable 6 Assets (Decrease) in Net Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 60 - - 2 (452) EUR 2,200 (4,949) (3,896) (1,696) (2,801) (4,497) (4,949) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2018 - - 1 EUR (4,198) 34,653 ANIMA (62,467) (3,474,520) (3,439,867) (3,502,334) (3,506,532) (3,506,532) Solution EM Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Statement of Comprehensive Income - - EUR (5,147) ANIMA 148,782 (103,906) (3,961,841) (3,813,059) (3,916,965) (3,922,112) (3,922,112) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2018 - - EUR (3,871) ANIMA 420,688 (103,592) (1,468,856) (1,048,168) (1,151,760) (1,155,631) (1,155,631) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2018 - - EUR (7,698) 71,164 ANIMA (800,913) (729,749) (191,570) (921,319) (929,017) (929,017) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2018 - - EUR ANIMA (10,336) 721,664 (165,524) (3,727,913) (3,006,249) (3,171,773) (3,182,109) (3,182,109) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2018 - 1 EUR ANIMA (44,455) (42,855) 272,580 (916,121) (302,684) (1,218,805) (1,263,260) (1,306,115) (1,188,701) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - - EUR ANIMA (32,714) (352,097) 1,030,208 (3,732,894) (2,702,686) (3,054,783) (3,087,497) (3,087,497) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. 1 2 Income Operating incomeNet (losses) on financial assets and liabilities at fair value through profit or lossNet (loss) Operating expensesOperating (loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than (decrease)/increase Net Assets Attribut continuing operations with the exception of PRIMA Bond 2017 Crescita Imprese which was prepared on a discontinued basis. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 61 - EUR ANIMA (20,877) (102,989) 1,129,421 (9,004,137) (1,064,586) (10,192,589) (10,171,712) (10,133,558) (10,068,723) Year ended Year Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2018 - - EUR (18,347) (181,519) 1,823,078 (2,974,539) (1,151,461) (1,332,980) (1,351,327) (1,351,327) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2018 Statement of Comprehensive Income - - 1 EUR (8,446) ANIMA (69,886) 266,959 (930,395) (1,197,354) (1,000,281) (1,008,727) (1,008,727) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 - EUR (8,528) ANIMA (84,129) 558,027 (281,495) (1,903,095) (1,345,068) (1,626,563) (1,635,091) (1,719,220) Year ended Year Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - - EUR (3,923) ANIMA (727,350) 1,159,554 (2,676,908) (3,109,112) (1,949,558) (2,680,831) (2,680,831) Year ended Year Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - 2 EUR 3,182 RIC 2018 which were prepared on a discontinued basis. (1,541) 29,632 32,814 20,688 (12,126) (244,442) (244,442) (263,589) BRIC 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2018 - - 3 EUR 72,651 (35,794) (35,794) 181,748 432,810 (109,097) (108,445) (251,062) ANIMA Attiva ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2018 - - 2 EUR 5,844 (9,708) (3,864) (1,050) (19,023) (22,887) (23,937) (23,937) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2018 2017 Global Bonds Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Please refer to note 24 the financial statements for details of Fund terminations during year. Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet (loss)/income Operating expensesOperating (loss)/income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than (decrease)/increase Net Assets Attribut 1 2 3 continuing operations with the exception of ANIMA Traguardo 2017 Global Bonds, Attiva Cedola Plus 2018 and B The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 62 - - - 1 (570) EUR ANIMA (46,444) 3,068,403 3,068,403 3,115,417 3,115,417 3,068,973 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2018 Brightview 2024-IV - - 1 EUR ANIMA (17,927) 737,246 (123,318) (3,748,530) (3,011,284) (3,134,602) (3,152,529) (3,152,529) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III Statement of Comprehensive Income - - 1 EUR (1,022) ANIMA (174,195) 1,220,515 (8,036,055) (6,815,540) (6,989,735) (6,990,757) (6,990,757) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II - - EUR (1,074) ANIMA (181,705) 1,168,977 (6,739,977) (5,571,000) (5,752,705) (5,753,779) (5,753,779) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2018 - EUR (5,505) ANIMA (191,201) (677,415) 1,404,396 (5,664,439) (5,664,439) (6,194,714) (4,790,318) (4,981,519) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-IV - EUR (1,192) ANIMA (609,159) (170,381) 1,326,143 (3,145,578) (3,145,578) (2,535,227) (3,690,989) (2,364,846) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2018 Brightview 2023-III - EUR (1,943) ANIMA (492,982) 2,867,601 (8,383,070) (1,786,651) (7,890,088) (10,171,664) (10,171,664) (10,757,689) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II 31 December 2018 (732) EUR ANIMA (51,053) 680,380 569,374 218,530 167,477 886,886 (111,006) (350,112) (206,506) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet income/(loss) Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 63 - - 1 EUR (2,646) 47,159 58,075 (86,927) (39,768) (10,916) (42,414) (42,414) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) ANIMA Defensive ANIMA 31 December 2018 - - 1 EUR (23,949) (24,763) 709,607 685,658 (804,491) (118,833) (143,596) (143,596) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 Statement of Comprehensive Income - - 1 (978) EUR 11,263 (28,521) (182,005) (170,742) (199,263) (200,241) (200,241) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR (6,995) 3,051,741 (1,980,777) (17,666,623) (18,730,592) (15,678,851) (17,659,628) (17,666,623) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR (6,927) 3,377,497 (2,383,589) (36,313,608) (32,936,111) (35,319,700) (35,326,627) (35,326,627) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 - (566) EUR 538,569 (647,320) (417,092) Bilanciato (2,826,868) (2,288,299) (2,935,619) (3,353,277) (3,353,277) Year ended Year Europa 2023 - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount ANIMA Orizzonte ANIMA 31 December 2018 - (792) EUR 827,843 (597,378) (675,510) (3,163,106) (3,761,276) (3,761,276) (3,315,439) (2,487,596) Year ended Year Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 - - - - 1 (72) EUR 10,732 10,732 10,660 10,660 10,660 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income/(loss) Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 64 s above relate to (continued) Statement of Comprehensive Income for the financial year ended 31 December 2018 - - 1 EUR (6,697) 93,631 93,631 20,227 ANIMA (78,165) 178,493 100,328 158,266 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2018 International Bond - - 1 EUR (6,460) 20,673 (21,904) 162,134 168,594 162,134 169,825 190,498 Real Assets Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 - - 1 EUR ANIMA (20,984) (82,670) 183,189 (3,551,588) (3,551,588) (3,530,604) (3,631,123) (3,447,934) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet (loss)/income Operating expensesOperating (loss)/income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss)/profit for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease)/increase in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 65 - - EUR (87,519) 5,475,865 2,263,207 2,175,688 2,175,688 (6,263,239) (3,212,658) 11,739,104 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to Corporate Bond 31 December 2017 ANIMA Short Term ANIMA - EUR (18,746) (921,485) 3,958,450 2,057,991 (1,900,459) (2,979,476) (1,000,000) (1,940,231) (1,940,231) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2017 Statement of Comprehensive Income - EUR (6,342) (1,771) (657,811) 1,389,872 (7,107,222) (5,717,350) (6,375,161) (6,381,503) (6,383,274) Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Global Bond ANIMA - - EUR (6,804) 942,285 (272,307) (4,818,255) (4,825,059) (4,825,059) (5,488,233) (4,545,948) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Bond Dollar ANIMA - - EUR ANIMA (50,098) 492,898 (9,961,614) (3,496,981) (3,004,083) (3,054,181) (3,054,181) 10,454,512 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Medium Term Bond Medium Term - - EUR ANIMA (18,802) (597,005) 3,748,647 (4,345,652) (1,040,262) (1,637,267) (1,656,069) (1,656,069) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount Short Term Bond Short Term 31 December 2017 - - EUR (70,880) (135,133) (1,250,597) (1,385,730) (2,169,540) (3,555,270) (3,626,150) (3,626,150) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2017 EUR (9,334,480) (2,103,320) (4,853,737) (63,262,361) Year ended Year 121,597,433 121,567,425 243,164,858 179,902,497 168,464,697 163,610,960 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total 31 December 2017 Notes ANIMA Funds Plc Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income/loss Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 66 - (83) EUR (2,888) ANIMA 588,962 257,837 846,799 498,800 495,912 495,829 (347,999) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2017 Variable Rate Bond Variable - - EUR (7,398) ANIMA 205,328 (975,137) (769,809) (123,503) (893,312) (900,710) (900,710) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2017 Statement of Comprehensive Income - EUR (8,332) (256,596) 3,414,680 9,916,057 (1,796,313) 13,330,737 11,534,424 11,526,092 11,269,496 Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Euro Equity ANIMA - EUR (19,675) (134,026) (926,853) 8,185,355 8,165,680 8,031,654 1,104,426 8,007,782 9,112,208 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2017 - EUR (6,506) ANIMA (261,414) 1,598,849 2,649,526 4,248,375 3,183,158 3,176,652 2,915,238 (1,065,217) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - EUR ANIMA (68,448) (810,598) (148,459) 1,772,202 4,785,454 6,557,656 5,747,058 5,678,610 5,530,151 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2017 Asia/Pacific Equity - EUR (16,239) 3,847,540 (2,159,114) (1,079,962) 11,595,701 15,443,241 13,284,127 13,267,888 12,187,926 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA U.S. Equity ANIMA - EUR ANIMA (231,243) (1,196,324) (7,849,737) 56,180,760 54,984,436 18,323,896 45,937,844 64,261,740 56,412,003 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2017 Notes ANIMA Funds Plc Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income/(loss) Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 67 - - (186) EUR (33,499) 7,406,095 7,405,909 6,338,333 6,304,834 6,304,834 (1,067,576) Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2017 - - EUR 1,392 (41,502) (3,834,402) 19,441,862 19,443,254 15,608,852 15,567,350 15,567,350 Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2017 Statement of Comprehensive Income - - EUR (1,437) (28,141) 6,881,498 6,880,061 5,799,563 5,771,422 5,771,422 (1,080,498) Year ended Year for the financial year ended 31 December 2017 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2017 EUR 19,565 349,540 (364,397) (381,533) (396,390) (376,825) 7,600,222 4,168,679 (3,431,543) (3,819,139) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2017 - EUR (617,923) (1,287,091) 21,260,543 26,895,956 48,156,499 34,745,394 34,127,471 32,840,380 (13,411,105) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2017 - - EUR (17,180) (719,780) 2,911,652 2,911,652 2,191,872 (4,100,000) (1,925,308) (1,925,308) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2017 - - EUR (30,380) 513,483 (631,624) 2,072,808 2,586,291 1,954,667 1,924,287 1,924,287 Year ended Year ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2017 - 68 EUR (7,239) ANIMA (430,149) 1,573,008 2,034,326 3,607,334 3,177,185 3,169,946 3,170,014 Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Notes ANIMA Funds Plc Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income Operating expensesOperating income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 68 - - EUR ANIMA (19,405) 890,483 645,893 273,257 253,852 253,852 (244,590) (372,636) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ate to continuing (continued) Flexible Income 31 December 2017 - EUR (1,213) (27,759) 425,316 529,387 954,703 706,298 705,085 677,326 (248,405) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2017 Statement of Comprehensive Income - - EUR (1,951) 14,451 ANIMA 788,008 802,459 674,307 672,356 672,356 (128,152) Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2017 - EUR (54,722) (139,943) 2,180,794 5,787,668 7,968,462 6,738,865 6,684,143 6,544,200 (1,229,597) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2017 - EUR (33,034) (232,948) 2,875,451 2,056,407 4,931,858 3,428,702 3,395,668 3,162,720 (1,503,156) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2017 - - EUR (3,411) ANIMA (20,078) 477,668 457,590 295,017 291,606 291,606 (162,573) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ders of Redeemable Participating Shares the Company. In arriving at results financial year, all amounts above rel Tesoreria Imprese Tesoreria 31 December 2017 - EUR (15,477) 196,523 196,523 (177,663) (383,817) 2,540,267 2,362,604 1,978,787 (1,766,787) Year ended Year ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2017 - - - - 1 EUR (51,321) 192,785 192,785 141,464 141,464 141,464 Period ended ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility 31 December 2017 Notes ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. 1 Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income Operating expensesOperating income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase Net Assets Attributable to Hol operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 69 - 804 EUR (1,242) 90,982 (90,178) (71,499) (70,695) (129,865) (201,802) (201,802) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2017 - - 3 EUR 4,511 1,067 (3,444) (1,066) (22,964) (21,897) (22,963) (22,963) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate PRIMA Bond 2016 PRIMA 31 December 2017 Statement of Comprehensive Income - - 2 EUR (3,353) 19,415 ANIMA (20,792) (290,470) (271,055) (291,847) (295,200) (295,200) for the financial year ended 31 December 2017 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2017 - EUR (1,663) (1,924) ANIMA 336,078 (110,954) 1,147,680 1,483,758 1,372,804 1,371,141 1,369,217 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2017 - - EUR (7,771) ANIMA (363,663) 1,740,682 7,888,121 9,628,803 9,265,140 9,257,369 9,257,369 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2017 - - EUR (5,653) ANIMA icorporate, which were prepared on a discontinued basis. (261,942) 1,511,650 5,262,710 6,774,360 6,506,765 6,512,418 6,506,765 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––-– Solution 2022-I able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2017 - - 1 123 EUR 1,739 (1,616) (5,192) (5,069) (4,176) (9,245) (9,245) ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo - - - 1 263 EUR 1,352 (1,089) (1,089) (5,017) (4,754) (4,754) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA Notes ANIMA Funds Plc This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. This Fund launched during the financial year ended 31 December 2017. This fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet (loss)/income Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss)/profit for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease)/increase in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than (decrease)/increase Net Assets Attribut 1 2 3 continuing operations with the exception of PRIMA Protetto 100 Cedola BRIC/2, ANIMA Traguardo III 2016 and Bond Mult The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 70 - - EUR (2,962) ANIMA 376,840 (628,563) (631,525) (631,525) 1,800,645 (1,423,805) (1,005,403) Year ended Year Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) 31 December 2017 - EUR 57,246 57,246 (93,891) (20,367) 214,678 121,928 336,606 171,504 (165,102) BRIC 2018 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA 31 December 2017 Statement of Comprehensive Income - - EUR (1,710) 699,656 324,207 178,552 176,842 176,842 (375,449) (145,655) Year ended Year for the financial year ended 31 December 2017 ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2017 - 1 EUR 70,385 82,714 76,863 (10,511) (76,236) 153,099 (220,159) (153,807) (153,807) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 - 1 EUR (4,685) 70,105 (91,406) 194,320 264,425 173,019 (381,587) (213,253) (213,253) Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 - - 1 EUR (2,890) 85,047 23,148 (10,078) (12,968) (12,968) 108,195 and Cedola Italia 2017 which were prepared on a discontinued basis. (111,085) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– America Latina able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount Cedola Plus 2017 31 December 2017 - EUR (1,886) 22,738 260,615 (237,877) (128,209) (105,471) (339,326) (446,683) (446,683) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2017 2017 Global Bonds - - 1 EUR 2,777 (7,678) (4,903) 43,513 46,290 PRIMA (53,968) (12,581) (12,581) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 Notes ANIMA Funds Plc This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. 1 Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income Operating expensesOperating (loss)/income Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 (Loss)/profit for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets (Decrease)/increase in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than (decrease)/increase Net Assets Attribut continuing operations with the exception of PRIMA Crescita Europa, America Latina Cedola Plus 2017, Cedola Paesi Scandinavi 2017 The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 71 - - - - 1 EUR (4,903) (4,903) (1,534) (1,534) (3,369) (4,903) ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– s above relate to (continued) Brightview 2024-I 31 December 2017 - - 1 (69) EUR 39,048 ANIMA (28,494) 823,124 862,172 833,678 833,609 833,609 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-IV Statement of Comprehensive Income - - 1 (178) EUR 11,329 11,507 11,329 73,996 ANIMA (62,489) 368,469 (294,473) for the financial year ended 31 December 2017 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-III - - - 1 EUR ANIMA 674,684 (278,033) 1,707,794 2,382,478 2,104,445 2,104,445 2,104,445 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-II - 1 EUR (2,462) ANIMA (33,153) (102,461) 1,092,984 (2,456,168) (1,363,184) (1,465,645) (1,468,107) (1,501,260) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2017 - EUR ANIMA (82,598) (10,227) 259,857 177,259 167,032 2,481,753 1,455,877 (1,025,876) (1,196,020) Year ended Year Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount 31 December 2017 - EUR (16,022) 264,254 264,254 (558,925) (174,409) (938,468) 1,952,078 1,393,153 1,218,744 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2017 - EUR (4,743) ANIMA (61,690) 420,066 (243,931) 2,147,352 2,567,418 2,323,487 2,318,744 2,257,054 Year ended Year Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Notes ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. Income Operating incomeNet gains/(losses) on financial assets and liabilities at fair value through profit or lossNet income/(loss) Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 72 s above relate to (continued) Statement of Comprehensive Income for the financial year ended 31 December 2017 able to Holders of Redeemable Participating Shares the Company. In arriving at results financial year, all amount - - 1 (623) EUR 177,275 (566,443) (389,168) (115,724) (504,892) (505,515) (505,515) Bilanciato Europa 2023 Period ended - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 - - 1 EUR (3,052) 772,999 219,258 992,257 549,843 546,791 546,791 (442,414) Europa 2022 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 Notes ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. 1 Income Operating incomeNet (losses)/gains on financial assets and liabilities at fair value through profit or lossNet income/(loss) Operating expensesOperating income/(loss) Finance costs Distributions to Holders of Redeemable Participating Shares 5 Interest expense 24 4 Profit/(loss) for the financial year before tax Non-reclaimable withholding tax Attributable to Holders of 6 Assets Increase/(decrease) in Net Redeemable Participating Shares resulting from operations There are no recognised gains or losses arising in the financial year other than increase/(decrease) Net Assets Attribut continuing operations. The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 73

- EUR As at 87,659 ANIMA (67,444) 485,373 326,585 (192,918) (260,362) 36,133,655 35,494,400 36,394,017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Variable Rate Bond Variable - - EUR As at 71,884 ANIMA (12,907) (31,366) (44,273) as at 31 December 2018 1,433,888 6,413,992 7,919,764 7,875,491 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position Global Currencies 31 December 2018 - - EUR As at (1,132) 378,019 (198,072) (199,204) 3,572,613 110,880,369 114,831,001 114,631,797 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Euro Equity ANIMA - EUR As at 33,194 59,616 (65,518) (107,007) (172,525) 6,954,221 39,016,060 46,063,091 45,890,566 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2018 - EUR As at ANIMA 228,827 (390,631) (325,127) (135,388) (851,146) 1,152,410 38,843,574 38,313,483 39,694,720 Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - EUR As at 94,727 ANIMA (84,586) 342,538 (369,707) (454,293) 7,776,524 51,117,562 43,358,066 51,571,855 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Asia/Pacific Equity - EUR As at 963,853 674,299 (368,606) (866,902) (1,235,508) 16,864,109 182,232,997 200,735,258 199,499,750 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA U.S. Equity ANIMA - EUR As at ANIMA (380,986) 1,449,763 2,778,143 (1,836,693) (2,217,679) 79,407,363 398,646,940 482,282,209 480,064,530 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2018 Notes ANIMA Funds Plc Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 75 - - EUR As at (40,298) 714,767 (257,950) (298,248) 1,259,280 24,736,815 26,710,862 26,412,614 ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 - EUR As at 10,000 (73,140) as at 31 December 2018 (587,480) (660,620) 2,312,449 1,497,789 44,818,498 48,638,736 47,978,116 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility Statement of Financial Position 31 December 2018 - - EUR As at (45,280) 622,585 895,816 (216,263) (261,543) 19,064,940 20,583,341 20,321,798 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2018 - EUR As at (323,333) 2,229,518 (2,986,201) (3,309,534) 54,963,919 10,871,697 294,219,313 362,284,447 358,974,913 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2018 - EUR As at 5,669,733 3,713,281 (3,290,311) (3,104,607) (6,394,918) 114,149,963 515,738,790 639,271,767 632,876,849 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2018 ------1 EUR As at 19,877 19,877 (19,877) (19,877) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2018 - EUR As at (467,613) 3,752,206 5,036,226 4,929,055 (3,216,300) (3,683,913) 265,961,944 279,679,431 275,995,518 ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2018 - - EUR As at (1,330) ANIMA (29,165) (30,495) 392,785 623,153 31,299,105 32,315,043 32,284,548 Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Notes ANIMA Funds Plc Please refer to note 24 the financial statements for details of Fund terminations during the financial year. 1 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 76 - - 1 EUR As at (6,154) (6,223) 61,662 ANIMA (12,377) 1,962,854 8,044,464 10,068,980 10,056,603 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond (continued) 31 December 2018 - - - EUR As at 29,090 (17,035) (17,035) as at 31 December 2018 1,339,461 13,151,136 14,519,687 14,502,652 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position Dividends Europe 31 December 2018 - - - - EUR As at (9,762) (9,762) ANIMA 3,027,207 23,893,608 20,876,163 23,903,370 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2018 - EUR As at 103,497 187,048 (136,827) (520,250) (657,077) 14,478,114 60,241,264 75,009,923 74,352,846 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2018 - - EUR As at 251,016 (150,967) (150,967) 3,922,719 1,126,750 43,054,650 48,355,135 48,204,168 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2018 - EUR As at ANIMA (23,184) 257,844 214,058 (145,230) (168,414) 4,055,552 25,349,739 29,877,193 29,708,779 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2018 - - EUR As at (14,526) 1,682,767 (2,155,288) (2,169,814) 29,716,652 123,805,900 155,205,319 153,035,505 ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2018 - - EUR As at (14,097) 332,184 (130,935) (145,032) 1,590,752 8,383,597 10,306,533 10,161,501 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 77 ------2 891 891 (891) (891) EUR As at ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2018 - - - 1 EUR As at 1,453 ANIMA (13,270) (13,270) as at 31 December 2018 4,216,112 30,061,557 34,279,122 34,265,852 Solution EM ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position 31 December 2018 - - - - EUR As at ANIMA (18,355) (18,355) 4,269,782 39,570,278 43,840,060 43,821,705 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2018 - - - EUR As at ANIMA (15,649) (15,649) 207,184 4,301,229 25,774,807 30,283,220 30,267,571 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2018 - - - EUR As at ANIMA (27,924) (27,924) 284,336 2,348,679 38,355,676 40,988,691 40,960,767 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2018 - - - EUR As at ANIMA (27,938) (27,938) 929,439 5,720,350 38,914,018 45,563,807 45,535,869 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2018 - 1 EUR As at ANIMA (52,591) 420,318 1,484,512 (1,972,173) (2,024,764) 16,168,034 68,393,785 86,466,649 84,441,885 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - EUR As at ANIMA (37,177) 391,944 316,126 (400,240) (437,417) 8,429,309 36,162,922 45,300,301 44,862,884 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. 1 2 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 78 - EUR As at ANIMA (97,020) 278,007 238,084 (720,422) (817,442) 15,892,620 68,159,334 84,568,045 83,750,603 Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 - - EUR As at (6,908) (25,152) (32,060) 656,948 as at 31 December 2018 5,613,139 39,722,556 45,992,643 45,960,583 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Statement of Financial Position ANIMA Bond 2022 ANIMA 31 December 2018 - - 1 (846) EUR As at ANIMA (11,916) (12,762) 141,436 1,079,917 9,641,845 10,863,198 10,850,436 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 - - - EUR As at ANIMA 882,027 167,278 (152,869) (152,869) 18,064,479 19,113,784 18,960,915 Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - EUR As at ANIMA (75,507) 782,633 236,618 (484,049) (559,556) 1,152,803 38,136,762 40,308,816 39,749,260 Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------2 EUR As at 1,276 1,276 (1,276) (1,276) BRIC 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA 31 December 2018 ------3 EUR As at 15,668 15,668 (15,668) (15,668) ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2018 ------2 391 391 (391) (391) EUR As at ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2018 2017 Global Bonds Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year Please refer to note 24 the financial statements for details of Fund terminations during year. 1 2 3 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 79 - - - 1 EUR As at ANIMA (44,117) (44,117) 3,145,461 13,080,129 113,564,174 129,789,764 129,745,647 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Brightview 2024-IV - - 1 EUR As at 67,557 ANIMA (68,699) as at 31 December 2018 1,012,362 (33,944,527) (34,013,226) 144,397,663 145,477,582 111,464,356 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position 31 December 2018 Brightview 2024-III - - 1 EUR As at 97,233 ANIMA (75,083) 780,267 89,928,534 (27,743,390) (27,818,473) 116,869,507 117,747,007 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II - - EUR As at ANIMA (92,831) 553,586 1,285,618 70,566,639 89,426,437 91,265,641 (20,699,002) (20,606,171) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2018 - - EUR As at 90,957 ANIMA (38,638) 497,919 76,110,167 76,699,043 59,683,381 (16,977,024) (17,015,662) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-IV - - EUR As at ANIMA (80,677) 116,163 535,981 70,030,472 70,682,616 54,253,052 (16,348,887) (16,429,564) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-III - - EUR As at ANIMA 139,315 (201,295) 1,023,281 (37,328,327) (37,529,622) 192,008,621 193,171,217 155,641,595 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II 31 December 2018 - - EUR As at 48,142 53,517 ANIMA (101,440) (1,673,169) (1,774,609) 33,459,805 33,561,464 31,786,855 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 80 - - - 1 EUR As at 130,709 46,105,555 16,845,860 41,636,934 58,613,503 (12,507,948) (12,507,948) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) ANIMA Defensive ANIMA 31 December 2018 - - 1 EUR As at as at 31 December 2018 (745,733) 1,554,025 6,341,826 (32,171,956) (32,917,689) 165,939,253 173,835,104 140,917,415 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 Statement of Financial Position ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR As at 2,485,638 1,379,830 (1,923,507) (8,373,025) 36,864,774 40,730,242 30,433,710 (10,296,532) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR As at 2,253,373 (1,036,857) 13,228,843 (74,544,449) (75,581,306) 349,858,389 365,340,605 289,759,299 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR As at (484,809) 1,911,136 10,607,696 (57,775,938) (58,260,747) 265,003,702 277,522,534 219,261,787 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 - - EUR As at (32,062) 4,322,674 1,454,236 Bilanciato (8,159,429) (8,191,491) 39,925,234 45,702,144 37,510,653 Europa 2023 - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 - - EUR As at (33,188) 3,410,323 1,226,817 (6,572,380) (6,605,568) 37,404,963 42,042,103 35,436,535 Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 - - - - 1 76 (72) (72) EUR As at ANIMA 260,656 260,732 260,660 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 81 (continued) as at 31 December 2018 Statement of Financial Position - - 1 EUR As at (9,296) ANIMA (17,564) (26,860) 125,618 2,853,722 17,541,151 20,520,491 20,493,631 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond - - - 1 EUR As at (9,921) (9,921) 324,187 5,600,304 22,313,932 28,238,423 28,228,502 Real Assets ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 - 1 EUR As at ANIMA (21,973) (51,673) (73,646) 206,810 116,618 4,126,725 41,281,232 45,731,385 45,657,739 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 Notes ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 1 Assets Cash and cash equivalentsDue from brokerDebtorsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft Financial liabilities at fair value through profit or loss 7 Attributable to Assets Liabilities (excluding Net Total Holders of Redeemable Participating Shares) 2 8 Attributable to Holders of Redeemable Assets Net Participating Shares 9 The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 82 - - - - EUR As at (334,418) (187,267) (521,685) 9,271,171 9,266,417 291,624,560 310,162,148 309,640,463 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Corporate Bond 31 December 2017 ANIMA Short Term ANIMA - - - - - EUR As at as at 31 December 2017 (208,502) (208,502) 2,566,028 1,383,410 242,657,316 246,606,754 246,398,252 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position ANIMA Life Bond ANIMA 31 December 2017 - - - - 29 EUR As at 1,164,214 1,916,870 (1,410,990) (1,410,990) 81,962,606 85,043,719 83,632,729 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Global Bond ANIMA - - - (534) (216) EUR As at (52,244) (52,994) 912,497 1,617,394 70,808,157 73,338,048 73,285,054 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Bond Dollar ANIMA - - - - - EUR As at ANIMA 16,758,138 18,275,654 (19,042,494) (19,042,494) 565,279,412 600,313,204 581,270,710 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Medium Term Bond Medium Term - - - - - EUR As at ANIMA 3,950,819 8,751,823 (8,613,695) (8,613,695) 200,062,360 212,765,002 204,151,307 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2017 - - - - - EUR As at 250,655 4,548,956 (4,390,819) (4,390,819) 483,095,323 482,686,531 487,486,142 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2017 EUR As at (3,636) (89,092) 2,198,900 37,249,160 75,659,040 (65,730,943) 250,031,380 (124,649,342) (190,473,013) 6,510,330,899 6,335,665,432 6,700,803,912 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total 31 December 2017 Notes ANIMA Funds Plc Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 83 - - - EUR As at 4,939 ANIMA (37,489) 353,409 172,637 (143,500) (180,989) 40,837,006 41,367,991 41,187,002 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 Variable Rate Bond Variable - - - - EUR As at (9,577) 78,460 ANIMA (43,554) (53,131) 392,499 as at 31 December 2017 7,204,798 6,786,970 7,257,929 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position Global Currencies 31 December 2017 - - - - (328) EUR As at 764,233 316,093 (133,760) (134,088) 94,829,289 95,909,615 95,775,527 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Euro Equity ANIMA - - - EUR As at 69,335 659,452 114,974 (208,482) (238,190) (446,672) 50,082,120 50,925,881 50,479,209 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2017 - - - - EUR As at ANIMA 130,040 108,215 (135,874) (134,177) (270,051) 60,966,034 60,997,830 61,236,085 Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - - - EUR As at 78,422 ANIMA (33,779) 285,398 (960,906) (994,685) 6,754,148 64,691,614 58,568,331 65,686,299 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Asia/Pacific Equity - - - EUR As at 714,315 599,532 124,881 (477,023) (129,774) (606,797) 173,228,069 174,666,797 174,060,000 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA U.S. Equity ANIMA - - - EUR As at ANIMA (508,640) 1,975,556 2,917,589 (3,172,703) (2,664,063) 31,762,294 569,659,370 536,176,634 572,832,073 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2017 Notes ANIMA Funds Plc Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 84 - - - - EUR As at 8,680,097 6,809,040 (6,052,931) (2,179,200) (8,232,131) 65,022,598 80,511,735 72,279,604 ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 - - - EUR As at 26,000 as at 31 December 2017 (395,135) 4,308,728 13,775,443 (10,799,356) (10,404,221) 120,658,981 113,348,166 131,458,337 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility Statement of Financial Position 31 December 2017 - - - - EUR As at (934,560) 5,474,580 4,413,895 (3,043,312) (3,977,872) 62,375,754 72,264,229 68,286,357 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2017 - - - EUR As at (505,083) 7,425,083 1,007,758 2,991,221 (2,957,511) (3,462,594) 480,173,408 476,710,814 468,749,346 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2017 - - - EUR As at (3,229,049) (3,305,486) (6,534,535) 72,332,007 10,860,588 12,202,502 875,069,000 970,464,097 963,929,562 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2017 - - - - - EUR As at (88,558) (146,506) (235,064) 3,153,083 406,053,729 409,206,812 408,971,748 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2017 - - - EUR As at (71,405) 494,057 962,549 (357,923) (429,328) 5,656,201 151,971,366 159,084,173 158,654,845 ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2017 - - - - EUR As at (5,639) ANIMA (28,652) (34,291) 1,468,525 1,007,474 37,956,242 40,432,241 40,397,950 Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Notes ANIMA Funds Plc Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 85 - - - EUR As at ANIMA (25,340) 761,883 237,582 305,935 (306,509) (331,849) 43,394,490 44,699,890 44,368,041 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Flexible Income 31 December 2017 - - - - - EUR As at (1,739) (1,739) 27,092 116,540 as at 31 December 2017 15,556,416 15,414,523 15,558,155 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position Dividends Europe 31 December 2017 ------EUR As at ANIMA 248,570 (130,390) (130,390) 24,081,783 24,330,353 24,199,963 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2017 - - - EUR As at 191,066 441,047 (218,130) (1,326,746) (1,108,616) 82,976,112 15,536,665 68,134,080 84,302,858 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2017 - - - EUR As at (17,978) 808,029 551,706 (344,220) (362,198) 1,878,196 87,991,071 85,115,338 88,353,269 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2017 - - - EUR As at 4,683 ANIMA (20,382) (30,442) (50,824) 233,780 1,895,951 39,129,013 41,263,427 41,212,603 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2017 - - - - EUR As at (40,557) (14,998) (55,555) 1,749,542 13,655,824 104,946,805 120,352,171 120,296,616 ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2017 - - - - 1 EUR As at (1,681) (20,344) (22,025) 866,434 283,950 9,118,888 10,269,272 10,247,247 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility 31 December 2017 Notes ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11 1

ANIMA Funds Plc 86 - - - - - EUR As at 10,691 368,933 (102,516) (102,516) 3,854,959 4,234,583 4,132,067 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2017 ------3 EUR As at as at 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate Statement of Financial Position PRIMA Bond 2016 PRIMA 31 December 2017 ------2 EUR As at ANIMA (103,250) (103,250) 1,302,444 50,102,257 51,404,701 51,301,451 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2017 - - - - - EUR As at ANIMA (39,822) (39,822) 107,470 217,193 33,989,090 34,313,753 34,273,931 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2017 - - - - - EUR As at ANIMA 859,058 453,562 (601,752) (601,752) 85,070,232 84,359,364 85,671,984 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2017 - - - - - EUR As at ANIMA 192,563 917,725 (418,304) (418,304) 73,755,063 73,063,079 74,173,367 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2017 ------1 EUR As at 3,813 3,813 (3,813) (3,813) ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo ------1 EUR As at 4,596 4,596 (4,596) (4,596) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA Notes ANIMA Funds Plc This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. This Fund launched during the financial year ended 31 December 2017. This Fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. 1 2 3 Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 87 - - - EUR As at 6,411 (1,540) ANIMA 322,906 823,775 (218,162) (219,702) 61,611,814 62,764,906 62,545,204 Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 - - - (880) EUR As at 56,739 (43,717) (44,597) 136,151 as at 31 December 2017 2,198,900 6,055,711 8,447,501 8,402,904 BRIC 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA Statement of Financial Position 31 December 2017 - - - - EUR As at 61,862 (47,776) 185,389 (789,474) (837,250) 29,826,943 30,074,194 29,236,944 ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2017 ------1 EUR As at 4,513 4,513 (4,513) (4,513) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 ------1 EUR As at 4,980 4,980 (4,980) (4,980) Cedola Paesi ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 ------1 698 698 (698) (698) EUR As at ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– America Latina Cedola Plus 2017 31 December 2017 - - - - EUR As at 31,886 (21,318) (22,409) (43,727) 684,073 7,649,451 8,365,410 8,321,683 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2017 2017 Global Bonds ------1 EUR As at 3,102 3,102 (3,102) (3,102) PRIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 Notes ANIMA Funds Plc This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11 1

ANIMA Funds Plc 88 - - - - - 1 EUR As at 1,375 (3,238) (1,446) (4,684) ANIMA 248,406 249,781 245,097 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Brightview 2024-I 31 December 2017 - - - - 1 EUR As at 73,484 ANIMA (84,785) 516,069 as at 31 December 2017 88,323,509 88,913,062 69,074,026 (19,754,251) (19,839,036) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Statement of Financial Position 31 December 2017 Brightview 2023-IV - - - - 1 EUR As at ANIMA 168,513 544,522 (153,062) 78,706,765 79,419,800 60,268,268 (18,998,470) (19,151,532) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-III - - - - 1 EUR As at 58,621 ANIMA (160,896) 1,065,489 (45,033,022) (45,193,918) 220,208,844 221,332,954 176,139,036 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-II - - - - 1 EUR As at (3,636) 68,617 ANIMA (118,935) (3,640,080) (3,762,651) 37,192,652 37,261,269 33,498,618 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2017 - - - EUR As at ANIMA (88,314) 372,447 5,604,639 3,665,244 (2,186,185) (2,274,499) 146,084,630 138,716,799 148,359,129 Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - - - - EUR As at (7,126) (16,536) (23,662) 668,640 5,852,959 40,813,973 47,335,572 47,311,910 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2017 - - - EUR As at 23,356 ANIMA (56,249) (27,940) (84,189) 107,534 1,825,127 10,445,275 12,401,292 12,317,103 Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Notes ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. 1 Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11

ANIMA Funds Plc 89 (continued) as at 31 December 2017 Statement of Financial Position - - - - 1 EUR As at 56,215 (23,630) 1,841,456 52,500,156 54,397,827 42,567,258 Bilanciato (11,806,939) (11,830,569) Europa 2023 - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 - - - - 1 EUR As at (51,853) 159,363 1,651,575 (9,737,006) (9,788,859) 50,927,106 52,738,044 42,949,185 Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 Notes ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. Assets Cash and cash equivalentsDue from brokerDebtorsReverse repurchase agreementsFinancial assets at fair value through profit or loss Assets Total Liabilities 2 CreditorsBank overdraft 7 Due to broker 10 Financial liabilities at fair value through profit or lossAttributable to Assets Liabilities (excluding Net Total 8 Holders of Redeemable Participating Shares) 2 Attributable to Holders of Redeemable Assets Net 9 Participating Shares The accompanying notes form an integral part of the Financial Statements. 11 1

ANIMA Funds Plc 90 EUR (4,118,386) 99,432,869 16,794,218 12,675,832 (82,638,651) Year ended Year 309,640,463 322,316,295 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Corporate Bond 31 December 2018 ANIMA Short Term ANIMA - - - EUR (4,946,438) (4,946,438) Year ended Year 246,398,252 241,451,814 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2018 Redeemable Participating Shares EUR 2,636,819 (9,970,304) (7,333,485) 76,299,244 83,632,729 31,441,350 (41,411,654) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Global Bond ANIMA EUR Statement of Changes in Net Assets Attributable to Holders 7,626,193 73,285,054 58,625,139 45,897,218 53,523,411 (12,727,921) Year ended Year 126,808,465 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Bond Dollar ANIMA EUR ANIMA 1,340,114 (96,521,710) (95,181,596) Year ended Year 486,089,114 581,270,710 142,223,925 (238,745,635) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Medium Term Bond Medium Term EUR ANIMA (1,202,061) 48,451,309 (85,334,708) (36,883,399) (38,085,460) Year ended Year 204,151,307 166,065,847 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2018 EUR (2,802,882) (6,409,221) (3,606,339) Year ended Year 476,686,102 483,095,323 319,936,323 (322,739,205) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2018 EUR Year ended Year 531,310,890 202,873,729 (328,437,161) 6,510,330,899 3,380,715,448 6,713,204,628 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (2,849,404,558) Total Company Total 31 December 2018 ANIMA Funds Plc Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease)/increase in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase/(decrease) in Net Assets resulting from Share transactions funds Net increase/(decrease) in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 91 EUR ANIMA (3,135,516) (1,917,831) (5,053,347) 41,187,002 34,546,502 36,133,655 (36,464,333) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Variable Rate Bond Variable EUR 7,386 ANIMA 663,307 670,693 7,204,798 3,116,733 7,875,491 (2,453,426) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2018 Redeemable Participating Shares EUR 95,775,527 81,410,391 37,235,780 18,856,270 (18,379,510) (44,174,611) Year ended Year 114,631,797 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Euro Equity ANIMA for the financial year ended 31 December 2018 (continued) EUR Statement of Changes in Net Assets Attributable to Holders 2,449,926 (7,038,569) (4,588,643) 50,479,209 19,637,527 45,890,566 (17,187,601) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2018 EUR ANIMA (4,625,831) 60,966,034 16,384,098 38,843,574 (33,880,727) (17,496,629) (22,122,460) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 EUR ANIMA (6,191,059) (7,382,993) 64,691,614 25,268,255 51,117,562 (32,651,248) (13,574,052) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Asia/Pacific Equity EUR 2,764,481 22,675,269 25,439,750 (99,451,365) Year ended Year 174,060,000 122,126,634 199,499,750 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA U.S. Equity ANIMA EUR ANIMA (26,946,079) (89,594,840) (62,648,761) Year ended Year 480,064,530 569,659,370 260,016,821 (286,962,900) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2018 ANIMA Funds Plc Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease)/increase in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 92 - EUR (1,991,502) 72,279,604 26,412,614 (43,875,488) (43,875,488) (45,866,990) Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 EUR 7,946,774 (5,538,711) 47,978,116 (75,088,928) (67,142,154) (72,680,865) Year ended Year 120,658,981 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2018 Redeemable Participating Shares EUR 553,441 (4,494,645) 68,286,357 20,321,798 (44,023,355) (43,469,914) (47,964,559) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2018 for the financial year ended 31 December 2018 (continued) EUR Statement of Changes in Net Assets Attributable to Holders (23,331,941) (94,403,960) Year ended Year 476,710,814 141,355,782 358,974,913 (235,759,742) (117,735,901) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2018 EUR (33,234,406) Year ended Year 632,876,849 963,929,562 246,732,677 (544,550,984) (297,818,307) (331,052,713) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2018 - - 1 EUR (5,422,065) 408,971,748 (403,549,683) (403,549,683) (408,971,748) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2018 EUR (3,936,163) (56,452,774) Year ended Year 158,654,845 177,729,610 121,276,836 117,340,673 275,995,518 ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2018 EUR ANIMA 247,000 (1,679,136) (6,681,266) (6,434,266) (8,113,402) 40,397,950 32,284,548 Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Funds Plc Please refer to note 24 the financial statements for details of Fund terminations during the financial year. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 93 - - 1 EUR (3,397) ANIMA 10,060,000 10,056,603 10,056,603 10,060,000 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond 31 December 2018 EUR 75,774 695,190 (619,416) (1,129,538) (1,053,764) 15,556,416 14,502,652 Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2018 Redeemable Participating Shares EUR ANIMA (306,355) 5,904,767 1,490,037 (1,796,392) (4,414,730) 24,199,963 23,893,608 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2018 for the financial year ended 31 December 2018 (continued) EUR Statement of Changes in Net Assets Attributable to Holders (7,174,780) (1,448,486) (8,623,266) 82,976,112 23,771,442 74,352,846 (25,219,928) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2018 EUR (1,507,494) 87,991,071 13,114,716 48,204,168 (51,394,125) (38,279,409) (39,786,903) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2018 - EUR ANIMA (1,975,895) (9,527,929) (9,527,929) 41,212,603 29,708,779 (11,503,824) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2018 - EUR (6,793,616) 39,532,505 39,532,505 32,738,889 Year ended Year 120,296,616 153,035,505 ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2018 EUR (85,746) 832,917 (918,663) 2,804,000 (1,971,083) 10,161,501 10,247,247 Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– 31 December 2018 ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase/(decrease) in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 94 - - 2 EUR (4,949) 4,132,067 (4,127,118) (4,127,118) (4,132,067) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2018 - 1 EUR ANIMA (812,788) (3,506,532) 38,585,172 37,772,384 34,265,852 34,265,852 Solution EM Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Redeemable Participating Shares - EUR ANIMA (3,922,112) (3,557,634) (3,557,634) (7,479,746) 51,301,451 43,821,705 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2018 - for the financial year ended 31 December 2018 (continued) EUR ANIMA Statement of Changes in Net Assets Attributable to Holders (1,155,631) (2,850,729) (2,850,729) (4,006,360) 34,273,931 30,267,571 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2018 - EUR ANIMA (929,017) 85,070,232 40,960,767 (43,180,448) (43,180,448) (44,109,465) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2018 - EUR ANIMA (3,182,109) 73,755,063 45,535,869 (25,037,085) (25,037,085) (28,219,194) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2018 - - 1 EUR ANIMA (1,306,115) 85,748,000 85,748,000 84,441,885 84,441,885 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 EUR ANIMA 494,843 4,914,360 3,582,340 (3,087,497) (1,332,020) 44,368,041 44,862,884 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income 31 December 2018 ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase/(decrease) in Net Assets resulting from Share transactions funds Net increase/(decrease) in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 95 EUR Macro 31,783,833 83,750,603 (10,192,589) (83,925,271) (52,141,438) (62,334,027) Year ended Year 146,084,630 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Global ANIMA 31 December 2018 - - EUR (1,351,327) (1,351,327) 47,311,910 45,960,583 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ––––––––––––-– ANIMA Bond 2022 ANIMA 31 December 2018 Redeemable Participating Shares - 1 EUR ANIMA (1,008,727) (2,751,398) 14,610,561 11,859,163 10,850,436 10,850,436 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 for the financial year ended 31 December 2018 (continued) EUR ANIMA Statement of Changes in Net Assets Attributable to Holders 8,363,032 6,643,812 (1,719,220) (5,545,064) 12,317,103 13,908,096 18,960,915 Year ended Year Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 EUR ANIMA 2,173,705 (2,680,831) 62,545,204 39,749,260 (22,288,818) (20,115,113) (22,795,944) Year ended Year Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - - 2 EUR (244,442) 8,402,904 (8,158,462) (8,158,462) (8,402,904) BRIC 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA 31 December 2018 - - 3 EUR (35,794) 29,236,944 (29,201,150) (29,201,150) (29,236,944) ANIMA Attiva ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2018 - - 2 EUR (23,937) 8,321,683 (8,297,746) (8,297,746) (8,321,683) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2018 2017 Global Bonds ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Please refer to note 24 the financial statements for details of Fund terminations during year. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 96 - - 1 EUR ANIMA 3,068,403 126,677,244 129,745,647 129,745,647 126,677,244 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-IV - 1 EUR ANIMA (727,407) (3,152,529) 115,344,292 114,616,885 111,464,356 111,464,356 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Redeemable Participating Shares Brightview 2024-III - 1 EUR ANIMA (1,763,838) (6,990,757) 96,919,291 89,928,534 89,928,534 98,683,129 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II for the financial year ended 31 December 2018 (continued) EUR ANIMA Statement of Changes in Net Assets Attributable to Holders 245,097 (5,753,779) (1,877,452) 77,952,773 76,075,321 70,321,542 70,566,639 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2018 - EUR ANIMA (5,664,439) (3,726,206) (3,726,206) (9,390,645) 69,074,026 59,683,381 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-IV - EUR ANIMA (3,145,578) (2,869,638) (2,869,638) (6,015,216) 60,268,268 54,253,052 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-III - EUR ANIMA (10,171,664) (10,325,777) (10,325,777) (20,497,441) Year ended Year 176,139,036 155,641,595 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II 31 December 2018 - EUR ANIMA 167,477 (1,879,240) (1,879,240) (1,711,763) 33,498,618 31,786,855 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2018 ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 97 - 1 EUR (42,414) (2,097,768) 48,245,737 46,147,969 46,105,555 46,105,555 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Defensive ANIMA 31 December 2018 - 1 EUR (143,596) (1,217,035) 142,278,046 141,061,011 140,917,415 140,917,415 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 Redeemable Participating Shares - 1 EUR (200,241) (335,450) 30,969,401 30,633,951 30,433,710 30,433,710 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 - 1 for the financial year ended 31 December 2018 (continued) EUR Statement of Changes in Net Assets Attributable to Holders (2,940,349) (17,666,623) 310,366,271 307,425,922 289,759,299 289,759,299 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 - 1 EUR (2,387,098) (35,326,627) 256,975,512 254,588,414 219,261,787 219,261,787 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 - EUR Bilanciato (3,353,277) (1,703,328) (1,703,328) (5,056,605) 42,567,258 37,510,653 Year ended Year Europa 2023 - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 - EUR (3,761,276) (3,751,374) (3,751,374) (7,512,650) 42,949,185 35,436,535 Year ended Year Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR 10,660 ANIMA 250,000 250,000 260,660 260,660 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase/(decrease) in Net Assets resulting from Share transactions funds Net increase/(decrease) in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 98 Redeemable Participating Shares for the financial year ended 31 December 2018 (continued) Statement of Changes in Net Assets Attributable to Holders - - 1 EUR 93,631 ANIMA 20,400,000 20,400,000 20,493,631 20,493,631 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond - - 1 EUR 162,134 28,066,368 28,066,368 28,228,502 28,228,502 Real Assets Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 - 1 EUR ANIMA (539,541) (3,551,588) 49,209,327 45,657,739 45,657,739 49,748,868 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 ANIMA Funds Plc This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease)/increase in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase in Net Assets resulting from Share transactions funds Net increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 99 EUR 2,175,688 76,309,099 (93,882,865) (17,573,766) (15,398,078) Year ended Year 325,038,541 309,640,463 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Corporate Bond 31 December 2017 ANIMA Short Term ANIMA - - - EUR (1,940,231) (1,940,231) Year ended Year 248,338,483 246,398,252 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2017 Redeemable Participating Shares EUR (6,383,274) 29,596,039 83,632,729 (39,851,311) (10,255,272) (16,638,546) Year ended Year 100,271,275 for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Global Bond ANIMA EUR Statement of Changes in Net Assets Attributable to Holders (4,825,059) 20,074,440 68,422,602 58,035,673 53,210,614 73,285,054 (10,386,929) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Bond Dollar ANIMA EUR ANIMA (3,054,181) (54,405,209) (57,459,390) Year ended Year 581,270,710 638,730,100 190,450,696 (244,855,905) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Medium Term Bond Medium Term EUR ANIMA (1,656,069) 67,414,203 (94,246,938) (26,832,735) (28,488,804) Year ended Year 232,640,111 204,151,307 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2017 EUR (3,626,150) Year ended Year 483,095,323 634,209,386 258,858,133 (406,346,046) (147,487,913) (151,114,063) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2017 EUR Year ended Year 163,610,960 (475,532,741) (311,921,781) 6,822,252,680 2,284,808,299 6,510,330,899 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (2,760,341,040) Total Company Total 31 December 2017 ANIMA Funds Plc Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 100 EUR ANIMA 495,829 8,026,272 (8,507,532) (8,011,703) 49,198,705 41,187,002 (16,533,804) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Variable Rate Bond Variable EUR ANIMA 436,233 (900,710) 7,204,798 (4,860,513) (4,424,280) (5,324,990) 12,529,788 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2017 Redeemable Participating Shares EUR 11,269,496 33,331,992 95,775,527 (56,994,467) (23,662,475) (12,392,979) Year ended Year 108,168,506 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Euro Equity ANIMA for the financial year ended 31 December 2017 (continued) EUR Statement of Changes in Net Assets Attributable to Holders 8,031,654 2,677,993 39,769,562 13,054,035 10,709,647 50,479,209 (10,376,042) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2017 EUR ANIMA 2,915,238 9,432,931 48,617,865 36,078,722 12,348,169 60,966,034 (26,645,791) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 EUR ANIMA 5,530,151 (4,488,011) 69,179,625 14,609,099 64,691,614 (24,627,261) (10,018,162) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Asia/Pacific Equity EUR 12,187,926 73,073,024 (35,033,570) (22,845,644) Year ended Year 196,905,644 174,060,000 (108,106,594) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA U.S. Equity ANIMA EUR ANIMA 54,984,436 (87,345,517) (32,361,081) Year ended Year 569,659,370 602,020,451 199,497,737 (286,843,254) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2017 ANIMA Funds Plc Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 101 - EUR 6,304,834 72,279,604 (38,529,575) (38,529,575) (32,224,741) Year ended Year 104,504,345 ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 EUR 15,567,350 16,957,053 (57,030,176) (40,073,123) (24,505,773) Year ended Year 145,164,754 120,658,981 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2017 Redeemable Participating Shares EUR 870,050 5,771,422 (8,883,311) (8,013,261) (2,241,839) 70,528,196 68,286,357 Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2017 for the financial year ended 31 December 2017 (continued) EUR Statement of Changes in Net Assets Attributable to Holders (376,825) 67,294,545 66,917,720 Year ended Year 409,793,094 214,989,404 476,710,814 (147,694,859) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2017 EUR 32,840,380 Year ended Year 963,929,562 388,772,470 (581,056,574) (192,284,104) (159,443,724) 1,123,373,286 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2017 - - - EUR (1,925,308) (1,925,308) Year ended Year 410,897,056 408,971,748 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2017 EUR 1,924,287 84,823,258 51,617,727 53,542,014 (33,205,531) Year ended Year 105,112,831 158,654,845 ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2017 EUR ANIMA (885,642) 2,284,372 3,170,014 4,066,882 (4,952,524) 40,397,950 38,113,578 Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Funds Plc Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net increase/(decrease) in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements.

ANIMA Funds Plc 102 EUR ANIMA 253,852 5,050,284 (6,561,951) (1,511,667) (1,257,815) 45,625,856 44,368,041 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income 31 December 2017 EUR 28,383 677,326 705,709 1,339,160 (1,310,777) 14,850,707 15,556,416 Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2017 Redeemable Participating Shares EUR ANIMA 672,356 8,598,461 4,691,826 5,364,182 (3,906,635) 18,835,781 24,199,963 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2017 for the financial year ended 31 December 2017 (continued) EUR Statement of Changes in Net Assets Attributable to Holders 6,544,200 19,939,489 82,976,112 (55,371,354) (35,431,865) (28,887,665) Year ended Year 111,863,777 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2017 EUR 3,162,720 13,043,308 87,991,071 (96,176,098) (83,132,790) (79,970,070) Year ended Year 167,961,141 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2017 EUR ANIMA 291,606 (5,100,212) 26,111,284 19,909,925 14,809,713 15,101,319 41,212,603 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2017 - EUR 196,523 80,100,093 40,000,000 40,000,000 40,196,523 Year ended Year 120,296,616 ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2017 - - 1 EUR 141,464 10,105,783 10,105,783 10,247,247 10,247,247 Period ended ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility 31 December 2017 ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase/(decrease) in Net Assets resulting from Share transactions funds Net increase/(decrease) in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 103 4 EUR (201,802) 6,369,668 4,132,067 (2,035,803) (2,035,799) (2,237,601) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2017 - - 3 EUR (22,963) 8,940,522 (8,917,559) (8,917,559) (8,940,522) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate PRIMA Bond 2016 PRIMA 31 December 2017 Redeemable Participating Shares - 2 EUR ANIMA (93,931) (295,200) 51,690,582 51,596,651 51,301,451 51,301,451 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2017 - for the financial year ended 31 December 2017 (continued) EUR ANIMA Statement of Changes in Net Assets Attributable to Holders 1,369,217 (2,446,399) (2,446,399) (1,077,182) 35,351,113 34,273,931 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2017 - EUR ANIMA 9,257,369 85,070,232 (48,652,378) (48,652,378) (39,395,009) Year ended Year 124,465,241 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2017 - EUR ANIMA 6,506,765 73,755,063 (36,698,464) (36,698,464) (30,191,699) Year ended Year 103,946,762 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2017 - - 1 EUR (9,245) ANIMA 4,063,745 (4,054,500) (4,054,500) (4,063,745) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo - - 1 EUR (4,754) 8,269,114 (8,264,360) (8,264,360) (8,269,114) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA ANIMA Funds Plc This Fund automatically converted during the financial year ended 31 December 2017. This Fund launched during the financial year ended 31 December 2017. This Fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease)/increase in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net (decrease)/increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 104 EUR ANIMA (631,525) 2,488,640 89,857,735 62,545,204 (29,169,646) (26,681,006) (27,312,531) Year ended Year Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - EUR 57,246 8,402,904 (4,360,043) (4,360,043) (4,302,797) BRIC 2018 12,705,701 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA 31 December 2017 Redeemable Participating Shares - EUR 176,842 42,587,485 29,236,944 (13,527,383) (13,527,383) (13,350,541) Year ended Year ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2017 - - 1 for the financial year ended 31 December 2017 (continued) EUR Statement of Changes in Net Assets Attributable to Holders (153,807) 7,504,552 (7,350,745) (7,350,745) (7,504,552) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 - - 1 EUR (213,253) 9,577,521 (9,364,268) (9,364,268) (9,577,521) Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 - - 1 EUR (12,968) 20,408,746 (20,395,778) (20,395,778) (20,408,746) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– America Latina Cedola Plus 2017 31 December 2017 EUR 86,778 (446,683) 8,321,683 (5,822,920) (5,736,142) (6,182,825) 14,504,508 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2017 2017 Global Bonds - - 1 EUR PRIMA (12,581) 13,105,007 (13,092,426) (13,092,426) (13,105,007) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 ANIMA Funds Plc This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year (Decrease)/increase in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease) in Net Assets resulting from Share transactions funds Net (decrese) in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 105 - - 1 EUR (4,903) ANIMA 250,000 250,000 245,097 245,097 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2017 - 1 EUR ANIMA (62,803) 833,609 68,303,220 68,240,417 69,074,026 69,074,026 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Redeemable Participating Shares Brightview 2023-IV - 1 EUR 11,329 ANIMA (660,765) 60,917,704 60,256,939 60,268,268 60,268,268 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-III - 1 for the financial year ended 31 December 2017 (continued) EUR ANIMA Statement of Changes in Net Assets Attributable to Holders 2,104,445 (2,913,532) 176,948,123 174,034,591 176,139,036 176,139,036 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-II - 1 EUR ANIMA (838,037) (1,501,260) 34,999,878 33,498,618 33,498,618 35,837,915 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2017 EUR Macro 167,032 71,003,863 74,913,735 75,080,767 (71,567,651) Year ended Year 146,481,386 146,084,630 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Global ANIMA 31 December 2017 - EUR 264,254 7,000,000 7,000,000 7,264,254 40,047,656 47,311,910 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2017 EUR ANIMA (955,431) 1,301,623 2,257,054 2,790,186 (3,745,617) 12,317,103 11,015,480 Year ended Year Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares (Decrease)/increase in Net Assets resulting from Share transactions funds Net increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 106 Redeemable Participating Shares for the financial year ended 31 December 2017 (continued) Statement of Changes in Net Assets Attributable to Holders - 1 EUR (230,711) (505,515) 43,303,484 43,072,773 42,567,258 42,567,258 Bilanciato Europa 2023 Period ended - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 - 1 EUR 546,791 (1,738,024) 44,140,418 42,402,394 42,949,185 42,949,185 Europa 2022 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. Net Assets Attributable to Holders of Redeemable Assets Net Participating Shares at beginning of financial year Increase/(decrease) in Net Assets resulting from operations Issue of Redeemable Participating Shares Redemption of Redeemable Participating Shares Increase in Net Assets resulting from Share transactions funds Net increase in Shareholders’ Attributable to Holders of Redeemable Assets Net Participating Shares at end of financial year The accompanying notes form an integral part of the Financial Statements. 1

ANIMA Funds Plc 107 - - - - 501 EUR 28,367 230,439 (179,874) 9,271,171 1,654,269 (4,118,386) 40,961,327 50,232,498 57,586,672 55,353,495 68,231,807 (14,392,168) (82,623,975) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Corporate Bond 31 December 2018 ANIMA Short Term ANIMA ------EUR 52,540 (24,117) (54,080) Statement of Cash Flows 6,008,692 2,566,028 8,574,720 6,008,692 (4,946,438) 10,956,670 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2018 - - - 29 173 EUR (1,060) (6,904) 56,393 16,700 948,451 2,636,819 8,652,307 1,164,214 2,112,665 11,362,248 31,501,341 (10,413,797) (41,915,138) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Global Bond ANIMA - - - 819 (534) (216) EUR 43,389 (12,014) 819,847 912,497 (297,367) 7,626,193 1,732,344 47,175,128 59,787,821 (53,726,746) (46,355,281) (12,612,693) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Bond Dollar ANIMA ------EUR 66,557 ANIMA (60,337) 1,260,291 7,813,783 1,340,114 (8,944,355) 89,343,249 16,758,138 86,676,287 (98,287,604) Year ended Year 138,645,865 (236,933,469) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Medium Term Bond Medium Term ------EUR 18,351 ANIMA (20,046) 604,261 3,950,819 1,974,281 (1,202,061) (1,976,538) 35,872,466 35,293,017 48,441,947 (85,711,502) (37,269,555) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2018 ------EUR 48,281 (96,160) 4,548,956 (8,257,134) (3,606,339) 60,956,007 65,504,963 72,771,199 69,213,141 Year ended Year 317,971,391 (326,228,525) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2018 EUR 195,102 2,661,046 (7,261,396) (4,038,883) (2,909,294) 14,431,520 31,637,939 39,896,230 (98,764,820) (29,079,938) Year ended Year 470,483,180 371,718,360 250,027,744 621,746,104 206,541,950 (324,957,337) 3,332,477,538 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (2,854,732,962) Total Company* Total 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. * Excluded from this total are cross holdings, please see note 22. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow)/inflow from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 108 - - - - EUR (9,052) (5,993) 67,161 ANIMA 329,743 131,964 353,409 485,373 (321,646) 5,168,292 2,098,982 (3,135,516) (1,967,018) 34,564,319 (36,531,337) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Variable Rate Bond Variable - - - - 317 EUR 7,386 6,576 3,847 (3,901) ANIMA (10,717) 371,507 378,599 662,790 392,499 Statement of Cash Flows 3,116,733 1,041,389 1,433,888 (2,453,943) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2018 - - 39 EUR 1,126 59,229 (43,666) (95,428) 764,233 (336,802) 2,808,380 3,572,613 3,314,411 37,274,365 81,443,893 (44,169,528) (18,379,510) (16,051,402) (34,465,985) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Euro Equity ANIMA - EUR 8,174 81,780 15,472 31,033 (25,767) (65,115) 659,452 (158,261) 2,368,465 6,294,769 6,954,221 3,926,304 1,167,861 (7,038,569) 10,885,214 19,673,013 (17,304,548) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2018 - - 203 EUR 5,064 7,609 (7,156) ANIMA (96,300) 108,215 202,306 (204,515) (270,670) 1,617,033 (4,625,831) 17,388,678 16,341,437 21,799,530 (33,934,630) (17,593,193) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - EUR 2,873 1,948 20,796 ANIMA (57,140) (24,600) 438,071 (127,452) 9,321,663 1,022,376 6,754,148 7,776,524 1,389,002 (6,191,059) (8,299,287) 15,108,122 25,231,154 (33,530,441) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Asia/Pacific Equity - EUR 78,827 13,925 (89,588) 714,315 744,843 (364,321) (201,236) (924,451) 2,764,481 3,019,939 (5,990,049) (9,012,643) 22,139,843 16,149,794 16,864,109 (99,638,609) Year ended Year 121,778,452 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA U.S. Equity ANIMA - EUR 10,229 ANIMA 525,793 130,887 140,797 (278,433) (382,617) (1,050,013) 47,645,069 31,762,294 79,407,363 75,874,672 13,215,943 (28,229,603) (62,648,761) Year ended Year 138,004,389 258,779,075 (287,008,678) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 109 ------(468) EUR (14,836) 714,767 5,549,760 8,680,097 (1,991,502) (1,921,250) (7,965,330) 34,273,618 35,910,158 (43,875,488) (43,875,488) Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 - - - - 530 EUR (18,879) 825,259 Statement of Cash Flows (308,961) 2,312,449 2,810,939 7,962,774 (5,538,711) 13,775,443 57,874,634 55,663,160 (67,126,154) (11,462,994) (75,088,928) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2018 - - - - - EUR (1,678) (14,067) 553,441 622,585 (163,528) 5,474,580 3,518,079 (4,851,995) (4,494,645) 38,609,113 39,750,885 (43,461,108) (44,014,549) Year ended Year for the financial year ended 31 December 2018 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2018 - EUR 6,457 16,186 604,731 126,370 804,752 (196,457) 5,163,975 7,425,083 (1,221,760) 47,538,836 54,963,919 (23,331,941) (94,552,782) Year ended Year 160,870,156 142,091,618 141,395,167 (235,947,949) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2018 - EUR 15,142 26,871 422,677 (814,202) (785,505) 5,190,855 (5,645,341) 41,817,956 72,332,007 10,724,090 (33,234,406) Year ended Year 114,149,963 373,016,300 339,776,956 246,557,593 (544,516,593) (297,959,000) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2018 - - - - - 3 EUR 19,877 (20,125) (88,558) (126,629) 3,153,083 1,695,600 (2,560,000) (3,133,206) (2,862,065) 402,976,477 404,358,129 (403,549,683) (406,109,683) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2018 - - 885 EUR 6,562 81,708 (60,718) (498,462) 3,483,164 5,656,201 3,752,206 (3,936,163) (4,542,169) (1,903,995) (56,424,792) Year ended Year 174,261,566 117,836,774 ANIMA Euro ANIMA (114,328,847) (119,740,769) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2018 - - - 513 443 EUR 1,335 (9,801) (5,164) ANIMA 132,027 247,000 392,785 6,903,787 5,358,526 1,468,525 (1,679,136) (6,681,266) (6,434,266) (1,075,740) Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Please refer to note 24 the financial statements for details of Fund terminations during the financial year. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 110 ------3 EUR 3,411 6,154 (5,097) (3,397) ANIMA (61,662) 1,962,854 1,962,854 (8,041,652) (8,097,146) 10,060,000 10,060,000 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond (continued) 31 December 2018 - - - - EUR (1,998) (3,161) 15,296 75,774 (26,750) 695,190 116,540 386,326 Statement of Cash Flows (619,416) 2,263,387 1,147,147 1,222,921 1,339,461 (1,129,538) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2018 ------704 EUR (2,668) ANIMA (23,156) 248,570 1,392,565 2,778,637 3,027,207 3,205,620 1,386,072 5,904,767 (1,796,392) (4,512,202) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2018 - EUR 7,634 9,087 87,569 (92,187) (74,846) 467,479 171,957 396,830 499,546 6,836,971 (7,174,780) (1,455,381) (1,058,551) 15,536,665 14,478,114 23,853,484 (25,308,865) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2018 - 40 EUR (50,677) (60,907) 808,029 101,523 221,873 869,463 (131,476) 3,114,690 3,922,719 1,627,180 (1,507,494) 41,526,460 13,124,931 41,134,055 (51,536,701) (38,411,770) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ANIMA Star High ANIMA 31 December 2018 - - - - - EUR 2,802 (6,555) 19,722 ANIMA 274,462 (253,161) 2,159,601 1,895,951 4,055,552 (1,975,895) (9,527,929) (9,527,929) 13,619,600 11,687,530 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2018 - - - - EUR 6,333 67,567 66,775 33,630 (14,635) (149,304) (6,793,616) 39,532,505 39,532,505 16,060,828 13,655,824 29,716,652 (23,471,677) (16,846,033) Year ended Year ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2018 - - - - 28 EUR (4,101) (6,247) (48,234) 832,917 724,318 866,434 541,314 323,231 (918,663) (108,599) 2,804,000 1,590,752 (1,971,083) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow)/inflow from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 111 ------4 891 (452) EUR (4,949) (6,783) 10,691 368,933 (368,042) 3,854,959 3,853,918 (4,221,960) (4,221,960) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2018 - - - - - 3 746 EUR (1,453) (4,198) 13,270 32,189 ANIMA Statement of Cash Flows (812,788) 4,216,112 4,216,112 (3,506,532) 38,585,172 37,772,384 (30,061,557) (33,556,272) Solution EM Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------EUR 9,036 (5,147) ANIMA 148,782 6,618,903 2,967,338 1,302,444 4,269,782 (3,922,112) (3,651,565) (3,651,565) 10,531,979 Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2018 - - - - - 20 EUR 4,205 (3,871) 10,009 ANIMA 107,470 453,740 7,072,866 4,193,759 4,301,229 8,214,283 (2,879,107) (2,879,107) (1,155,631) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2018 ------EUR (3,700) (7,698) ANIMA 211,452 453,562 137,174 (929,017) 1,895,117 2,348,679 46,366,958 45,645,693 (43,750,576) (43,750,576) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2018 ------847 EUR ANIMA (10,336) 121,170 192,563 169,324 5,527,787 5,720,350 (3,182,109) 34,016,177 30,956,085 (25,428,298) (25,428,298) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2018 - - - 3 EUR 2,211 61,477 ANIMA (42,858) (44,455) 239,975 (420,318) (875,404) (100,922) (1,306,115) 85,748,000 85,748,000 16,168,034 16,168,034 (69,579,966) (66,938,684) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - - EUR 1,280 11,837 13,337 ANIMA (10,191) (32,714) 470,009 761,883 (154,362) 6,855,290 4,085,086 4,914,360 3,582,340 7,667,426 8,429,309 (1,332,020) (3,087,497) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3 4

ANIMA Funds Plc 112 - EUR 4,794 12,145 ANIMA (40,042) 117,587 229,056 (102,989) 3,387,237 1,027,014 5,604,639 68,064,688 10,287,981 15,892,620 62,416,082 31,800,609 (10,192,589) (52,128,101) (83,928,710) Year ended Year Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 ------EUR 8,616 2,014 58,665 11,692 (18,347) Statement of Cash Flows (239,820) (239,820) 1,032,534 5,852,959 5,613,139 (1,351,327) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2018 - - - - 3 373 EUR (1,359) (8,446) (6,842) 11,916 ANIMA (141,436) 1,079,917 1,079,917 (2,751,398) (1,008,727) (9,634,157) 11,859,163 14,610,561 (10,779,246) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 - - 111 EUR 7,556 (8,528) ANIMA (22,058) (84,129) 107,534 882,027 556,325 (943,100) 8,453,981 1,825,127 (1,719,220) (7,770,893) (9,397,081) (5,456,000) 13,909,981 Year ended Year Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - - - - EUR (2,631) (3,923) ANIMA 882,088 174,448 829,897 322,906 (776,222) 2,199,320 1,152,803 (2,680,831) 23,462,567 21,059,419 (22,428,842) (20,229,522) Year ended Year Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------4 EUR 1,276 (1,541) 19,147 56,739 (42,441) (55,463) 263,709 (263,589) 8,126,173 8,366,588 (8,158,462) (8,422,051) BRIC 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Cedola ANIMA 31 December 2018 - - - - - 5 EUR 61,862 15,668 46,600 (24,250) (35,794) 185,389 (789,474) (169,721) (108,445) 29,039,287 29,826,943 (29,209,008) (29,209,008) ANIMA Attiva ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2018 ------4 391 EUR (1,050) 31,886 (23,937) (16,088) (10,717) 684,073 (683,682) 7,643,130 7,624,274 (8,307,956) (8,307,956) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2018 2017 Global Bonds 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Please refer to note 24 the financial statements for details of Fund terminations during year. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3 4 5

ANIMA Funds Plc 113 ------3 (570) EUR 44,117 ANIMA 3,068,403 (3,145,461) 13,080,129 13,080,129 119,321,516 119,321,516 (106,208,446) (106,241,387) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Brightview 2024-IV ------3 EUR 68,699 67,557 67,557 ANIMA (17,927) Statement of Cash Flows (727,407) (3,152,529) (1,012,362) 20,753,139 115,344,292 114,616,885 (131,206,275) (114,549,328) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III ------3 EUR (1,022) 75,083 97,233 97,233 ANIMA (780,267) (6,990,757) (1,763,838) 21,541,346 98,683,129 96,919,291 (96,822,058) (110,667,463) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II - - - - - EUR 1,375 (1,074) 89,593 ANIMA (553,586) 1,284,243 1,285,618 (5,753,779) (1,877,452) 17,840,130 77,952,773 76,075,321 (86,413,436) (74,791,078) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2018 - - - - - EUR (5,505) 14,837 16,656 17,473 73,484 90,957 ANIMA 572,362 (677,415) 8,867,066 4,483,897 (4,466,424) (3,789,009) (4,987,024) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-IV - - - - - EUR 8,541 (1,192) 37,299 ANIMA (52,350) 168,513 116,163 (609,159) 3,536,131 7,550,470 (3,588,481) (2,979,322) (2,536,419) (1,523,760) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-III - - - - - EUR (1,943) 36,058 80,694 58,621 ANIMA 118,722 139,315 (8,385,013) (1,753,386) (1,786,651) 22,255,064 12,271,445 (10,404,100) (12,190,751) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II 31 December 2018 - - - (732) EUR 5,414 (3,636) 15,100 51,778 48,142 ANIMA (34,009) 517,589 901,400 (350,112) 6,300,903 2,290,013 (4,548,993) (2,238,235) (1,888,123) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 114 ------3 EUR (2,646) 26,971 (42,414) (81,358) (1,991,791) 48,196,386 46,204,595 16,845,860 16,845,860 (29,261,934) (29,358,735) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) ANIMA Defensive ANIMA 31 December 2018 ------3 EUR (24,763) 308,487 Statement of Cash Flows (143,596) 1,554,025 1,554,025 (6,262,828) (1,166,557) 22,063,601 142,278,046 141,111,489 (155,523,128) (139,557,464) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 ------3 (978) EUR (306,659) (200,241) 2,485,638 2,485,638 6,341,795 1,160,946 (1,379,830) 30,662,742 30,969,401 (34,099,774) (28,177,104) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 ------3 EUR (6,995) 217,875 2,253,373 2,253,373 (2,736,725) 64,804,896 (17,666,623) (13,170,680) 310,366,271 307,629,546 (305,376,173) (339,561,641) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 ------3 EUR (6,927) 186,738 1,911,136 1,911,136 (2,339,110) 57,775,938 (10,607,696) (35,326,627) 256,975,512 254,636,402 (264,753,619) (252,725,266) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 - - EUR 13,372 56,215 387,220 (417,092) 6,391,819 4,266,459 4,322,674 Bilanciato (2,936,185) (1,626,741) (1,708,268) (2,125,360) 10,554,153 Year ended Year Europa 2023 - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 - - - - - (792) EUR 11,961 424,758 159,363 (313,360) (597,378) 7,630,338 3,250,960 3,410,323 (3,163,898) (3,782,000) (4,379,378) 10,670,877 Year ended Year Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 ------3 72 76 76 EUR 10,660 ANIMA (10,822) 250,000 250,000 (249,834) (249,924) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow)/inflow from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow/(outflow) from financing activities Net increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 115 ------698 (698) (698) (698) EUR Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) America Latina Cedola Plus 2017 31 December 2018 ------EUR 4,513 (4,513) (4,513) (4,513) Statement of Cash Flows Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Italia 2017 31 December 2018 ------EUR 3,102 (3,102) (3,102) (3,102) PRIMA for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2018 ------EUR 4,596 (4,596) (4,596) (4,596) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2018 PRIMA Protetto 100 PRIMA ------EUR 3,813 (3,813) (3,813) (3,813) ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Traguardo III 2016 Traguardo 31 December 2018 ------3 449 EUR 9,296 (6,697) 13,876 93,631 ANIMA (125,618) 2,853,722 2,853,722 20,400,000 20,400,000 (17,537,463) (17,546,278) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond ------3 EUR 9,921 (6,460) (52,194) 162,134 5,600,304 5,600,304 27,794,375 27,794,375 (22,313,932) (22,194,071) Real Assets Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 - - - - 3 73 EUR 21,973 ANIMA (20,984) (539,541) (206,810) (106,122) (116,618) 4,126,725 4,126,725 (3,551,588) 49,748,868 49,209,327 (45,082,602) (41,123,437) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 116 (continued) Statement of Cash Flows for the financial year ended 31 December 2018 ------EUR 4,980 (4,980) (4,980) (4,980) Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2018 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow from financing activities Net (decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 117 - - - - EUR 2,917 74,411 (87,519) (663,655) (356,198) 2,175,688 3,645,832 9,271,171 4,876,078 22,755,556 75,484,754 (18,360,463) (13,484,385) (93,845,217) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Corporate Bond 31 December 2017 ANIMA Short Term ANIMA ------EUR 41,540 (18,746) (94,370) 389,154 Statement of Cash Flows (940,231) 2,176,874 2,566,028 2,382,215 1,389,154 (1,000,000) (1,000,000) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2017 - - 2 (4) EUR (1,192) (1,834) (6,342) (1,155) 129,898 517,658 646,556 1,164,214 9,933,762 (6,383,274) (9,416,104) 16,189,489 30,419,962 (39,836,066) Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Global Bond ANIMA - - - 57 405 EUR 1,740 (6,804) 17,113 724,098 188,399 912,497 (293,531) (4,825,059) 57,052,745 67,471,252 (51,228,967) (56,328,647) (10,418,507) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Bond Dollar ANIMA - - - 15 30 (888) EUR 13,516 ANIMA (50,098) 1,618,359 1,029,378 (3,054,181) 15,139,779 16,758,138 54,451,657 56,463,802 (52,833,298) Year ended Year 192,455,706 (245,289,004) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Medium Term Bond Medium Term - - - - - EUR 2,675 ANIMA (16,295) (18,802) 452,471 6,298,904 3,950,819 (1,656,069) (2,348,085) 25,926,528 24,709,310 67,898,066 (94,955,461) (27,057,395) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2017 ------EUR 7,664 (70,880) (59,123) 7,166,540 4,548,956 (2,617,584) (3,626,150) Year ended Year 148,784,993 145,099,720 259,766,337 (407,483,641) (147,717,304) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2017 EUR 120,650 4,318,741 (1,581,968) (2,284,896) (9,334,480) (5,237,107) (2,103,320) 83,879,503 52,697,091 (65,329,586) (18,127,668) Year ended Year 179,290,919 198,292,713 268,155,412 250,027,744 (216,420,381) 2,558,761,176 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (2,765,847,077) Total Company Total 31 December 2017 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 118 - - - 328 EUR (2,888) 72,943 ANIMA 353,409 159,688 495,829 195,903 (816,107) (100,251) 1,169,516 6,900,990 7,565,742 8,155,317 (8,381,849) (16,537,166) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 Variable Rate Bond Variable - - - - 188 EUR (2,127) (7,398) 22,988 10,642 ANIMA 436,943 392,499 Statement of Cash Flows (900,710) 3,431,986 2,562,779 2,252,773 (4,859,996) (4,423,053) (1,860,274) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2017 - - - EUR 1,372 (8,332) (4,483) (68,919) 877,545 764,233 (113,312) (482,417) 3,115,539 23,497,412 33,438,085 11,269,496 12,299,946 (23,610,724) (57,048,809) Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Euro Equity ANIMA - EUR 1,227 63,709 13,276 (50,719) (93,834) (19,675) 129,694 659,452 8,031,654 2,659,973 3,606,720 1,098,772 (2,947,268) (5,607,241) 13,136,213 (13,794,855) (10,476,240) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2017 - - EUR 3,445 (6,506) (2,260) 22,790 ANIMA (69,942) 443,552 108,215 (335,337) (264,614) 9,630,969 2,915,238 1,556,589 (9,966,306) 36,302,077 (26,671,108) (12,832,132) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - 929 EUR 37,848 30,435 10,566 ANIMA (29,821) (68,448) 726,723 (148,496) 5,530,151 6,305,902 9,645,963 6,754,148 1,556,103 (9,197,717) (2,891,815) 14,803,006 (24,000,723) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Asia/Pacific Equity - EUR 2,091 77,645 11,720 (29,731) (16,239) 114,060 714,315 4,929,222 3,886,581 (4,214,907) (1,080,384) 12,187,926 17,344,610 29,706,230 74,217,573 (33,921,137) Year ended Year (108,138,710) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA U.S. Equity ANIMA - 821 EUR 49,435 ANIMA 304,139 115,604 (392,430) (231,243) (1,274,891) 17,231,156 14,531,138 31,762,294 54,984,436 47,625,595 17,627,422 (85,455,623) Year ended Year 102,686,779 201,499,319 (286,954,942) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2017 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 119 ------EUR (29,611) (33,499) 6,304,834 3,933,400 4,787,360 3,892,737 8,680,097 (2,481,282) 35,589,594 43,316,935 (38,529,575) (38,529,575) Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 - - - - 2 EUR (41,502) 831,644 223,355 285,782 Statement of Cash Flows 2,728,687 11,046,756 13,775,443 15,567,350 34,237,748 51,145,879 16,931,053 (40,099,123) (57,030,176) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2017 - - - - - EUR (7,044) (28,141) 870,050 5,771,422 4,450,506 1,728,292 9,796,158 1,782,897 3,691,683 5,474,580 (2,147,018) (8,883,311) (8,013,261) Year ended Year for the financial year ended 31 December 2017 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2017 EUR 3,126 49,104 (12,428) 177,561 (364,397) (381,533) (406,452) 1,823,709 7,425,083 (3,351,693) (2,502,050) 73,348,460 77,506,779 (70,081,696) Year ended Year 221,614,683 (138,981,242) (143,430,156) (147,901,826) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2017 - EUR 4,846 (617,923) (571,281) (199,194) 5,309,355 1,358,488 (1,540,397) 32,840,380 32,915,339 39,416,668 72,332,007 17,248,397 Year ended Year 182,816,161 221,553,909 396,730,675 (585,369,245) (188,638,570) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2017 ------EUR (43,253) (28,783) (17,180) 745,557 2,174,692 2,895,121 4,071,217 3,181,866 3,153,083 (1,700,900) (4,100,000) (4,100,000) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2017 - - EUR 1,294 5,025 31,107 20,083 (30,380) 869,336 455,720 (547,899) 4,786,865 5,656,201 1,924,287 84,857,834 51,836,843 (47,049,978) (33,020,991) (48,933,276) Year ended Year ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2017 - - - 132 (639) EUR (7,239) (7,578) 88,802 ANIMA (18,063) 192,281 (885,642) 1,276,244 1,468,525 3,170,014 1,077,923 4,066,882 (2,155,252) (4,952,524) Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2

ANIMA Funds Plc 120 - 790 (132) EUR 3,444 78,661 ANIMA (52,732) (19,405) 253,852 324,620 761,883 (251,682) 5,050,284 8,391,299 (6,470,468) (6,117,749) (6,561,951) (1,511,667) (7,629,416) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Flexible Income 31 December 2017 - - - - EUR (1,213) (3,927) 12,108 28,383 (83,692) (40,070) 200,232 116,540 677,326 418,848 Statement of Cash Flows (797,582) (112,075) 1,339,160 (1,310,777) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2017 ------EUR (1,951) 58,013 ANIMA (10,157) 672,356 190,557 248,570 4,761,919 8,598,461 (5,233,561) (4,571,362) (3,836,542) Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2017 - EUR 3,102 1,043 (54,722) 815,062 224,323 943,719 (337,334) (158,446) 6,544,200 8,319,759 7,216,906 36,487,024 15,536,665 43,736,377 19,879,689 (35,416,618) (55,296,307) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2017 - 26 EUR (33,034) (23,976) 808,029 409,437 224,964 (213,103) (909,640) 3,162,720 1,590,199 (9,469,924) 73,526,713 13,097,377 10,277,953 70,663,208 (96,094,014) (82,996,637) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ANIMA Star High ANIMA 31 December 2017 - - - (462) EUR 8,874 (3,411) 28,193 ANIMA 291,606 120,052 123,655 (112,537) 1,772,296 1,895,951 (5,100,212) 19,909,925 14,809,713 (13,373,605) (13,037,417) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2017 - - - - 225 EUR 17,412 (15,477) (128,607) (388,194) 6,721,401 6,934,423 1,963,310 (1,766,787) 40,000,000 38,233,213 13,655,824 (31,511,812) (32,975,733) Year ended Year ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2017 ------3 EUR 20,344 141,464 866,434 866,434 (283,950) (192,296) (8,924,911) (9,239,349) 10,105,783 10,105,783 Period ended ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility 31 December 2017 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year ended 31 December 2017. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow)/inflow from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 121 ------3 EUR 9,319 (3,353) 19,415 ANIMA (295,200) 1,302,444 1,302,444 51,690,582 51,690,582 (50,102,257) (50,388,138) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Solution 2023-I 31 December 2017 - - - - 1 EUR 4,650 (3,383) (1,663) ANIMA (18,113) 107,470 619,556 Statement of Cash Flows (116,042) 1,239,712 1,294,652 1,369,217 (2,426,894) (2,426,894) (1,187,182) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2017 - - - - - 132 EUR (4,539) (7,771) ANIMA 262,693 453,562 353,128 (547,250) 9,257,369 1,000,812 38,161,228 47,676,751 (48,224,001) (48,224,001) Year ended Year for the financial year ended 31 December 2017 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2017 ------EUR (6,320) (5,653) ANIMA 351,365 192,563 437,340 6,506,765 1,764,675 (1,572,112) 28,075,599 34,927,409 (36,499,521) (36,499,521) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2017 ------4 105 EUR 8,281 3,813 (3,251) (9,245) (4,176) 96,168 ANIMA (92,355) 3,972,051 3,976,266 (4,064,406) (4,064,406) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo ------4 EUR 4,596 (5,017) (4,754) (11,002) 202,829 (198,233) 8,206,666 8,190,910 (8,389,143) (8,389,143) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA ------EUR 4,485 (4,485) (4,485) (4,485) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Energia Pulita 31 December 2017 PRIMA Protetto 100 PRIMA ------(8) EUR 3,862 (3,862) (3,862) (3,862) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC 2016 31 December 2017 PRIMA Protetto 100 PRIMA 1 1 2 ANIMA Funds Plc This Fund launched during the financial year ended 31 December 2017. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow)/inflow from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3 4

ANIMA Funds Plc 122 - - - - - 4 698 462 EUR (12,968) (63,477) (10,078) 130,501 450,587 (449,889) 6,795,585 13,233,195 20,082,836 (20,532,725) (20,532,725) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) America Latina Cedola Plus 2017 31 December 2017 ------EUR 12,480 (12,480) (12,480) (12,480) Statement of Cash Flows Dinamico Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Mulitcorporate PRIMA 2015 Bond 31 December 2017 ------EUR 13,248 (13,248) (13,248) (13,248) for the financial year ended 31 December 2017 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Mulitcorporate PRIMA 2015 Bond 31 December 2017 - - - - EUR (3,028) (1,886) 11,571 86,778 145,228 490,431 193,642 684,073 (107,357) (339,326) 6,513,832 6,560,246 (5,817,267) (6,069,815) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2017 2017 Global Bonds ------4 EUR 7,147 3,102 (4,903) 91,024 PRIMA (12,581) (17,818) (87,922) 1,788,344 11,283,664 13,048,756 (13,136,678) (13,136,678) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 - - - 4 (132) EUR (2,261) (1,119) (1,242) 83,058 (71,937) 110,846 285,875 368,933 (129,865) 2,377,667 2,414,183 (1,998,447) (2,128,308) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2017 ------859 (859) (859) (859) EUR Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate 2 PRIMA Bond 2016 PRIMA 31 December 2017 ------3 EUR (1,066) 16,831 89,222 (22,963) (10,378) (89,222) 8,924,927 8,908,417 (8,997,639) (8,997,639) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate PRIMA Bond 2016 PRIMA 31 December 2017 1 1 2 ANIMA Funds Plc This Fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow) from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3 4

ANIMA Funds Plc 123 - EUR 1,799 1,882 16,529 ANIMA (65,023) (82,598) 167,032 596,848 2,755,771 2,848,868 5,604,639 (2,128,709) (1,835,978) 74,920,663 (68,318,743) (72,164,892) (71,560,570) Year ended Year 146,481,233 Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 - - - - 268 EUR 6,479 73,343 (95,809) (16,022) Statement of Cash Flows (938,468) 1,202,722 7,000,000 6,061,532 4,694,147 1,158,812 5,852,959 (2,554,120) (1,367,385) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2017 - 22 EUR 3,296 (4,743) 30,648 27,536 ANIMA (11,649) (61,690) 192,409 262,950 443,027 (937,117) 2,499,294 2,789,285 1,562,177 1,825,127 2,257,054 (3,726,402) Year ended Year for the financial year ended 31 December 2017 Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - - - - EUR (2,962) 14,356 ANIMA 102,581 220,325 322,906 701,922 163,683 (631,525) (548,993) 2,475,964 26,717,899 27,018,456 (26,615,318) (29,091,282) Year ended Year Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - - - - EUR 56,739 48,851 91,311 ANIMA (28,546) (93,891) (20,367) 231,194 151,137 (174,455) 2,525,259 1,608,929 4,305,630 (4,386,194) (4,480,085) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC 2018 31 December 2017 ------EUR (1,710) 62,806 (21,672) (79,518) 264,907 185,389 176,842 (984,322) 13,570,116 14,336,462 (13,649,634) (13,649,634) Year ended Year ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2017 - - - - - 3 EUR 4,513 (9,916) 66,352 43,153 (10,511) 159,746 (220,159) (155,233) 5,209,624 2,176,060 7,485,273 (7,640,506) (7,420,347) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 - - - - - 3 EUR 4,980 (4,685) 18,332 (38,669) 111,489 168,334 (381,587) (106,509) 6,421,808 3,079,546 9,649,351 (9,755,860) (9,374,273) Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 1 1 2 ANIMA Funds Plc This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash inflow/(outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash (outflow)/inflow from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 124 (continued) ------3 (623) EUR 18,690 56,215 56,215 Statement of Cash Flows (225,771) (505,515) 6,967,052 (1,841,456) 43,303,484 43,077,713 Bilanciato (43,021,498) (47,660,269) Europa 2023 Period ended - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 ------3 EUR (3,052) 21,227 546,791 159,363 159,363 4,482,255 (1,651,575) (1,707,398) 44,140,418 42,433,020 (42,273,657) (45,672,355) for the financial year ended 31 December 2017 Europa 2022 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 ------3 EUR 1,446 3,238 1,375 1,375 (4,903) ANIMA 250,000 250,000 (248,406) (248,625) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2017 ------3 (69) EUR 73,484 73,484 21,982 ANIMA 833,609 (512,756) 68,303,220 68,303,220 13,590,315 (68,229,736) (82,162,886) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-IV ------3 (178) EUR 43,378 11,329 ANIMA 168,513 168,513 (551,081) (544,522) 60,917,704 60,366,623 14,475,960 (60,198,110) (74,184,255) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-III - - - - - 3 EUR 4,407 1,320 82,573 58,621 58,621 ANIMA 2,104,445 (1,059,339) (2,835,209) 31,736,403 176,948,123 174,112,914 (174,054,293) (206,918,375) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Brightview 2023-II - - - 3 EUR 2,322 (2,462) (3,636) (3,636) 24,756 ANIMA (68,617) (94,549) 999,578 (829,154) 3,640,080 (1,501,260) 35,837,915 35,008,761 (35,012,397) (37,107,356) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2017 1 1 2 ANIMA Funds Plc Cash and cash equivalents include at bank in hand overdrafts. Withholding tax shown in the Statement of Comprehensive Income represents amounts paid for tax. This Fund launched during the financial year ended 31 December 2017. Cash flows from operating activities Total comprehensive income attributable to holders of redeemable shares before distributions Movement in cash with/due to broker Movement in financial assets at fair value through profit or loss Unrealised movement on derivative assets and liabilities Movement in receivables Movement in payables Net cash (outflow) from operating activities Cash flows from financing activities Amounts received on issue of Redeemable Participating Shares Amounts paid on redemption of Redeemable Participating Shares Distributions paid to shareholders Net cash inflow from financing activities Net (decrease)/increase in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year Supplementary information Taxation paid Interest received Interest paid Dividend received The accompanying notes form an integral part of the Financial Statements. 1 2 3

ANIMA Funds Plc 125 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018

1. Significant Accounting Policies

a) Basis of preparation

These Financial Statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (EU) and in accordance with the provisions of the Companies Act, 2014 and authorised by the Central Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and under the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities)) Regulations 2015, as amended (the “Central Bank UCITS Regulations”). The Financial Statements have been prepared on a historical cost basis, except for financial assets and financial liabilities held at fair value through profit or loss, that have been measured at fair value.

The significant accounting policies are set out below.

The preparation of Financial Statements in conformity with IFRS requires the use of certain critical estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

International Financial Reporting Standards:

(i) New standards, amendments and interpretations issued but effective for the financial year beginning on or after 1 January 2018

• IFRS 9 became effective for periods beginning on or after 1 January 2018. IFRS 9 largely retains the existing requirements of IAS 39 for the recognition, classification and measurement of financial instruments. However, as it specifically relates to financial assets, the following categories included in IAS 39; held to maturity, loans and receivables and available for sale, are no longer available under IFRS 9. The adoption of IFRS 9 has not had a significant effect on the Company’s accounting policies related to financial liabilities and derivative financial instruments (for derivatives that are used as hedging instruments). Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortised cost; Fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and on its contractual cash flow characteristics.

The Directors of the AIFM have determined to fair value all financial instruments through profit or loss as permitted by IFRS 9, as all financial instruments are managed on a fair value basis. Therefore there is no change to classifications when compared to the previous annual audited financial statements.

• IFRS 15 “Revenue from Contracts with Customers” was issued in May 2014 and has become effective for year beginning on or after 1 January 2018. The new standard has not had any impact on the Company’s financial position, performance or disclosures in its financial statements.

(ii) New standards, amendments and interpretations issued but effective for the financial year beginning on or after 1 January 2019 and not early adopted

• IFRS 16 “Leases” was issued in January 2016 and will become effective for year beginning on or after 1 January 2019. The new standard is not expected to have any impact on the Company’s financial position, performance or disclosures in its financial statements.

• IFRIC 23 “Uncertainty over Income Tax Treatments” was issued by the IASB on 7 June 2017 and will become effective for periods beginning on or after 1 January 2019, with earlier adoption permitted. IFRIC 23 is an interpretation which clarifies how to apply the recognition and measurement requirements in IAS 12 “Income Taxes” when there is uncertainty over tax treatments. IFRIC 23 was developed as an interpretation of IAS 12 and so it relates only to income taxes within the scope of that standard. The Trust is currently evaluating the impact, if any, that this update will have on its financial statements.

There are no other standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the Company.

ANIMA Funds Plc 126 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

1. Significant Accounting Policies (continued)

b) Comparative cash flow

Certain prior year figures have been reclassified to correspond to current year presentation of cash flows from operating activities in the Statement of Cash Flows. The presentation has changed from the direct method to the indirect method as the management decided to change to this presentation from this cycle on.

c) Financial Instruments

(i) Classification

IFRS 9 sets out the requirements for recognition and measurement of all financial assets and financial liabilities including derivative instruments. The Company has classified all financial instruments as financial assets or financial liabilities at fair value through profit or loss.

The category of financial assets and financial liabilities at fair value through profit or loss comprises:

Financial assets and liabilities held for trading: financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. These include equity instruments, bonds, futures, exchange traded funds, forward contracts, equity swaps, portfolio swaps, interest rates swaps and coupon swaps. These assets are acquired principally for the purpose of generating a profit from short-term fluctuations in price. All derivatives and liabilities from short sales of financial instruments are classified as held for trading. The Company’s policy is not to apply hedge accounting.

Financial instruments designated as at fair value through profit or loss upon initial recognition:

These include financial assets or financial liabilities that are not held for trading, such as certain Investment Funds. These financial instruments are designated on the basis that their fair value can be reliably measured and their performance has been evaluated on a fair value basis in accordance with the risk management and/or investment strategy as set out in the Company’s offering document.

(ii) Recognition

All regular way purchases and sales of financial instruments are recognised on the trade date, which is the date that the Company commits to purchase or sell an asset. Regular way purchases or sales are purchases or sales of financial instruments that require delivery of assets within the period generally established by regulation or convention in the market place. Realised gains and losses on disposals of financial instruments are calculated using average cost method.

(iii) Derecognition

A financial asset (or, where applicable part of a financial asset or part of group of similar assets) is derecognised where;

● The rights to receive cash flows from the assets have been expired; or

● The Company transferred its rights to receive cash flows from assets or has assumed an obligation to pay the received cashflows in full without material delay to a third party under ‘pass through’ arrangements;

● Either (a) the Company has transferred substantially all the risks and rewards of the assets, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the assets, but has transferred control of the asset.

When the Company has transferred its right to receive cash flows from an asset or has entered into a pass through arrangement and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the right and obligations that the Company has retained.

The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires.

ANIMA Funds Plc 127 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

1. Significant Accounting Policies (continued)

c) Financial Instruments (continued)

(iv) Initial Measurement

Financial instruments categorised at fair value through profit or loss are recognised initially at fair value, with transaction costs for such instruments being recognised directly in the Statement of Comprehensive Income.

(v) Subsequent measurement

After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss at their fair values. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The fair value of financial instruments is based on their quoted market price on a recognised exchange or sourced from a reputable broker/counterparty in the case of non- exchange traded instruments, at the statement of financial position date without any deduction for estimated future selling costs. Financial assets and financial liabilities are priced at their last traded prices.

If a quoted market price is not available on a recognised stock exchange or from a broker/counterparty, the fair value of the financial instruments may be estimated by the Company using valuation techniques, including the use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cashflow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.

Where the Company has assets and liabilities with offsetting market risks, it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions.

Investments in investment funds are recorded at the net asset value per share as reported by the Administrator of such Funds at period end, as this is deemed by the Directors to approximate fair value for these investments.

Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in the Statement of Comprehensive Income. Interest earned or incurred is accrued in interest income or expense, respectively, according to the terms of contract.

d) Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount reported in the statement of financial position where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously. Refer to Note 3 on page 297 for further details of the Funds where Offsetting is applicable.

e) Cash and Cash Equivalents

Cash comprises current deposits with bank or Depositary and bank overdrafts. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

f) Income

(i) Bond income

Income earned arising on fixed interest securities and liquidity instruments is recognised on an effective yield basis. Bond income on securities classified as financial assets at fair value through profit or loss are accounted for through the Statement of Comprehensive Income under net gains/(losses) on financial assets and liabilities at fair value through profit and loss.

(ii) Dividend income

Dividends, gross of withholding taxes, where applicable, are included as income when the security is declared to be ex- dividend. Withholding tax is recorded separately in the Statement of Comprehensive Income.

ANIMA Funds Plc 128 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

1. Significant Accounting Policies (continued)

f) Income (continued)

(iii) Deposit interest

Deposit interest is accounted for on an accruals basis.

(iv) Investment Fund income

Investment fund income is derived from the underlying funds distributions and accounted for when announced by the underlying funds.

(v) Securities Lending income

Securities lending income is accounted for on an accruals basis.

(vi) Swap income

Swap income is calculated on a discounted cash flow basis. It is released from the swap on a quarterly basis to meet the expenses of the Company.

g) Fees and Charges

In accordance with the Prospectus, management fees, administration fees, Depositary fees and other operating expenses are charged to the Statement of Comprehensive Income on an accruals basis.

h) Derivative Instruments

Changes in the value of the derivatives are recognised as gains and losses by marking to market on a daily basis to reflect the value of the derivative at the end of each day’s trading. All listed derivatives are valued at official settlement price established each day on which they are traded. Non-listed derivative instruments are valued as per counterparty price. The Company’s investment therein, representing unrealised gain or loss on such contracts, is included in the Statement of Comprehensive Income within the Net gains/(losses) on financial assets and liabilities and on the Statement of Financial Position within financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss.

Typically, financial derivative instruments (“FDIs”) serve as components of the Company’s investment strategy and are utilised primarily to structure and economically hedge investments to enhance performance and reduce risk to the Company (the Company does not designate any FDIs as hedges for hedge accounting purposes as described under IAS 39 Financial Instruments: Measurement). The Company records its FDI activities on a mark to market basis. Fair values are determined using counterparty prices. For Over The Counter (“OTC”) FDIs, the Company may enter into master netting agreements with its counterparties, therefore, assets represent the Company’s unrealised gains, less unrealised losses for OTC FDI in which the Company has a master netting agreement. There is no netting in the Statement of Financial Position on any of the Funds. (Please refer to Note 3 for details).

i) Redeemable Participating Shares

Redeemable Participating Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. These shares can be put back to the Company on any Dealing Day for cash equal to a proportionate share of the Fund’s net asset value.

j) Gains and Losses on Investments

Realised gains or losses on disposal of investments during the financial year and unrealised gains and losses on valuation of investments held at the financial year end are accounted for through the Statement of Comprehensive Income under net gains/(losses) on financial assets and liabilities at fair value through profit and loss.

ANIMA Funds Plc 129 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

1. Significant Accounting Policies (continued)

k) Taxation

The Company is exempt from all forms of taxation in Ireland, including income, capital gains and withholding taxes. However, in some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the income. Withholding tax is a generic term used for the amount of withholding tax deducted at the source of the income and is not significant for the Company. The Company presents the withholding tax separately from the gross investment income in the Statement of Comprehensive Income. For the purpose of the Statement of Cash Flows, cash inflows from investments are presented net of withholding taxes, when applicable.

l) Foreign Exchange

The functional and presentation currency of the Company is Euro. The Directors have determined that this reflects the Company’s primary economic environment, as the majority of the Company’s Net Assets Attributable to Holders of Redeemable Participating Shares are denominated in Euro.

Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit or loss are recognised together with other changes in the fair value. Net currency gains/(losses) as set out in Note 5, these include net foreign exchange gains and losses on monetary financial assets and liabilities other than those classified at fair value through profit or loss.

Assets and liabilities denominated in foreign currencies, other than the functional currency of the Company, have been translated at the rate of exchange ruling at 31 December 2018. Refer to Note 16 on page 448 for further details. Transactions in foreign currencies are translated into Euro at the exchange rate ruling at the date of the transaction. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the financial year.

m) Distributions to Holders of Redeemable Participating Shares

Distributions to Holders of Redeemable Participating Shares are recognised as financial costs in the Statement of Comprehensive Income when declared to Holders of Redeemable Shares.

n) Collateral

The Company’s assets may be pledged as collateral to, and be held by a counterparty and/or brokers for open futures and swap contracts. A Fund may also receive collateral in the form of cash or stock from counterparties for derivative contracts. This collateral is held ultimately for the benefit of the Company’s trading counterparties, and therefore does not form part of the net assets of the relevant Fund.

o) Subscriber Shares

The Company’s Subscriber Shares are classified as equity in accordance with the Company’s Articles of Association. These shares do not participate in the profits of the Company.

p) Amounts due to/from broker

Amounts due from and amounts due to brokers represents cash held with brokers, for financial derivative contracts on the Statement of Financial Position date.

q) Options

Each Fund may purchase and sell (write) call and put options on securities, securities indices and foreign currencies traded on a national securities exchange or in an over-the-counter market.

When a Fund writes a call or a put option, a premium is received by the Fund. The premium is subsequently marked-to market to reflect the fair value of the option written, which is reported within financial assets or liabilities at fair value through profit or loss on the Statement of Financial Position for each relevant Fund. The difference between the premium amount and the fair value reported on the Statement of Financial Position gives rise to an unrealised gain (loss).

ANIMA Funds Plc 130 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

1. Significant Accounting Policies (continued)

q) Options (continued)

When a Fund purchases a call or a put option, a premium is paid by the Fund. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is included in determining initial fair value of the securities or foreign currency purchased. Premiums paid on the purchase of options which expire unexercised are treated as realised losses. The option is subsequently marked to market to reflect the fair value of the option purchased, which is reported within financial assets at fair value through profit or loss on the Statement of Financial Position for each relevant Fund. The over-the-counter options are valued at close of business on the dealing day at the settlement price as provided by the counterparty/broker and the values are independently valued, at a minimum, weekly. The fair value of exchange traded options are based upon their quoted daily settlement prices on the relevant exchange. In the event of it being impossible or incorrect to carry out a valuation of a specific investment in accordance with the valuation rules, or if such valuation is not representative of a security’s fair market value, the Directors are entitled to use other generally recognised valuation methods in order to reach a proper valuation of that specific instrument, provided that such method of valuation has been approved by the Depositary.

If an option which a Fund has written either expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, a Fund realises a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealised gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which a Fund has written is exercised, a Fund realises a capital gain or loss from the sale of the underlying security, and the proceeds from such sales are increased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option.

r) Futures Contracts

Initial margin deposits are made upon entering into futures contracts and are generally made in cash or cash equivalents. The fair value of futures contracts is based upon their current quoted daily settlement prices on the relevant exchange as of the Statement of Financial Position date under net gain/(losses) in the financial assets and liabilities at fair value through profit or loss. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised. For each relevant Fund, gains or losses on open futures contracts are shown in the Schedule of Investments and as appropriate, on the Statement of Financial Position as financial assets or liabilities at fair value through profit or loss.

s) Forward and Spot Foreign Currency Exchange Contracts

The fair value of open forward foreign currency exchange contracts and open foreign currency exchange spot contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Statement of Financial Position date. For each relevant Fund, gains or losses on open foreign currency exchange spot contracts are included in cash at bank in the Statement of Financial Position and gains or losses on open forward foreign currency exchange contracts are included in financial assets or liabilities at fair value through profit or loss, as appropriate, on the Statement of Financial Position and Schedule of Investments.

t) Unfunded Swaps

Realised gains or losses depend on the prices used to value the underlying financial instruments within the swaps at the swaps’ settlement dates and are recorded as net realised gains or losses in the Statement of Comprehensive Income for each relevant Fund.

Unrealised gains or losses are fair valued for the amounts expected to be received or paid under the swap agreements if such amounts were terminated at the valuation date.

Unrealised gains or losses are recorded as investments held at fair value through profit or loss in the Statement of Financial Position and the resulting movements in the unrealised gains or losses are recorded as net gains or losses in financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income for each relevant Fund.

ANIMA Funds Plc 131 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

1. Significant Accounting Policies (continued)

u) Funded Swaps

For funded swaps, there is a transfer of the notional amount on inception to the Approved Counterparties, the principal amounts will be returned on the maturity of the swap together with any mark to market value of the underlying index (equity, hedge fund, commodity or real estate).

Unrealised gains or losses are fair valued for the amounts expected to be received or paid under the swap agreements if such amounts were terminated at the valuation date.

Unrealised gains or losses are recorded as investments held at fair value through Profit or loss in the Statement of Financial Position and the resulting movements in the unrealised gains or losses are recorded as net gains or losses in financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income for each relevant Fund.

v) Reverse Triparty Repurchase Agreements

Under a Reverse Triparty Repurchase Agreement, securities are purchased by the Company with the agreement to sell back to the counterparty at a specified future date and are transferred to a third-party agent responsible for the administration of the transaction. The securities purchased and held by the third-party agent represent for the Company a collateral against counterparty risk arising from the transaction. The difference between the purchase price paid by the Company and repurchase price received at the termination of the transaction is effectively the return on the loan made to the counterparty. As at 31 December 2018 Funds didn't invest in reverse triparty repurchase agreements.

w) Warrants

The valuation of the warrants depends on the level of trading. If the warrants are actively traded in the market then the market price is used. If the warrants are not actively traded in the market then either the intrinsic value of the warrant based on underlying equity price and warrant strike price or modified Black Scholes derived value, adjusted for liquidity/other risks deemed appropriate are used.

X) Total Return Swaps

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually a stock or fixed income index. This is owned by the party receiving the set rate payment. Total return swaps allow the party receiving the total return to gain exposure and benefit from a reference asset without actually having to own it. The fair value of these swaps is determined based on the mark to market valuation provided by the counterparty and validated by the Administrator. In determining the mark to market valuation, the counterparty makes assumptions that are based on market conditions existing on each Statement of Financial Position date and uses valuation techniques which include the use of comparable recent arm’s length transactions, discounted cash flow techniques, option pricing models and other valuation techniques commonly used by market participants. Movements in the fair value of swaps are recorded as unrealised gains or losses when marked to market, and are recorded as a realised gain or loss when the position is closed.

2. Fair Value of Financial Instruments

IFRS 13 requires disclosures relating to fair value measurements using a three-level fair value hierarchy. The level within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. Assessing the significance of a particular input requires judgement, considering factors specific to the asset or liability. The following table shows financial instruments recognised at fair value, categorised between those whose fair value is based on:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

ANIMA Funds Plc 132 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgement by the Company.

The Company considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to Investment Manager’s perceived risk of that instrument.

The Company uses widely recognised valuation models for determining fair values of over the counter derivatives. The most frequently applied techniques include forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. Where inputs in the models are market observable, such financial instruments are included within Level 2. For certain derivatives the valuation is carried out using counterparty prices.

The Company may invest in other Investment Funds from time to time. These investments are not quoted on an active market (with exception of exchange traded funds which are classified within Level 1) and which may be subject to restrictions such as lock up period, redemption gates and/or side pockets. Such investments are valued at the net asset value (NAV) per share published by the appointed third party administrator to those schemes. Such NAV’s may be adjusted where necessary, to reflect the effect of time passed since the calculation date, liquidity risk, limitations on redemptions and other factors. Depending on the fair value of the underlying Fund’s assets and liabilities and on the adjustments needed to the NAV per share published by such scheme, the Company classifies the fair value of that investment as either Level 2 or Level 3.

Valuation Techniques

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity- specific measure. Therefore, even when market assumptions are not readily available, Investment Manager’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Investment Manager uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

When fair values of listed equities as well as publicly traded derivatives at the reporting date are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy. When the Company has assets and liabilities with offsetting market risks, it uses last traded prices as a basis for establishing fair values for the off-setting risk positions.

The Company uses valuation models for determining fair values of OTC derivatives. For these financial instruments, inputs into models are market observable and are therefore included within Level 2. For certain derivatives the valuation is carried using counterparty prices.

On a day to day basis, counterparties provide the Administrator with mark to market valuations of their FDI. The Administrator will then compare these valuations against their own internal analysis, assessing the coherence of the variation against movements in market parameters. The Administrator was appointed by the Investment Manager as the competent person to carry out such valuation reviews.

All structured products are valued using weighted average counterparty prices. Structured products refer to OTC FDI which include swaps, options and reverse triparty repurchase agreements held on Funds.

The following is a summary of the fair valuations according to the inputs as at 31 December 2018 and 31 December 2017 in valuing the Funds assets and liabilities:

There have been no transfers between Level 1 and Level 2 on any of the Funds during the current financial year and prior financial year under review.

ANIMA Funds Plc 133 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Liquidity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 419,932,111 - - 419,932,111 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 419,932,111 - - 419,932,111 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Liquidity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 482,686,531 - - 482,686,531 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 482,686,531 - - 482,686,531 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Short Term Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 162,221,784 - - 162,221,784 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 162,221,784 - - 162,221,784 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Short Term Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 200,062,360 - - 200,062,360 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 200,062,360 - - 200,062,360 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Medium Term Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 475,279,216 - - 475,279,216 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 475,279,216 - - 475,279,216 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 134 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Medium Term Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 565,279,412 - - 565,279,412 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 565,279,412 - - 565,279,412 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Bond Dollar Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 125,397,589 - - 125,397,589 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 125,397,589 - - 125,397,589 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Bond Dollar Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 70,808,157 - - 70,808,157 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 70,808,157 - - 70,808,157 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (85) - - (85) Forward Currency Contracts - (131) - (131) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (85) (131) - (216) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 135 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Global Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 73,529,554 - - 73,529,554 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 73,529,554 - - 73,529,554 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Global Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 81,962,606 - - 81,962,606 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 81,962,606 - - 81,962,606 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Life Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 170,757,585 - - 170,757,585 Corporate Bonds - 60,943,061 - 60,943,061 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 170,757,585 60,943,061 - 231,700,646 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Life Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 172,940,178 - - 172,940,178 Corporate Bonds - 69,717,138 - 69,717,138 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 172,940,178 69,717,138 - 242,657,316 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 136 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Short Term Corporate Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 27,375,130 - - 27,375,130 Corporate Bonds - 207,203,326 - 207,203,326 Derivatives: Forward Currency Contracts - 301,695 - 301,695 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 27,375,130 207,505,021 - 234,880,151 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Short Term Corporate Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 18,696,049 - - 18,696,049 Corporate Bonds - 272,209,110 - 272,209,110 Derivatives: Forward Currency Contracts - 719,401 - 719,401 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 18,696,049 272,928,511 - 291,624,560 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (187,267) - (187,267) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (187,267) - (187,267) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 137 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Europe Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 397,149,153 - 35,727 397,184,880 Derivatives: Forward Currency Contracts - 213,040 - 213,040

Financial Assets designated at fair value through profit or loss: Investment Funds - 1,249,020 - 1,249,020 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 397,149,153 1,462,060 35,727 398,646,940 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (358,800) - - (358,800) Forward Currency Contracts - (22,186) - (22,186) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (358,800) (22,186) - (380,986) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Europe Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 534,265,094 - - 534,265,094 Derivatives: Rights/Warrants 36,319 - - 36,319 Forward Currency Contracts - 471,581 - 471,581

Financial Assets designated at fair value through profit or loss: Investment Funds - 1,403,640 - 1,403,640 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 534,301,413 1,875,221 - 536,176,634 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (468,600) - - (468,600) Forward Currency Contracts - (40,040) - (40,040) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (468,600) (40,040) - (508,640) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 138 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA U.S. Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 182,229,906 - - 182,229,906 Derivatives: Forward Currency Contracts - 3,091 - 3,091 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 182,229,906 3,091 - 182,232,997 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (838,424) - - (838,424) Forward Currency Contracts - (28,478) - (28,478) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (838,424) (28,478) - (866,902) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA U.S. Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 173,217,263 - - 173,217,263 Derivatives: Forward Currency Contracts - 10,806 - 10,806 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 173,217,263 10,806 - 173,228,069 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (113,008) - - (113,008) Forward Currency Contracts - (16,766) - (16,766) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (113,008) (16,766) - (129,774) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 139 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Asia/Pacific Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 43,338,485 - - 43,338,485 Derivatives: Futures Contracts 277 - - 277 Forward Currency Contracts - 19,304 - 19,304 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 43,338,762 19,304 - 43,358,066 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (340,541) - - (340,541) Forward Currency Contracts - (29,166) - (29,166) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (340,541) (29,166) - (369,707) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Asia/Pacific Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 58,446,607 - - 58,446,607 Derivatives: Futures Contracts 21,922 - - 21,922 Forward Currency Contracts - 99,802 - 99,802 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 58,468,529 99,802 - 58,568,331 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (8,928) - - (8,928) Forward Currency Contracts - (24,851) - (24,851) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (8,928) (24,851) - (33,779) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 140 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Global Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 38,303,134 - - 38,303,134 Derivatives: Forward Currency Contracts - 10,349 - 10,349 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 38,303,134 10,349 - 38,313,483 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (135,388) - (135,388) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (135,388) - (135,388) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Global Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 60,786,386 - - 60,786,386 Derivatives: Forward Currency Contracts - 211,444 - 211,444 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 60,786,386 211,444 - 60,997,830 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (134,177) - (134,177) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (134,177) - (134,177) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 141 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Emerging Markets Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 1,199,201 - - 1,199,201 Equities 34,319,876 266,170 2,018 34,588,064 Derivatives: Futures Contracts 8,313 - - 8,313

Financial Assets designated at fair value through profit or loss: Investment Funds 3,220,482 - - 3,220,482 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 38,747,872 266,170 2,018 39,016,060 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (48,296) - - (48,296) Forward Currency Contracts - (17,222) - (17,222) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (48,296) (17,222) - (65,518) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Emerging Markets Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Corporate Bonds - - 1,715 1,715 Equities 47,216,043 - 2,026 47,218,069 Derivatives: Futures Contracts 19,845 - - 19,845 Forward Currency Contracts - 169,314 - 169,314

Financial Assets designated at fair value through profit or loss: Investment Funds 2,673,177 - - 2,673,177 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 49,909,065 169,314 3,741 50,082,120 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (27,337) - - (27,337) Forward Currency Contracts - (210,853) - (210,853) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (27,337) (210,853) - (238,190) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 142 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Euro Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 110,841,000 - - 110,841,000 Derivatives: Rights/Warrants 39,369 - - 39,369 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 110,880,369 - - 110,880,369 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (1,132) - (1,132) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (1,132) - (1,132) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Euro Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 94,801,480 - - 94,801,480 Derivatives: Rights/Warrants 27,487 - - 27,487 Forward Currency Contracts - 322 - 322 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 94,828,967 322 - 94,829,289 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (328) - (328) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (328) - (328) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 143 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Global Currencies Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 6,376,254 - - 6,376,254 Derivatives: Forward Currency Contracts - 37,738 - 37,738 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 6,376,254 37,738 - 6,413,992 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (31,366) - (31,366) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (31,366) - (31,366) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Global Currencies Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 6,747,761 - - 6,747,761 Derivatives: Options - 4,547 - 4,547 Forward Currency Contracts - 34,662 - 34,662 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 6,747,761 39,209 - 6,786,970 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (43,554) - (43,554) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (43,554) - (43,554) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 144 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Variable Rate Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 32,823,532 - - 32,823,532 Corporate Bonds - 2,670,868 - 2,670,868 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 32,823,532 2,670,868 - 35,494,400 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (192,918) - - (192,918) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (192,918) - - (192,918) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Variable Rate Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 36,132,708 - - 36,132,708 Corporate Bonds - 4,529,983 - 4,529,983 Derivatives: Futures Contracts 158,440 - - 158,440 Forward Currency Contracts - 15,875 - 15,875 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 36,291,148 4,545,858 - 40,837,006 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (37,489) - (37,489) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (37,489) - (37,489) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 145 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Hybrid Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Corporate Bonds - 31,275,923 - 31,275,923 Derivatives: Forward Currency Contracts - 23,182 - 23,182 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 31,299,105 - 31,299,105 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (1,330) - (1,330) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (1,330) - (1,330) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Hybrid Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 695,781 - - 695,781 Corporate Bonds - 37,231,635 - 37,231,635 Derivatives: Forward Currency Contracts - 28,826 - 28,826 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 695,781 37,260,461 - 37,956,242 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (5,639) - (5,639) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (5,639) - (5,639) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 146 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Euro Government Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 238,609,318 - - 238,609,318 Corporate Bonds - 26,579,250 - 26,579,250 Derivatives: Forward Currency Contracts - 39,656 - 39,656

Financial Assets designated at fair value through profit or loss: Investment Funds 733,720 - - 733,720 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 239,343,038 26,618,906 - 265,961,944 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (3,216,300) - - (3,216,300) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (3,216,300) - - (3,216,300) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Euro Government Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 140,229,339 - - 140,229,339 Corporate Bonds - 10,612,312 - 10,612,312 Derivatives: Futures Contracts 377,925 - - 377,925

Financial Assets designated at fair value through profit or loss: Investment Funds 751,790 - - 751,790 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 141,359,054 10,612,312 - 151,971,366 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (71,405) - - (71,405) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (71,405) - - (71,405) –––––––––––– –––––––––––– –––––––––––– –––––––––––– ANIMA Funds Plc

ANIMA Funds Plc 147 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Flex 501 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Derivatives: Options - 1,092,200 - 1,092,200 Futures Contracts 603,400 - - 603,400

Financial Assets designated at fair value through profit or loss: Investment Funds* - 404,358,129 - 404,358,129 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 603,400 405,450,329 - 406,053,729 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

1 Please refer to note 24 to the financial statements for details of Fund terminations during the financial year.

ANIMA Funds Plc 148 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Star High Potential Europe Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 274,920,252 - - 274,920,252 Equities 232,300,932 - 41,367 232,342,299 Derivatives: Total Return Swaps - 7,743,275 - 7,743,275 Futures Contracts 715,410 - - 715,410 Forward Currency Contracts - 17,554 - 17,554 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 507,936,594 7,760,829 41,367 515,738,790 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Total Return Swaps - (2,654,042) - (2,654,042) Futures Contracts (97,940) - - (97,940) Forward Currency Contracts - (352,625) - (352,625) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (97,940) (3,006,667) - (3,104,607) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Star High Potential Europe Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 371,601,894 - - 371,601,894 Equities 500,435,329 - - 500,435,329 Derivatives: Total Return Swaps - 730,843 - 730,843 Futures Contracts 1,874,147 - - 1,874,147 Forward Currency Contracts - 426,787 - 426,787 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 873,911,370 1,157,630 - 875,069,000 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Total Return Swaps - (1,226,551) - (1,226,551) Futures Contracts (1,257,437) - - (1,257,437) Forward Currency Contracts - (821,498) - (821,498) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (1,257,437) (2,048,049) - (3,305,486) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 149 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Star Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 223,775,514 - - 223,775,514 Corporate Bonds - 46,537,035 - 46,537,035 Derivatives: Options - 8,982 - 8,982 Forward Currency Contracts - 1,477,269 - 1,477,269

Financial Assets designated at fair value through profit or loss: Investment Funds 22,420,513 - - 22,420,513 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 246,196,027 48,023,286 - 294,219,313 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (909,156) - - (909,156) Forward Currency Contracts - (2,077,045) - (2,077,045) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (909,156) (2,077,045) - (2,986,201) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Star Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 372,358,560 - - 372,358,560 Corporate Bonds - 48,692,768 - 48,692,768 Derivatives: Options - 944,903 - 944,903 Future Contracts 3,006,539 - - 3,006,539 Forward Currency Contracts - 2,661,112 - 2,661,112

Financial Assets designated at fair value through profit or loss: Investment Funds 41,085,464 - - 41,085,464 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 416,450,563 52,298,783 - 468,749,346 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (49,000) - - (49,000) Forward Currency Contracts - (2,908,511) - (2,908,511) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (49,000) (2,908,511) - (2,957,511) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 150 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Smart Volatility Europe Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 19,064,940 - - 19,064,940 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 19,064,940 - - 19,064,940 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (216,263) - - (216,263) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (216,263) - - (216,263) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Smart Volatility Europe Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 61,821,095 - - 61,821,095 Derivatives: Futures Contracts 554,659 - - 554,659 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 62,375,754 - - 62,375,754 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (934,560) - - (934,560) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (934,560) - - (934,560) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 151 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Smart Volatility Global Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 44,818,498 - - 44,818,498 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 44,818,498 - - 44,818,498 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (587,480) - - (587,480) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (587,480) - - (587,480) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Smart Volatility Global Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 112,715,252 - - 112,715,252 Derivatives: Futures Contracts 632,914 - - 632,914 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 113,348,166 - - 113,348,166 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (395,120) - - (395,120) Forward Currency Contracts - (15) - (15) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (395,120) (15) - (395,135) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 152 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Smart Volatility Italy Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 24,736,815 - - 24,736,815 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 24,736,815 - - 24,736,815 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (257,950) - - (257,950) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (257,950) - - (257,950) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Smart Volatility Italy Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 65,022,598 - - 65,022,598 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 65,022,598 - - 65,022,598 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (2,179,200) - - (2,179,200) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (2,179,200) - - (2,179,200) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 153 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Smart Volatility USA Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 8,383,597 - - 8,383,597 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 8,383,597 - - 8,383,597 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (130,935) - - (130,935) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (130,935) - - (130,935) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Smart Volatility USA Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 8,924,911 - - 8,924,911 Derivatives: Options - 149,720 - 149,720 Futures Contracts 41,596 - - 41,596 Forward Currency Contracts - 2,661 - 2,661 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 8,966,507 152,381 - 9,118,888 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (1,681) - (1,681) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (1,681) - (1,681) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 154 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Credit Opportunities Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 9,409,768 - - 9,409,768 Corporate Bonds - 114,302,935 - 114,302,935 Forward Currency Contracts - 93,197 - 93,197 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 9,409,768 114,396,132 - 123,805,900 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (14,526) - (14,526) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (14,526) - (14,526) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Credit Opportunities Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Corporate Bonds - 104,785,569 - 104,785,569 Derivatives: Forward Currency Contracts - 161,236 - 161,236 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 104,946,805 - 104,946,805 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (14,998) - (14,998) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (14,998) - (14,998) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 155 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Tesoreria Imprese Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 15,782,133 - - 15,782,133 Corporate Bonds - 8,568,858 - 8,568,858

Financial Assets designated at fair value through profit or loss: Investment Funds* - 998,748 - 998,748 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 15,782,133 9,567,606 - 25,349,739 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Options - (1,750) - (1,750) Futures Contracts (143,480) - - (143,480) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (143,480) (1,750) - (145,230) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Tesoreria Imprese Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 32,533,907 - - 32,533,907 Corporate Bonds - 5,428,349 - 5,428,349 Derivatives: Futures Contracts 157,760 - - 157,760 Forward Currency Contracts - 3,664 - 3,664

Financial Assets designated at fair value through profit or loss: Investment Funds* - 1,005,333 - 1,005,333 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 32,691,667 6,437,346 - 39,129,013 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (30,442) - (30,442) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (30,442) - (30,442) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

ANIMA Funds Plc 156 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Star High Potential Italy Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 23,828,525 - - 23,828,525 Corporate Bonds - 2,158,902 - 2,158,902 Equities 16,347,456 - - 16,347,456 Derivatives: Rights/Warrants - 38,933 - 38,933 Total Return Swaps - 195,400 - 195,400 Futures Contracts 277,264 - - 277,264

Financial Assets designated at fair value through profit or loss: Investment Funds - 208,170 - 208,170 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 40,453,245 2,601,405 - 43,054,650 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Star High Potential Italy Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 36,725,883 - - 36,725,883 Corporate Bonds - 4,449,240 - 4,449,240 Equities 42,879,106 - - 42,879,106 Derivatives: Rights/Warrants - 114,654 - 114,654 Total Return Swaps - 57,619 - 57,619 Options - 54,750 - 54,750 Futures Contracts 600,146 - - 600,146

Financial Assets designated at fair value through profit or loss: Investment Funds - 233,940 - 233,940 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 80,205,135 4,910,203 - 85,115,338 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (17,978) - - (17,978) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (17,978) - - (17,978) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 157 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Star High Potential Global Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 42,297,203 - - 42,297,203 Corporate Bonds - 2,946,870 - 2,946,870 Equities 14,707,707 - - 14,707,707 Derivatives: Total Return Swaps - 68,938 - 68,938 Futures Contracts 4,161 - - 4,161 Forward Currency Contracts - 216,385 - 216,385 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 57,009,071 3,232,193 - 60,241,264 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Total Return Swaps - (22,876) - (22,876) Futures Contracts (68,568) - - (68,568) Forward Currency Contracts - (428,806) - (428,806) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (68,568) (451,682) - (520,250) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Star High Potential Global Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 9,643,723 - - 9,643,723 Corporate Bonds - 15,235,347 - 15,235,347 Equities 37,244,881 - - 37,244,881 Derivatives: Total Return Swaps - 1,602 - 1,602 Options - 94,248 - 94,248 Futures Contracts 209,857 - - 209,857 Forward Currency Contracts - 1,039,622 - 1,039,622

Financial Assets designated at fair value through profit or loss: Investment Funds 4,664,800 - - 4,664,800 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 51,763,261 16,370,819 - 68,134,080 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Total Return Swaps - (3,184) - (3,184) Futures Contracts (51,477) - - (51,477) Forward Currency Contracts - (1,053,955) - (1,053,955) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (51,477) (1,057,139) - (1,108,616) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 158 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Active Selection Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets designated at fair value through profit or loss: Investment Funds* - 20,876,163 - 20,876,163 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 20,876,163 - 20,876,163 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Active Selection Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets designated at fair value through profit or loss: Investment Funds* - 24,081,783 - 24,081,783 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 24,081,783 - 24,081,783 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Smart Dividends Europe Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 2,165,207 - - 2,165,207 Equities 10,985,929 - - 10,985,929 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 13,151,136 - - 13,151,136 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Smart Dividends Europe Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 932,225 - - 932,225 Equities 14,482,298 - - 14,482,298 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 15,414,523 - - 15,414,523 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

ANIMA Funds Plc 159 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Flexible Bond1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 6,283,290 - - 6,283,290 Corporate Bonds - 1,052,151 - 1,052,151 Derivatives: Forward Currency Contracts - 2,813 - 2,813

Financial Assets designated at fair value through profit or loss: Investment Funds 706,210 - - 706,210 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 6,989,500 1,054,964 - 8,044,464 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (6,223) - (6,223) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (6,223) - (6,223) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Flexible Income Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 26,800,084 - - 26,800,084 Corporate Bonds - 6,698,640 - 6,698,640 Derivatives: Options - 1,148 - 1,148 Forward Currency Contracts - 190,097 - 190,097

Financial Assets designated at fair value through profit or loss: Investment Funds 2,472,953 - - 2,472,953 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 29,273,037 6,889,885 - 36,162,922 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Future Contracts (161,546) - - (161,546) Forward Currency Contracts - (238,694) - (238,694) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (161,546) (238,694) - (400,240) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 160 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Flexible Income Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 32,437,208 - - 32,437,208 Corporate Bonds - 7,610,675 - 7,610,675 Derivatives: Options - 89,621 - 89,621 Future Contracts 273,754 - - 273,754 Forward Currency Contracts - 203,000 - 203,000

Financial Assets designated at fair value through profit or loss: Investment Funds - 2,780,232 - 2,780,232 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 32,710,962 10,683,528 - 43,394,490 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Future Contracts (32,600) - - (32,600) Forward Currency Contracts - (273,909) - (273,909) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (32,600) (273,909) - (306,509) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Infrastructure1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 26,763,041 - - 26,763,041 Corporate Bonds - 1,816,177 - 1,816,177 Equities 35,857,500 - - 35,857,500 Derivatives: Total Return Swaps - 723,074 - 723,074 Futures Contracts 175,066 - - 175,066 Forward Currency Contracts - 29,855 - 29,855

Financial Assets designated as at fair value through profit or loss: Investment Funds 421,125 2,607,947 - 3,029,072 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 63,216,732 5,177,053 - 68,393,785 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Total Return Swaps - (14,882) - (14,882) Forward Currency Contracts - (37,709) - (37,709) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (52,591) - (52,591) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 161 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Solution 2022-I Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 23,070,572 - - 23,070,572 Corporate Bonds - 8,660,690 - 8,660,690

Financial Assets designated at fair value through profit or loss: Investment Funds* - 7,182,756 - 7,182,756 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 23,070,572 15,843,446 - 38,914,018 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Solution 2022-I Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 19,862,319 - - 19,862,319 Corporate Bonds - 13,768,340 - 13,768,340

Financial Assets designated at fair value through profit or loss: Investment Funds* 17,668,225 21,764,195 - 39,432,420 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 37,530,544 35,532,535 - 73,063,079 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Solution 2022-II Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 19,710,305 - - 19,710,305 Corporate Bonds - 9,639,792 - 9,639,792

Financial Assets designated at fair value through profit or loss: Investment Funds* 2,336,688 6,668,891 - 9,005,579 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 22,046,993 16,308,683 - 38,355,676 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

ANIMA Funds Plc 162 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Solution 2022-II Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 19,779,714 - - 19,779,714 Corporate Bonds - 19,405,905 - 19,405,905

Financial Assets designated at fair value through profit or loss: Investment Funds* 17,602,414 27,571,331 - 45,173,745 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 37,382,128 46,977,236 - 84,359,364 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Solution 2022-III Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 7,759,312 - - 7,759,312 Corporate Bonds - 8,657,238 - 8,657,238

Financial Assets designated at fair value through profit or loss: Investment Funds* 8,841,488 516,769 - 9,358,257 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 16,600,800 9,174,007 - 25,774,807 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Solution 2022-III Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 5,884,288 - - 5,884,288 Corporate Bonds - 10,237,182 - 10,237,182

Financial Assets designated at fair value through profit or loss: Investment Funds* 17,362,660 504,960 - 17,867,620 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 23,246,948 10,742,142 - 33,989,090 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

ANIMA Funds Plc 163 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Solution 2023-I Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets designated at fair value through profit or loss: Investment Funds* 3,135,313 36,434,965 - 39,570,278 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 3,135,313 36,434,965 - 39,570,278 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Solution 2023-I Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets designated at fair value through profit or loss: Investment Funds* 16,036,960 34,065,297 - 50,102,257 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 16,036,960 34,065,297 - 50,102,257 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Solution EM1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Investment Funds* 2,471,733 27,589,824 - 30,061,557 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 2,471,733 27,589,824 - 30,061,557 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

PRIMA Bond 2017 Crescita Imprese2 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 3,854,959 - - 3,854,959 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 3,854,959 - - 3,854,959 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 2 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year.

ANIMA Funds Plc 164 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Traguardo 2017 Global Bonds1 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 7,643,130 - - 7,643,130 Derivatives: Forward Currency Contracts - 6,321 - 6,321 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 7,643,130 6,321 - 7,649,451 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (22,409) - (22,409) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (22,409) - (22,409) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Attiva Cedola Plus 20182 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 26,999,879 - - 26,999,879

Financial Assets designated at fair value through profit or loss: Investment Funds* - 2,827,064 - 2,827,064 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 26,999,879 2,827,064 - 29,826,943 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (789,474) - (789,474) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (789,474) - (789,474) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

1 Please refer to note 24 to the financial statements for details of Fund conversion during the financial year. 2 Please refer to note 24 to the financial statements for details of Fund terminations during the financial year.

ANIMA Funds Plc 165 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Cedola BRIC 20181 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 5,791,122 - - 5,791,122 Derivatives: Swaps - 264,589 - 264,589 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 5,791,122 264,589 - 6,055,711 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (880) - (880) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (880) - (880) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Italian Bond Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 38,136,762 - - 38,136,762 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 38,136,762 - - 38,136,762 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (484,049) - - (484,049) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (484,049) - - (484,049) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year.

ANIMA Funds Plc 166 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Italian Bond Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 61,212,235 - - 61,212,235 Derivatives: Future Contracts 387,330 - - 387,330 Forward Currency Contracts - 12,249 - 12,249 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 61,599,565 12,249 - 61,611,814 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (1,540) - (1,540) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (1,540) - (1,540) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Italian Equity Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 18,055,911 - - 18,055,911 Derivatives: Rights/Warrants 8,568 - - 8,568 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 18,064,479 - - 18,064,479 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Italian Equity Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 10,439,393 - - 10,439,393 Derivatives: Futures Contracts 5,882 - - 5,882 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 10,445,275 - - 10,445,275 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (27,940) - - (27,940) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (27,940) - - (27,940) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 167 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA High Yield Bond1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Corporate Bonds - 8,723,824 - 8,723,824 Derivatives: Forward Currency Contracts - 7,688 - 7,688

Financial Assets designated as at fair value through profit or loss: Investment Funds - 910,333 - 910,333 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 9,641,845 - 9,641,845 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (846) - (846) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (846) - (846) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Bond 2022 Opportunities2 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 2,077,321 - - 2,077,321 Corporate Bonds - 37,615,939 - 37,615,939 Derivatives: Forward Currency Contracts - 29,296 - 29,296 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 2,077,321 37,645,235 - 39,722,556 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (6,908) - (6,908) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (6,908) - (6,908) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 2 ANIMA Bond 2020 Opportunities changed its name to ANIMA Bond 2022 Opportunities, see note 24 for further details.

ANIMA Funds Plc 168 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Bond 2022 Opportunities1 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Corporate Bonds - 40,725,795 - 40,725,795 Derivatives: Forward Currency Contracts - 88,178 - 88,178 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 40,813,973 - 40,813,973 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (7,126) - (7,126) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (7,126) - (7,126) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Global Macro Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 54,285,693 - - 54,285,693 Equities 3,685,094 - - 3,685,094 Derivatives: Futures Contracts 408,267 - - 408,267 Forward Currency Contracts - 475,780 - 475,780

Financial Assets designated at fair value through profit or loss: Investment Funds 6,737,341 2,567,159 - 9,304,500 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 65,116,395 3,042,939 - 68,159,334 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (465,138) - - (465,138) Forward Currency Contracts - (255,284) - (255,284) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (465,138) (255,284) - (720,422) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 ANIMA Bond 2020 Opportunities changed its name to ANIMA Bond 2022 Opportunities, see note 24 for further details.

ANIMA Funds Plc 169 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Global Macro Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 115,073,310 - - 115,073,310 Equities 2,911,428 - - 2,911,428 Derivatives: Futures Contracts 1,084,394 - - 1,084,394 Forward Currency Contracts - 2,292,430 - 2,292,430

Financial Assets designated at fair value through profit or loss: Investment Funds 12,270,366 5,084,871 - 17,355,237 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 131,339,498 7,377,301 - 138,716,799 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Futures Contracts (162,919) - - (162,919) Forward Currency Contracts - (2,023,266) - (2,023,266) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (162,919) (2,023,266) - (2,186,185) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2023-I Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 30,859,970 - - 30,859,970 Derivatives: Rights/Warrants 17,753 - - 17,753 Swaps - 2,582,082 - 2,582,082 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 30,877,723 2,582,082 - 33,459,805 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (1,673,169) - (1,673,169) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (1,673,169) - (1,673,169) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 170 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Brightview 2023-I Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Equities 37,175,831 - - 37,175,831 Derivatives: Rights/Warrants 16,821 - - 16,821 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 37,192,652 - - 37,192,652 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (3,640,080) - (3,640,080) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (3,640,080) - (3,640,080) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2023-II Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 184,663,311 - - 184,663,311 Derivatives: Swaps - 7,345,310 - 7,345,310 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 184,663,311 7,345,310 - 192,008,621 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (37,328,327) - (37,328,327) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (37,328,327) - (37,328,327) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 171 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Brightview 2023-II Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 206,912,225 - - 206,912,225 Derivatives: Swaps - 13,296,619 - 13,296,619 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 206,912,225 13,296,619 - 220,208,844 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (45,033,022) - (45,033,022) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (45,033,022) - (45,033,022) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2023-III Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 66,633,785 - - 66,633,785 Derivatives: Swaps - 3,396,687 - 3,396,687 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 66,633,785 3,396,687 - 70,030,472 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (16,348,887) - (16,348,887) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (16,348,887) - (16,348,887) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 172 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Brightview 2023-III Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 74,184,255 - - 74,184,255 Derivatives: Swaps - 4,522,510 - 4,522,510 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 74,184,255 4,522,510 - 78,706,765 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (18,998,470) - (18,998,470) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (18,998,470) - (18,998,470) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2023-IV Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 73,295,820 - - 73,295,820 Derivatives: Swaps - 2,814,347 - 2,814,347 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 73,295,820 2,814,347 - 76,110,167 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (16,977,024) - (16,977,024) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (16,977,024) - (16,977,024) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 173 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Brightview 2023-IV Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 82,159,573 - - 82,159,573 Derivatives: Swaps - 6,163,936 - 6,163,936 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 82,159,573 6,163,936 - 88,323,509 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (19,754,251) - (19,754,251) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (19,754,251) - (19,754,251) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-I Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 86,661,842 - - 86,661,842 Derivatives: Swaps - 2,764,595 - 2,764,595 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 86,661,842 2,764,595 - 89,426,437 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (20,606,171) - (20,606,171) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (20,606,171) - (20,606,171) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 174 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Brightview 2024-I Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 248,406 - - 248,406 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 248,406 - - 248,406 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (1,446) - (1,446) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (1,446) - (1,446) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-II1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 110,667,463 - - 110,667,463 Derivatives: Swaps - 6,202,044 - 6,202,044 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 110,667,463 6,202,044 - 116,869,507 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (27,743,390) - (27,743,390) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (27,743,390) - (27,743,390) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 175 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Brightview 2024-III1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 131,206,275 - - 131,206,275 Derivatives: Swaps - 13,191,388 - 13,191,388 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 131,206,275 13,191,388 - 144,397,663 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Swaps - (33,944,527) - (33,944,527) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (33,944,527) - (33,944,527) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-IV1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Derivatives: Swaps - 3,145,461 - 3,145,461 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 3,145,461 - 3,145,461 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-V1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 249,834 - - 249,834 Derivatives: Swaps - 10,822 - 10,822 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 249,834 10,822 - 260,656 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 176 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Orizzonte Europa 2022 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 33,300,722 - - 33,300,722 Corporate Bonds - 1,700,756 - 1,700,756 Derivatives: Swaps - 2,403,485 - 2,403,485 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 33,300,722 4,104,241 - 37,404,963 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (6,572,380) - (6,572,380) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (6,572,380) - (6,572,380) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Europa 2022 Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 45,672,355 - - 45,672,355 Derivatives: Swaps - 5,254,751 - 5,254,751 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 45,672,355 5,254,751 - 50,927,106 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (9,737,006) - (9,737,006) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (9,737,006) - (9,737,006) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 177 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 35,578,307 - - 35,578,307 Corporate Bonds - 1,527,809 - 1,527,809 Derivatives: Swaps - 2,819,118 - 2,819,118 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 35,578,307 4,346,927 - 39,925,234 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (8,159,429) - (8,159,429) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (8,159,429) - (8,159,429) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato Level 1 Level 2 Level 3 Total As at 31 December 2017 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 47,660,269 - - 47,660,269 Derivatives: Swaps - 4,839,887 - 4,839,887 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 47,660,269 4,839,887 - 52,500,156 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (11,806,939) - (11,806,939) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (11,806,939) - (11,806,939) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 178 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Orizzonte Sostenibile 20231 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 265,003,702 - - 265,003,702 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 265,003,702 - - 265,003,702 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (57,775,938) - (57,775,938) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (57,775,938) - (57,775,938) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Benessere 20231 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 340,118,836 - - 340,118,836 Derivatives: Swaps - 9,739,553 - 9,739,553 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 340,118,836 9,739,553 - 349,858,389 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (74,544,449) - (74,544,449) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (74,544,449) - (74,544,449) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 179 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Orizzonte Consumi 20231 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 34,833,544 - - 34,833,544 Derivatives: Swaps - 2,031,230 - 2,031,230 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 34,833,544 2,031,230 - 36,864,774 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (8,373,025) - (8,373,025) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (8,373,025) - (8,373,025) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Energia 20231 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 155,830,897 - - 155,830,897 Derivatives: Swaps - 10,108,356 - 10,108,356 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 155,830,897 10,108,356 - 165,939,253 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Swaps - (32,171,956) - (32,171,956) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (32,171,956) - (32,171,956) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 180 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Defensive1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 16,876,381 - - 16,876,381

Financial Assets designated as at fair value through profit or loss: Investment Funds* - 24,760,553 - 24,760,553 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 16,876,381 24,760,553 - 41,636,934 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Zephyr Global1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 38,097,119 - - 38,097,119 Corporate Bonds - 3,026,318 - 3,026,318 Derivatives: Future contracts 157,795 - - 157,795 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 38,254,914 3,026,318 - 41,281,232 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Future contracts (51,673) - - (51,673) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities (51,673) - - (51,673) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

*The Investment Funds indicated above contain cross holdings in the Company.

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 181 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

ANIMA Zephyr Real Assets1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 21,891,480 - - 21,891,480 Corporate Bonds - 422,452 - 422,452 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets - 422,452 - 22,313,932 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA International Bond1 Level 1 Level 2 Level 3 Total As at 31 December 2018 EUR EUR EUR EUR

Financial Assets at fair value through profit or loss Financial Assets held for trading: Government Bonds 17,537,463 - - 17,537,463 Derivatives: Forward Currency Contracts - 3,688 - 3,688 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Assets 17,537,463 3,688 - 17,541,151 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Financial Liabilities at fair value through profit or loss Financial Liabilities held for trading: Derivatives: Forward Currency Contracts - (17,564) - (17,564) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total Liabilities - (17,564) - (17,564) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 182 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

Securities Classified as Level 3

ANIMA Asia/Pacific Equity

The Fund holds 172,228 shares in BGP Holdings Plc, a Maltese, unlisted, private limited company that was expected to list on a public exchange in 2009, however to date this has not occurred. The BGP Holdings Plc shares are considered to have no current value, are not transferrable, are not currently listed on any exchange, have no intention to list on any exchange in the future. They have been valued at nil in these and the Company’s previous audited financial statements.

ANIMA Emerging Markets Equity

The Fund holds 66,000 shares in Sound Global Ltd which provides water and wastewater treatment solutions in China. The shares are listed on the Hong Kong Stock Exchange. Trading was suspended for a first time on 5 February 2015, again on 16 March 2015 and also on 12 April 2016. Due to the merger with ANIMA SICAV during the financial year 2016, the Sound Global Ltd shares were transferred into the Fund at a value of EUR 24,051, no trading took place on the investment during the financial year, as at 31 December 2018 the shares have a value of EUR 2,018 and are classified as Level 3 in the financial statements.

The Fund held 4,900 shares in Hypermarcas SA, a security issued for private placement purposes only. The security was held by the Fund (following the merger with ANIMA SICAV on 16 October 2016). ANIMA SICAV held the shares since 2011 as a result of a corporate action. No active market has ever traded these securities. Therefore, the Investment Manager found itself unable to liquidate, either fully or partially, its position, and there was no prospect that this would change as we approached the maturity date of the securities in 2018. Due to the merger with ANIMA SICAV during the financial year ended 31 December 2016, the Hypermarcas SA shares were transferred into the Fund at a fair value of EUR 3,391, no trading took place on the investment during the financial year. The security matured during the financial year ended 31 December 2018. The price used for the valuation of the security (which was updated on a monthly basis) was a price inclusive of accrued interest based on the fair valuation by a ‘Competent Person’ of ANIMA Funds for the pricing of illiquid securities (i.e. by the risk department of the Investment Manager). In particular, the pricing was based on the discounted cash-flows methodology and took into account the characteristics of the issued (credit spread estimated using other quoted securities of the same issuer) and the characteristic of the coupons (a fixed rate bond amortised, i.e. decreasing interest payments in view of the fixed repayment of the principal against which the coupon amount was calculated).

The Fund also holds 172 shares in the India Magnum Fund. This security has been delisted since 2004 where the Board of Directors of the India Magnum Fund (the “Fund”) announced during the annual general meeting held on 30 March 2004, that the stockholders of the Fund have approved the voluntary liquidation of the Fund. Accordingly the Fund no longer required a listing and an application has been made for the Shares of the Fund to be removed from the Official List of the Irish Stock Exchange (source: www.investigate.co.uk). Due to the merger with ANIMA SICAV during the financial year ended 31 December 2016, the India Magnum Fund shares were transferred into the Fund at a fair value of nil, no trading took place on the investment during the financial year, the shares are considered to have no current value and have been classified as Level 3 in the financial statements.

ANIMA Star High Potential Europe

The Fund holds 50,000 shares in Squarestone Brasil Ltd a Company which provides real estate services, specialising in acquiring and developing shopping malls in Brazil. The company is involved to the construction of Golden Square shopping center in Sao Paulo. The current view on the Company suggests that repayment of ordinary shares issued by the Company is highly unlikely in view of the fact that, according to the information collected, the proceeds of the sale of the main asset of the Company are not sufficient to repay in full the privileged shares issued by the Company. The Squarestone Brasil shares are considered to have no current value and have been classified as Level 3 in the financial statements.

ANIMA Funds Plc 183 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

2. Fair Value of Financial Instruments (continued)

Valuation Techniques (continued)

Securities Classified as Level 3 (continued)

ANIMA Star Bond

The Fund held 22,735 shares as at 31 December 2017 in IndyMac Index Mortgage Loan Trust FRN a defaulted mortgage security (factor at 0, no cash flow) valued at zero since 2013 by the custodian bank UBS in Luxembourg that originally held the positions. In 2014 the position was subsequently migrated to BNP Paribas Luxembourg due to a fund merger and the price remained unchanged. Due to the merger with ANIMA SICAV during the financial year ended 31 December 2016, the IndyMac Index Mortgage Loan Trust FRN shares were transferred into the Fund at a fair value of nil. During the financial year ended 31 December 2018 all shares were sold.

ANIMA Europe Equity

The Fund held as of 31 December 2018 32,067,576 Class C Shares of Rolls-Royce Holdings Plc. Unlike other listed companies, the Rolls-Royce Holdings Plc makes payments to its shareholders in the form of C Shares.

C Shares are redeemable preference shares of GBP 0.001 each in the capital of Rolls-Royce Holdings Plc. Rolls-Royce Holdings Plc generally issues C Shares to its ordinary shareholders twice a year in lieu of a cash dividend.

Shareholders of Class C Shares can opt for one of the following:

• redeem all C shares for cash; • redeem the shares for cash and reinvest the proceeds in additional ordinary shares of Rolls-Royce Holdings Plc; • keep the C Shares.

The Rolls-Royce Holdings Plc Class C Shares are considered to have been valued at their nominal value (GBP 0.001 each) and have been classified as Level 3 in the financial statements.

The following table shows a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 during the financial year ended 31 December 2018:

ANIMA ANIMA Emerging ANIMA Star High ANIMA Asia/Pacific Equity Markets Equity Potential Europe ANIMA Star Bond Europe Equity Opening Balance Fair Value - 3,741 - - - Transfer from Level 1 to Level 3 - - 41,829 - 36,125 Realised gains - (3,307) - - - Unrealised gains/(losses) - 2,580 (462) - (398) Purchases - - - - - Sales - (996) - - - Closing Balance Fair Value - 2,018 41,367 - 35,727

The following table shows a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 during the financial year ended 31 December 2017:

ANIMA ANIMA Emerging ANIMA Star High ANIMA Asia/Pacific Equity Markets Equity Potential Europe ANIMA Star Bond Europe Equity Opening Balance Fair Value - 27,442 - - - Realised gains - - - - - Unrealised gains - (23,701) - - - Purchases - - - - - Sales - - - - - Closing Balance Fair Value - 3,741 - - -

ANIMA Funds Plc 184 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management

Strategy in using Financial Instruments

The Company trades in financial instruments, including FDIs, both traded and over-the-counter. The investment objectives of each Fund are detailed in the Prospectus.

During the financial year ended 31 December 2018, the following FDIs have been used in the Non- Structured Funds:

● futures on bonds; ● futures on equity indices; ● futures on equities; ● over-the-counter currency forwards; ● over-the-counter currency options; ● options on equity indices; ● options on futures on bonds; ● total return swaps; ● swaps on bond coupons; ● swaps on baskets of indices or stocks.

During the financial year ended 31 December 2018, the following FDIs have been used in the Structured Funds:

● swaps on equity indices; ● swaps on baskets of equity indices; ● swaps on a bond portfolio; ● swaps on bond coupons.

In relation to FDIs, the methodology used to determine the incremental exposure and leverage generated by each fund through the use of FDIs is the Global Exposure under the Commitment Approach as set out in the relevant UCITS Regulation (The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 ) and Guidance Notes issued by the Central Bank.

In pursuing its investment objectives, the Company is exposed to a variety of financial risks: market risk (including currency risk, interest rate risk, and other price risk), credit risk, liquidity risk and depositary risk, which could result in a reduction in the Company’s net assets or a reduction of the profits available for distribution. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance.

The risks, and the Company’s approach to the management of the risks, are described in the following sections.

Market Risk

(a) Currency risk

The Funds may invest in financial instruments and enter into transactions denominated in currencies other than their respective financial currency. Furthermore, the Funds may enter into financial derivative transactions on foreign currencies. Consequently, the Funds may be exposed to the risk that the exchange rate of its currency relative to other foreign currencies may change in a matter that has an adverse effect on Funds’ net asset value.

(b) Interest rate risk

The Funds may invest in debt securities and enter into FDI transactions on debt securities or interest rates. Consequently, the Funds may be exposed to the risk that interest rates may change in a manner that has an adverse effect on the Funds’ net asset values.

The Funds may invest in equity securities and other funds. The Funds may also enter into FDI transactions on equity securities and financial indices. Consequently, the Funds may be exposed to the risk that the price of equity securities, commodities or other funds may change (whether caused by factors specific to the instrument, to the issuer or to the whole market), in a manner that has an adverse effect on the Funds’ net asset values.

ANIMA Funds Plc 185 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Market Risk (continued)

In regards to the management of market risk, a distinction can be made depending on the Fund type.

(i) Market and Absolute Return Funds

For Market Funds (i.e. Funds which are specialised in a specific asset class and with a benchmark) and Absolute Return Funds* (i.e. Funds with an absolute return objective and an absolute risk limit), market risk is monitored firstly by the Investment Manager or Sub-Investment Manager of each Fund during the continuing process of implementation of the investment policy.

Market risk is also monitored daily by Risk Management Department of ANIMA SGR S.p.A., the parent company of the Investment Manager, to which certain Risk Management functions have been delegated.

For each Fund, a risk limit is established by the Board of Directors of the Company, taking into consideration the Fund’s risk profile. The risk limit is expressed in term of tracking error for Market Funds and in terms of volatility for Absolute Return Funds. Such risk limit is monitored on a daily basis through a risk management system.

*UCITS that are managed according to investment policies or strategies which envisage a variable allocation of the portfolio of the Fund across asset classes, under the constraint of a predetermined risk limit, shall be considered as absolute return funds.

The risk management system used for monitoring market risk is called “RiskMetrics Risk Manager” and is developed by the company MSCI Inc. (from here on called RiskMetrics) to deliver a suite of fixed income, equity and currency risk models within an integrated solution. RiskMetrics is a risk management tool used to aggregate, manage and mitigate risks across asset classes. The risk management system did not change during the reporting period.

RiskMetrics is a widely understood software for risk management and is used by a number of primary asset managers worldwide. The system is used as application service provider (“ASP”), over the Internet. The provider maintains models and data, whilst the Risk Manager provides position and over-the counter term and conditions data.

RiskMetrics is able to calculate a variety of risk indicators, both absolute and relative, using three methodologies: parametric, Monte Carlo simulation and historical simulation. For equities and investment funds, the actual time series of returns is used as risk factor, whilst for bonds both risk-free interest rate curves and spread curves are used. For options volatility surfaces are also used. The system is flexible in establishing the length of historical data series used, the frequency of data (up to daily) and their decay factor.

(ii) Maturity Funds

For Maturity Funds (i.e. Funds with a pre-determined time horizon and which are specialised in bonds which mature at about the same date as the time horizon), market risk is managed primarily by the Investment Manager or Sub- Investment Manager during the initial portfolio construction process.

Given the specific investment policy of these Funds, market risk has an effect only for those shareholders who decide to sell their shares before the stated maturity date. After that date, in the absence of defaults in the Fund’s investment portfolio and/or in counterparties of FDIs (see credit risk), the Fund objective should be realised.

(iii) Structured Funds

For Structured Funds (i.e. Funds with a pre-determined return target on a pre-determined time horizon), market risk is managed primarily by the Investment Manager or Sub-Investment Manager during the initial portfolio construction process. The portfolio generally includes specialised FDIs in order to assure the achievement of the return target.

Credit risk

ANIMA Funds Plc 186 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Credit risk (continued)

Risk is managed by monitoring the credit quality and financial positions of the Depositary.

(a) Issuer risk

The Funds may invest in debt securities and FDIs on debt securities. Consequently, the Funds may be exposed to the risk that the issuer of the debt securities may be unable to repay in full the periodic coupons or the principal.

(b) Counterparty risk

The Funds may enter into OTC FDIs, security lending and reverse repurchase agreement transactions. Furthermore, some Structured Funds may be assisted by the guarantee of a third party. Consequently, the Funds may be exposed to the risk that the counterparty of those transactions may be unable to discharge in full any obligation or commitment that it has entered with the Company.

In regards to the management of issuer risk and counterparty risk, a distinction can be made depending on the Fund type.

(i) Market and Absolute Return Funds

For Market Funds and Absolute Return Funds, issuer risk is monitored by the Investment Manager or Sub-Investment Manager of each Fund during the continuing process of implementation of the investment policy. Issuer risk is monitored primarily through the use of credit rating of the main rating agencies, but also taking into account additional information such as credit spreads, company news and broker analysis. When a security is not compliant anymore with the risk profile of a Fund (i.e. due to the downgrade below the minimum rating requirement), the Investment Manager or Sub- Investment Manager will dispose of the holding, as soon as practical, considering the interest of the shareholders.

Counterparty risk is monitored by the Investment Manager or Sub-Investment Manager of each Fund during the continuing process of implementation of the investment policy. Counterparty risk is monitored primarily through the use of an internal counterparty rating attributed by the Risk Management Department of ANIMA SGR S.p.A. according to an internal policy approved by the Board of Directors. When a counterparty is not compliant anymore with the counterparty authorisation policy (i.e. due to the downgrade below the minimum internal rating requirement), the Investment Manager or Sub-Investment Manager will terminate the transaction, as soon as practical, considering the interest of the shareholders.

(ii) Maturity Funds

For Maturity Funds, issuer risk is managed primarily by the Investment Manager or Sub-Investment Manager during the initial portfolio construction process. Issuer risk is also monitored during the lifetime of the Fund primarily through the use of credit rating of the main rating agencies, but also taking into account additional information such as credit spreads, company news and broker analysis. When the issue risk of a security is significantly increased (i.e. due to the downgrade below the minimum rating requirement), the Investment Manager or Sub-Investment Manager will analyse the necessary actions in the interest of the shareholders, taking into account the fact that a substitution of a security would probably prevent the Fund from completely achieving its expected return target.

Certain Maturity Funds may engage in OTC FDIs for achieving synthetic exposure to an active strategy. In this cases, Counterparty risk is mitigated by a collateral portfolio of adequate level, quality and diversification and with the application of appropriate haircuts. Counterparty risk arising from security lending and reverse repurchase agreements transactions is normally negligible for Maturity Funds.

ANIMA Funds Plc 187 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Credit risk (continued)

(b) Counterparty risk (continued)

(iii) Structured Funds

For Structured Funds, issuer risk is managed primarily by the Investment Manager or Sub-Investment Manager during the initial portfolio construction process. In some Structured Funds, issuer risk is substantially hedged through the use of FDIs (i.e. portfolio swap). In other Structured Funds, the issuer risk is not hedged, in this case it is monitored in the same way as maturity Funds.

Counterparty risk for Structured Funds may be significant as these Funds generally includes specialised FDIs in order to assure the achievement of the return target and, in some cases, to totally or partially hedge the risks of the investment portfolio. Counterparty risk of Structured Funds is monitored during the lifetime of the Fund and is always mitigated by a collateral portfolio of adequate level, quality and diversification and with the application of appropriate haircuts. An additional counterparty risk exposure may arise from over-collateralisation, when the Fund has a negative counterparty risk and is required to provide collateral to the counterparty. In any case, such counterparty risk must stay within regulatory limits.

The below table discloses the Standard & Poor’s long term debt ratings of the counterparties as at the financial year end and also it discloses the Counterparty Risk exposure across all the Funds within the Company:

As at 31 December 2018 As at 31 December 2017 BNP Paribas A 0.10% BNP Paribas A 0.08% Credit Agricole A+ 0.00% Credit Agricole A 0.01% Credit Suisse A 0.00% Credit Suisse A 0.00% Deutsche Bank AG BBB+ 0.00% Deutsche Bank AG A- 0.00% Goldman Sachs A+ 0.10% Goldman Sachs A+ 0.03% JP Morgan A+ 0.03% JP Morgan A+ 0.10% Morgan Stanley A+ 0.02% Morgan Stanley A+ 0.00% MPS Capital Service B+ 4.13% MPS Capital Services B+ 1.21% Nomura International A- 0.00% Nomura International A- 0.03% Pictet and Cie AA- 0.02% Unicredit Bank AG BBB 0.01% Unicredit Bank AG BBB 0.01%

Liquidity risk

Liquidity risk is the risk that the Funds will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial assets. Delivery obligation may arise from: account payable (i.e. management fees, depositary fees, etc.), FDIs, cash redemptions of redeemable participating shares.

In regards to the management of liquidity risk, a distinction can be made depending on the Fund type.

(i) Non Structured Funds

In relation to non structured funds, the investment processes of the Investment Manager and Sub-Investment Manager are organised in a way whereby a liquidity profile for each Fund is identified taking into account all relevant factors: investment policy (i.e. instrument type in which the Fund is mainly invested), risk classification, diversification of shareholders, frequency of NAV price calculation, recent trend of subscription and redemption. According to that profile, a desired Fund’s minimum liquidity level is defined. In making an investment decision, high priority is given to the liquidity of each eligible investment.

The liquidity of equities is mainly estimated from volumes traded in regulated exchanges, whilst the liquidity of fixed income securities is mainly estimated using market last traded spreads. For FDIs, the liquidity of the underlying asset is used. For Underlying Investment Fund (UIF), the Investment Manager or Sub-Investment Manager carry out a specific due diligence process to ensure that the dealing profile of the target UIF meets the dealing and the liquidity requirements of the investing Fund.

ANIMA Funds Plc 188 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

(ii) Structured Funds

Should it be necessary to raise cash quickly, the Funds are also entitled to borrow, on a temporary basis, provided that their individual aggregate borrowings do not exceed 10% of their respective net asset values.

No borrowing occurred on the Fund for the financial year ended 31 December 2018 or at the financial year ended 31 December 2017.

In relation to Structured Funds, where the desired pay-off is obtained through one or more OTC FDIs established at Fund’s start date, the Investment Manager ensures that appropriate agreements are in place with the counterparty to unwind such FDI transactions in order to meet early redemptions.

Risk Monitoring

In addition to the risk monitoring performed by the Investment Manager and the Sub-Investment Manager, other risk review activities are scheduled.

The risk and return of the Funds is also analysed by the Board of Directors of the Investment Manager on a regular basis at periodic board meetings.

The Board of Directors of the Company supervises the Investment Manager and Sub-Investment Manager and is ultimately responsible for the risk management within the Company.

Exposure Analysis / Sensitivity Analysis for Non-Structured Funds

In this section, an exposure analysis is presented for each risk type to which the Fund is exposed at the reporting date and at the previous period reporting date. In addition to that, a sensitivity analysis is presented for each risk type of market risk to which the Fund is exposed at the report date and at previous period reporting date, showing how the net asset value of the Fund would have been affected by changes in the relevant risk variable that were reasonably possible.

A risk concentration analysis for each financial instrument type is also present in the “Schedule of Investments” section.

Capital risk management

The capital of the Company is represented by the net assets attributable to holders of redeemable shares. The amount of net asset attributable to holders of redeemable shares can change significantly on a daily/weekly basis, as the Company is subject to daily/weekly subscriptions and redemptions at the discretion of shareholders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for shareholders, provide benefits for other stakeholders and maintain a strong capital base to support the development of the investment activities of the Company.

ANIMA Funds Plc 189 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis

(a) Currency risk

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Short Term ANIMA ANIMA Currency ANIMA Bond Dollar ANIMA Global Bond Corporate Bond Europe Equity ANIMA U.S. Equity Asia/Pacific Equity AUD - 1.20% - - - 17.92% BRL ------CAD - 1.05% - - - - CHF - 0.29% - 13.97% 1.22% - CNY - - - - 0.85% 0.56% DKK - 0.46% - 2.77% - - EUR 3.49% 29.06% 99.67% 49.83% -0.26% 3.90% GBP - 5.89% 0.13% 27.89% - - HKD - - - - - 8.76% ILS - - - - 1.60% - JPY - 27.63% - - - 65.63% NOK - - - 0.91% - - RUB ------SEK - 0.28% - 4.74% - - SGD - - - - - 3.22% USD 96.51% 34.13% 0.20% -0.12% 96.59% 0.01% Total Exposure 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

As at 31 December 2017 ANIMA Short Term ANIMA ANIMA Currency ANIMA Bond Dollar ANIMA Global Bond Corporate Bond Europe Equity ANIMA U.S. Equity Asia/Pacific Equity AUD - 1.35% - - - 19.82% BRL - - - - - 0.17% CAD - 1.26% - - - - CHF - 0.31% - 5.57% 1.64% - CNY - - - - - 0.34% DKK - 0.39% - 2.76% - - GBP - 6.39% 0.08% 27.83% - 0.05% HKD - - - - - 8.67% ILS - - - - 1.87% - JPY - 26.51% - - - 67.68% NOK - - - 1.05% - - RUB ------SEK - 0.28% - 4.38% - - SGD - - - - - 3.85% USD 96.57% 32.98% 0.04% 0.75% 96.91% 2.65% Total Exposure 96.57% 69.47% 0.12% 42.34% 100.42% 103.23%

ANIMA Funds Plc 190 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA ANIMA Emerging ANIMA ANIMA ANIMA Currency Global Equity Markets Equity ANIMA Euro Equity Global Currencies Variable Rate Bond Hybrid Bond AED - 0.09% - - - - ARS ------AUD 2.65% - - 8.77% - - BRL - 8.04% - - - - CAD 4.94% - - 0.20% - - CHF 3.05% - 2.83% 10.53% - - CLP - 0.89% - - - - CNY 0.76% 34.83% - - - - COP - 0.18% - - - - CZK - 0.02% - - - - DKK 1.04% - - 13.61% - - EGP - 0.01% - - - - EUR 10.34% 0.57% 95.39% 5.09% 100.00% 100.14% GBP 5.89% 0.01% 1.09% 11.48% - -0.09% HKD 0.56% 1.57% - 11.14% - - HUF - 0.04% - - - - IDR - 1.10% - - - - ILS ------INR - 9.84% - - - - JPY 8.25% 0.04% - 10.32% - - KRW - 16.04% - - - - KZT - 0.33% - - - - MXN - 1.02% - 0.02% - - MYR ------NOK 0.26% - - 10.08% - - NZD - - - 10.18% - - PEN - 0.05% - - - - PHP - 0.13% - - - - PLN - 1.74% - - - - QAR - 0.13% - - - - RUB - 3.79% - - - - SEK 1.07% - - 9.24% - - SGD - 0.63% - - - - THB - 1.95% - - - - TRY - 0.08% - 0.01% - - TWD - 10.34% - - - - USD 61.18% -0.15% 0.69% -0.69% - -0.05% ZAR - 6.69% - 0.02% - - Total Exposure 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 191 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2017 ANIMA ANIMA Emerging ANIMA ANIMA ANIMA Currency Global Equity Markets Equity ANIMA Euro Equity Global Currencies Variable Rate Bond Hybrid Bond AED - -0.01% - - - - ARS - 0.38% - - - - AUD 1.56% - - 10.00% -4.19% - BRL - 6.19% - - - - CAD 6.27% - - 0.02% - - CHF 3.35% - 2.64% 9.90% - - CLP - 1.34% - - - - CNY - 28.14% - - - - COP - 0.14% - - - - CZK - 1.14% - - - - DKK 0.23% - - 14.92% - - EGP ------GBP 8.24% 0.01% 1.45% 9.71% -1.07% 0.17% HKD 1.26% 0.69% - 10.57% - - HUF ------IDR - 1.19% - - - - ILS ------INR - 8.57% - - - - JPY 8.76% 0.03% - 10.38% - - KRW - 15.04% - - - - KZT ------MXN - 3.57% - 0.02% - - MYR - 1.37% - - - - NOK 0.22% - - 9.95% - - NZD - - - 10.01% - - PEN ------PHP - 0.58% - - - - PLN - 1.77% - - - - QAR - -0.01% - - - - RUB - 4.78% - - - - SEK 1.12% - - 10.51% - - SGD - 0.63% - - - - THB - 3.17% - - - - TRY - 0.42% - 0.02% - - TWD - 12.55% - - - - USD 56.99% 11.02% 0.58% 6.42% - 0.40% ZAR - 8.87% - 0.02% - - Total Exposure 88.00% 111.57% 4.67% 102.45% -5.26% 0.57%

ANIMA Funds Plc 192 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Euro ANIMA Star High ANIMA Smart ANIMA Credit ANIMA Currency Government Bond Potential Europe ANIMA Star Bond Volatility USA Opportunities Tesoreria Imprese AUD - - 0.02% - - - BRL - - 0.22% - - - CAD - 0.02% -0.13% - - - CHF - 0.44% -0.14% - - - CZK - 0.01% - - - - DKK - 0.37% - - - - EUR 97.20% 100.68% 111.83% 97.09% 99.80% - GBP 2.66% -0.58% 3.08% - 0.21% - HUF - - 0.05% - - - IDR ------INR ------JPY - 0.02% -0.12% - - - MUL - - 4.49% - - - MXN - - 0.05% - - - NOK - -0.19% - - - - NZD - - 0.05% - - - PEN ------PLN - - -0.03% - - - RUB - - 3.02% - - - SEK - -0.35% -0.05% - - - TRY ------USD 0.14% -0.43% -22.25% 2.91% -0.01% - ZAR - - -0.10% - - - Total Exposure 100.00% 100.00% 100.00% 100.00% 100.00% -

As at 31 December 2017 ANIMA Euro ANIMA Star High ANIMA Smart ANIMA Credit ANIMA Currency Government Bond Potential Europe ANIMA Star Bond Volatility USA Opportunities Tesoreria Imprese AUD - - 0.02% - - -4.04% BRL - - 1.62% - - - CAD - 0.01% 0.04% - - - CHF - 0.21% -6.62% - - - DKK - 0.24% - - - - GBP - 4.04% -0.04% - 0.04% -1.01% IDR - - 1.55% - - - INR - - 1.01% - - - JPY - 0.01% 12.91% - - - MUL - - - - - MXN - - 2.08% - - - NOK - 0.53% -0.10% - - - NZD - - 0.04% - - - PEN - - - - - PLN - - 2.01% - - - RUB - 1.06% 1.03% - - - SEK - -0.09% -1.04% - - - TRY - - -0.54% - - - USD 0.22% -1.30% 0.50% -0.82% 0.04% - ZAR - - 0.46% - - - Total Exposure 0.22% 4.71% 14.93% -0.82% 0.08% -5.05%

ANIMA Funds Plc 193 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Star High ANIMA Star High ANIMA ANIMA ANIMA Smart ANIMA Smart Currency Potential Italy Potential Global Flexible Bond Flexible Income Volatility Europe Volatility Global AED - 0.03% - - - - AUD - - 6.12% - - - BRL - 2.36% - - - - CAD - 1.98% - -0.21% - - CHF 0.01% 0.01% - 0.25% 0.42% 0.05% CLP - 0.04% - - - - CNY - 3.45% - - - - COP - 0.02% - - - - CZK - 0.01% - - - - DKK - 0.10% - - - - EUR 99.95% 106.01% 100.44% 111.88% 98.92% 97.49% GBP 0.01% 0.18% 2.49% 3.07% 0.66% 0.09% HKD - -2.79% - - - - HUF - 0.01% - -0.09% - - IDR - 0.09% - - - - INR - -1.40% - - - - JPY - 5.15% - -0.11% - 0.36% KRW - 0.55% - - - - MUL - - - 1.03% - - MXN - 0.69% - 0.01% - - MYR - 0.10% - - - - NOK - 2.52% 3.01% - - - NZD - -0.32% - 0.02% - - PEN - 0.02% - - - - PHP - 0.04% - - - - PLN - 0.05% - -0.01% - - QAR - 0.04% - - - - RUB - 0.11% 0.98% 2.74% - - SEK - -0.29% - - - - SGD ------THB - 0.10% - - - - TRY - 0.02% - - - - TWD - 0.45% - - - - USD 0.03% -19.63% -13.05% -18.69% - 2.01% ZAR - 0.25% - 0.10% - - Total Exposure 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 194 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2017 ANIMA Star High ANIMA Star High ANIMA ANIMA Smart ANIMA Smart Currency Potential Italy Potential Global Flexible Income Volatility Europe Volatility Global AUD - - - - - BRL - - - - - CAD - 0.56% - - - CHF - -4.70% -6.43% -0.06% -0.01% CNY - 0.71% - - - DKK -0.01% 0.09% - - - GBP -0.29% 0.72% -0.16% 0.28% 0.07% HKD - -0.45% - - - IDR - - 1.80% - - INR - 4.41% 0.94% - - JPY - 7.41% 11.00% - -0.06% KRW - -2.53% -1.93% - - MXN - 1.53% 2.24% - - NOK -0.09% 0.07% -0.05% - - NZD - - 0.02% - - PEN - - - - - PLN - 2.60% 1.89% - - RUB - 0.10% 1.17% - - SEK - -0.27% -0.98% - - SGD - - - - - TRY - -0.50% -0.50% - - USD 0.05% -1.89% 0.80% - - ZAR - 0.11% 0.50% - -0.24% Total Exposure -0.34% 7.97% 10.31% 0.22% -0.24%

ANIMA Funds Plc 195 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Smart ANIMA ANIMA ANIMA Currency Dividends Europe Solution 2022-I Solution 2022-II Solution 2022-III CHF 9.30% - - - DKK 5.83% - - - EUR 49.75% - - - GBP 32.93% - - - JPY - - - - MUL - - - - NOK - - - - RUB - - - - SEK 2.19% - - - USD - - - - Total Exposure 100.00%

As at 31 December 2017 ANIMA Smart ANIMA ANIMA ANIMA Currency Dividends Europe Solution 2022-I Solution 2022-II Solution 2022-III CHF 8.94% - - - DKK 6.83% - - - GBP 42.97% - - - JPY - - - - MUL - - - - NOK - - - - RUB - - - - SEK - - - - USD - - - - Total Exposure 58.74% - - -

ANIMA Funds Plc 196 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA ANIMA ANIMA Bond 2022 ANIMA ANIMA ANIMA Currency Solution 2023-I Italian Equity Opportunities Global Macro Brightview 2023-I Brightview 2023-II AED - - 0.01% - - AUD - - -0.01% - - BRL - - 0.70% - - CAD - - 1.12% - - CHF - - 0.10% - - - CLP - - 0.02% - - CNY - - 0.57% - - COP - - 0.48% - - CZK - - - - - DKK - - - - - EGP - - - - - EUR - 99.81% 99.54% 71.82% 86.0% 85.9% GBP - - 0.22% -0.30% - - HKD - - - - - HUF - - 0.41% - - IDR - - 1.16% - - ILS - - - - - INR - - 0.18% - - JPY - - 0.01% - - KRW - - 0.26% - - MXN - - 0.64% - - MYR - - 0.58% - - NOK - - - - - NZD - - - - - PEN - - 0.01% - - PHP - - 0.02% - - PLN - - 0.54% - - QAR - - 0.02% - - RUB - - 0.46% - - SEK - - - - - SGD - - - - - THB - - 0.48% - - TRY - - 0.39% - - TWD - - 0.21% - - USD - 0.19% 0.14% 19.55% 14.0% 14.1% ZAR - - 0.67% - - Total Exposure - 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 197 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2017 ANIMA ANIMA ANIMA Bond 2022 ANIMA ANIMA ANIMA Currency Solution 2023-I Italian Equity Opportunities Global Macro Brightview 2023-I Brightview 2023-II AED - - - 0.04% - - AUD - - - -2.82% 1.08% 0.88% BRL - - - 0.01% - - CAD - - - -4.94% - - CHF - - 0.09% -2.23% 3.36% 2.78% CLP - - - -1.98% - - CNY - - - 1.16% - - COP - - - 0.48% - - CZK - - - 0.01% - - DKK - 0.05% - -0.02% 1.09% 0.91% EGP - - - 0.01% - - GBP - 1.10% 0.17% 0.89% 7.00% 5.78% HKD - - - - 1.82% 1.50% HUF - - - 0.25% - - IDR - - - 0.72% 0.14% 0.12% ILS ------INR - - - 0.55% 0.46% 0.38% JPY - - - -4.29% 5.07% 4.14% KRW - - - 0.97% 0.76% 0.63% MXN - - - -1.32% - - MYR - - - 0.52% 0.06% 0.05% NOK - 0.35% - 0.02% 0.46% 0.38% NZD - - - -1.66% 0.05% 0.04% PEN - - - 0.02% - - PHP - - - 0.07% 0.03% 0.02% PLN - - - 0.56% - - QAR - - - 0.04% - - RUB - - - 0.84% - - SEK - 0.02% - 0.26% 1.25% 1.03% SGD - - - - 0.32% 0.26% THB - - - 0.51% 0.11% 0.09% TRY - - - 0.80% - - TWD - - - 0.70% 0.72% 0.59% USD - 0.32% 0.22% 17.97% - 48.49% ZAR - - - -0.47% 34.69% - Total Exposure - 1.84% 0.48% 7.67% 58.47% 68.07%

ANIMA Funds Plc 198 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Orizzonte Europa 2023 ANIMA ANIMA ANIMA ANIMA Orizzonte - Rendimento Currency Brightview 2023-III Brightview 2023-IV Brightview 2024-I Europa 2022 Bilanciato AED - - - - - AUD - - - - - BRL - - - - - CAD - - - - - CHF - - - - - CLP - - - - - CNY - - - - - COP - - - - - CZK - - - - - DKK - - - - - EGP - - - - - EUR 50.0% 79.3% 67.0% 100.00% 100.00% GBP - - - - - HKD - - - - - HUF - - - - - IDR - - - - - ILS - - - - - INR - - - - - JPY - - - - - KRW - - - - - MUL - - - - - MXN - - - - - MYR - - - - - NOK - - - - - NZD - - - - - PEN - - - - - PHP - - - - - PKR - - - - - PLN - - - - - QAR - - - - - RUB - - - - - SEK - - - - - SGD - - - - - THB - - - - - TRY - - - - - TWD - - - - - USD 50.0% 20.7% 33.0% - - ZAR - - - - - Total Exposure 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 199 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2017 ANIMA Orizzonte Europa 2023 ANIMA ANIMA ANIMA ANIMA Orizzonte - Rendimento Currency Brightview 2023-III Brightview 2023-IV Brightview 2024-I Europa 2022 Bilanciato AED - 0.19% - - - AUD - - - - - BRL - 10.34% - - - CAD - - - - - CHF - - - - - CLP - 1.67% - - - CNY - - - - - COP - 0.55% - - - CZK - 0.94% - - - DKK - - - - - EGP - 0.04% - - - GBP - - - - - HKD - 18.99% - - - HUF - 1.62% - - - IDR - 1.11% - - - ILS - - - - - INR - 4.19% - - - JPY - - - - - KRW - 7.31% - - - MUL - - - - - MXN - 3.93% - - - MYR - 1.24% - - - NOK - - - - - NZD - - - - - PEN - - - - - PHP - 0.53% - - - PKR - 0.04% - - - PLN - 6.54% - - - QAR - 0.18% - - - RUB - 1.06% - - - SEK - - - - - SGD - 0.59% - - - THB - 1.23% - - - TRY - 0.36% - - - TWD - 5.72% - - - USD 49.90% 11.44% - - - ZAR - 2.38% - - - Total Exposure 49.90% 82.19% - - -

ANIMA Funds Plc 200 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA ANIMA ANIMA ANIMA Currency Active Selection Italian Bond Medium Term Bond Short Term Bond ANIMA Life Bond ANIMA Liquidity AED ------AUD ------BRL ------CAD ------CHF ------CLP ------CNY ------COP ------CZK ------DKK ------EGP ------EUR - 100.00% 100.00% 100.00% 100.00% 100.00% GBP ------HKD ------HUF ------IDR ------ILS ------INR ------JPY ------KRW ------MUL ------MXN ------MYR ------NOK ------NZD ------PEN ------PHP ------PLN ------QAR ------RUB ------SEK ------SGD ------THB ------TRY ------TWD ------USD ------ZAR ------Total Exposure - 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 201 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2017 ANIMA ANIMA Currency Active Selection Italian Bond AED - - AUD - - BRL - - CAD - - CHF - - CLP - - CNY - - COP - - CZK - - DKK - - EGP - - GBP - -2.67% HKD - - HUF - - IDR - - ILS - - INR - - JPY - - KRW - - MUL - - MXN - - MYR - - NOK - - NZD - - PEN - - PHP - - PLN - - QAR - - RUB - - SEK - - SGD - - THB - - TRY - - TWD - - USD - - ZAR - - Total Exposure - -2.67%

ANIMA Funds Plc 202 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Smart ANIMA ANIMA ANIMA

Currency Volatility Italy High Yield Bond1 ANIMA Defensive1 Infrastructure1 International Bond1 AED - - - - - AUD - - 0.18% -0.24% 1.66% BRL - - 0.05% - - CAD - - 0.11% -0.02% 1.37% CHF - - 0.33% -0.05% - CLP - - - - - CNY - - 0.32% 0.48% - COP - - - - - CZK - - - - - DKK - - 0.10% -0.01% 0.39% EGP - - - - - EUR 100.00% 100.30% 91.64% 98.82% 36.03% GBP - - 1.38% -0.69% 6.50% HKD - - 0.02% -0.54% - HUF - - - - - IDR - - 0.01% - - ILS - - 0.02% - - INR - - 0.09% - - JPY - - 1.66% -0.02% 18.46% KRW - - 0.13% - - MUL - - 0.03% 1.45% - MXN - - - -0.01% - MYR - - 0.01% - - NOK - - 0.02% - - NZD - - - -0.12% - PEN - - - - - PHP - - - - - PLN - - 0.01% - - QAR - - - - - RUB - - 0.02% - - SEK - - 0.13% 0.09% 0.29% SGD - - 0.02% -0.06% - THB - - 0.02% - - TRY - - - - - TWD - - 0.08% - - USD - -0.29% 3.57% 0.86% 35.30% ZAR - - 0.04% - - Total Exposure 100.00% - 100.00% 100.00% 100.00%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 203 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA Orizzonte ANIMA Orizzonte ANIMA Orizzonte ANIMA Orizzonte ANIMA ANIMA

Currency Sostenibile 20231 Benessere 20231 Energia 20231 Consumi 20231 Brightview 2024-II1 Brightview 2024-III1 AED ------AUD ------BRL ------CAD ------CHF - - - - 1.60% - CLP ------CNY ------COP ------CZK ------DKK ------EGP ------EUR 93.30% 74.20% 75.30% 100.00% 94.10% 72.60% GBP ------HKD ------HUF ------IDR ------ILS ------INR ------JPY ------KRW ------MUL ------MXN ------MYR ------NOK ------NZD ------PEN ------PHP ------PLN - - - - 0.80% - QAR ------RUB ------SEK - - - - 2.30% - SGD ------THB ------TRY ------TWD ------USD 6.70% 25.80% 24.70% - 1.20% 27.40% ZAR ------Total Exposure 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 204 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the currency exposure as a percentage of the Non Structured Funds’ net asset value, which is calculated with the inclusion of currency forwards.

As at 31 December 2018 ANIMA ANIMA ANIMA ANIMA Zephyr ANIMA

Currency Brightview 2024-IV1 Brightview 2024-V1 Zephyr Global1 Real Assets1 Solution EM1 AED - - - - - AUD - - - - - BRL - - - - - CAD - - - - - CHF - - - - - CLP - - - - - CNY - - - - - COP - - - - - CZK - - - - - DKK - - - - - EGP - - - - - EUR 100.00% 100.00% - - - GBP - - - - - HKD - - - - - HUF - - - - - IDR - - - - - ILS - - - - - INR - - - - - JPY - - - - - KRW - - - - - MUL - - - - - MXN - - - - - MYR - - - - - NOK - - - - - NZD - - - - - PEN - - - - - PHP - - - - - PLN - - - - - QAR - - - - - RUB - - - - - SEK - - - - - SGD - - - - - THB - - - - - TRY - - - - - TWD - - - - - USD - - - - - ZAR - - - - - Total Exposure 100.00% 100.00% - - -

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 205 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Short Term ANIMA ANIMA Currency ANIMA Bond Dollar ANIMA Global Bond Corporate Bond Europe Equity ANIMA U.S. Equity Asia/Pacific Equity AUD - 0.06% - - - 0.85% BRL ------CAD - 0.05% - - - - CHF - 0.01% - 0.67% 0.06% - CNY - - - - 0.04% 0.03% DKK - 0.02% - 0.13% - - EUR 0.17% 1.38% 4.75% 2.37% -0.01% 0.19% GBP - 0.28% 0.01% 1.33% - - HKD - - - - - 0.42% ILS - - - - 0.08% - JPY - 1.32% - - - 3.13% NOK - - - 0.04% - - RUB ------SEK - 0.01% - 0.23% - - SGD - - - - - 0.15% USD 4.60% 1.63% 0.01% -0.01% 4.60% -

As at 31 December 2017 ANIMA Short Term ANIMA ANIMA Currency ANIMA Bond Dollar ANIMA Global Bond Corporate Bond Europe Equity ANIMA U.S. Equity Asia/Pacific Equity AUD - -0.06% - - - -0.94% BRL ------0.01% CAD - -0.06% - - - - CHF - -0.01% - -0.27% -0.08% - CNY ------0.02% DKK - -0.02% - -0.13% - - GBP - -0.30% - -1.33% - - HKD ------0.41% ILS - - - - -0.09% - JPY - -1.26% - - - -3.22% NOK - - - -0.05% - - RUB ------SEK - -0.01% - -0.21% - - SGD ------0.18% USD -4.60% -1.57% - -0.04% -4.61% -0.13%

ANIMA Funds Plc 206 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA ANIMA Emerging ANIMA ANIMA ANIMA Currency Global Equity Markets Equity ANIMA Euro Equity Global Currencies Variable Rate Bond Hybrid Bond ARS ------AUD 0.13% - - 0.42% - - BRL - 0.38% - - - - CAD 0.24% - - 0.01% - - CHF 0.15% - 0.13% 0.50% - - CLP - 0.04% - - - - CNY 0.04% 1.66% - - - - COP - 0.01% - - - - CZK ------DKK 0.05% - - 0.65% - - EGP ------EUR 0.49% 0.03% 4.54% 0.24% 4.76% 4.77% GBP 0.28% - 0.05% 0.55% - - HKD 0.03% 0.07% - 0.53% - - HUF ------IDR - 0.05% - - - - INR - 0.47% - - - - JPY 0.39% - - 0.49% - - KRW - 0.76% - - - - KZT ------MXN - 0.02% - - - - MYR - 0.05% - - - - NOK 0.01% - - 0.48% - - NZD - - - 0.48% - - PEN ------PHP - 0.01% - - - - PLN - 0.08% - - - - QAR - 0.01% - - - - RUB - 0.18% - - - - SEK 0.05% - - 0.44% - - SGD - 0.03% - - - - THB - 0.09% - - - - TRY ------TWD - 0.49% - - - - USD 2.91% -0.01% 0.03% -0.03% - - ZAR - 0.32% - - - -

ANIMA Funds Plc 207 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2017 ANIMA ANIMA Emerging ANIMA ANIMA ANIMA Currency Global Equity Markets Equity ANIMA Euro Equity Global Currencies Variable Rate Bond Hybrid Bond ARS - -0.02% - - - - AUD -0.07% - - -0.48% 0.20% - BRL - -0.29% - - - - CAD -0.30% - - - - - CHF -0.16% - -0.13% -0.47% - - CLP - -0.06% - - - - CNY - -1.34% - - - - COP - -0.01% - - - - CZK - -0.05% - - - - DKK -0.01% - - -0.71% - - EGP ------GBP -0.39% - -0.07% -0.46% 0.05% -0.01% HKD -0.06% -0.03% - -0.50% - - HUF ------IDR - -0.06% - - - - INR - -0.41% - - - - JPY -0.42% - - -0.49% - - KRW - -0.72% - - - - KZT ------MXN - -0.17% - - - - MYR - -0.07% - - - - NOK -0.01% - - -0.47% - - NZD - - - -0.47% - - PEN ------PHP - -0.03% - - - - PLN - -0.08% - - - - RUB - -0.23% - - - - SEK -0.05% - - -0.50% - - SGD - -0.23% - - - - THB - -0.15% - - - - TRY - -0.02% - - - - TWD - -0.60% - - - - USD -2.71% -0.52% -0.03% -0.31% - -0.02% ZAR - -0.42% - - - -

ANIMA Funds Plc 208 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Euro ANIMA Star High ANIMA Smart ANIMA Credit Currency Government Bond Potential Europe ANIMA Star Bond Volatility USA Opportunities AUD - - - - - BRL - - 0.01% - - CAD - - -0.01% - - CHF - 0.02% -0.01% - - DKK - 0.02% - - - EUR 4.63% 4.79% 5.33% 4.62% 4.75% GBP 0.13% -0.03% 0.15% - 0.01% IDR - - - - - INR - - - - - JPY - - -0.01% - - MUL - - 0.21% - - MXN - - - - - NOK - -0.01% - - - PEN - - - - - PLN - - - - - RUB - - 0.14% - - SEK - -0.02% - - - TRY - - - - - USD 0.01% -0.02% -1.06% 0.14% - ZAR - - - - -

As at 31 December 2017 ANIMA Euro ANIMA Star High ANIMA Smart ANIMA Credit Currency Government Bond Potential Europe ANIMA Star Bond Volatility USA Opportunities AUD - - - - - BRL - - -0.08% - - CAD - - - - - CHF - -0.01% 0.32% - - DKK - -0.01% - - - GBP - -0.19% - - - IDR - - -0.07% - - INR - - -0.05% - - JPY - - -0.61% - - MXN - - -0.10% - - NOK - -0.03% - - - PEN - - - - - PLN - - -0.10% - - RUB - -0.05% -0.05% - - SEK - - 0.05% - - TRY - - 0.03% - - USD -0.01% 0.06% -0.02% 0.04% - ZAR - - -0.02% - -

ANIMA Funds Plc 209 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA ANIMA Star High ANIMA Star High ANIMA Currency Tesoreria Imprese Potential Italy Potential Global Flexible Income AUD - - - - BRL - - 0.11% - CAD - - 0.09% -0.01% CHF - - - 0.01% CNY - - 0.16% - DKK - - - - EUR - 4.76% 5.05% 5.33% GBP - - 0.01% 0.15% HKD - - -0.13% - IDR - - - - INR - - -0.07% - JPY - - 0.25% -0.01% KRW - - 0.03% - MUL - - - 0.05% MXN - - 0.03% - NOK - - 0.12% - NZD - - -0.02% - RUB - - 0.01% 0.13% SEK - - -0.01% - TWD - - 0.02% - USD - - -0.93% -0.89% ZAR - - 0.01% -

As at 31 December 2017 ANIMA ANIMA Star High ANIMA Star High ANIMA Currency Tesoreria Imprese Potential Italy Potential Global Flexible Income AUD 0.19% - - - BRL - - - - CAD - - -0.03% - CHF - - 0.22% 0.31% CNY - - -0.03% - DKK - 0.00% - - GBP 0.05% 0.01% -0.03% 0.01% HKD - - 0.02% - IDR - - - -0.09% INR - - -0.21% -0.04% JPY - - -0.35% -0.52% KRW - - 0.12% 0.09% MXN - - -0.07% -0.11% NOK - - - - NZD - - - - PEN - - - - PLN - - -0.12% -0.09% RUB - - - -0.06% SEK - - 0.01% 0.05% SGD - - - - TRY - - 0.02% 0.02% USD - - 0.02% -0.04% ZAR - - -0.01% -0.02%

ANIMA Funds Plc 210 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Smart ANIMA Smart ANIMA ANIMA ANIMA Currency Volatility Global Dividends Europe Solution 2022-I Solution 2022-II Solution 2022-III CHF - 0.44% - - - DKK - 0.28% - - - EUR 4.64% 2.37% - - - GBP - 1.57% - - - JPY 0.02% - - - - MUL - - - - - NOK - - - - - SEK - 0.10% - - - USD 0.10% - - - -

As at 31 December 2017 ANIMA Smart ANIMA Smart ANIMA ANIMA ANIMA Currency Volatility Global Dividends Europe Solution 2022-I Solution 2022-II Solution 2022-III CHF - -0.43% - - - DKK - -0.33% - - - GBP - -2.05% - - - JPY - - - - - MUL - - - - - NOK - - - - - SEK - - - - - USD 0.01% - - - -

ANIMA Funds Plc 211 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA ANIMA ANIMA ANIMA ANIMA ANIMA Active Currency Solution 2023-I Italian Equity Global Macro Brightview 2023-I Brightview 2023-II Selection AUD ------BRL - - 0.03% - - - CAD - - 0.05% - - - CHF ------CLP ------CNY - - 0.03% - - - COP - - 0.02% - - - DKK ------EUR - 4.75% 3.42% - - - GBP - - -0.01% - - - HKD ------HUF - - 0.02% - - - IDR - - 0.06% - - - ILS ------INR - - 0.01% - - - JPY ------KRW - - 0.01% - - - MUL ------MXN - - 0.03% - - - MYR - - 0.03% - - - NOK ------NZD ------PEN ------PLN - - 0.03% - - - RUB - - 0.02% - - - SEK ------SGD ------THB - - 0.02% - - - TRY - - 0.02% - - - TWD - - 0.01% - - - USD - 0.01% 0.93% 0.70% 0.70% - ZAR - - 0.03% - - -

ANIMA Funds Plc 212 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2017 ANIMA ANIMA ANIMA ANIMA ANIMA ANIMA Active Currency Solution 2023-I Italian Equity Global Macro Brightview 2023-I Brightview 2023-II Selection AUD - - 0.13% -0.03% -0.01% - BRL ------CAD - - 0.24% - - - CHF - - 0.11% -0.11% -0.03% - CLP - - 0.09% - - - CNY - - -0.06% - - - COP - - -0.02% - - - DKK - - - -0.04% -0.01% - GBP - -0.05% -0.04% -0.23% -0.07% - HKD - - - -0.06% -0.02% - HUF - - -0.01% - - - IDR - - -0.03% - - - ILS ------INR - - -0.03% -0.01% - - JPY - - 0.20% -0.16% -0.05% - KRW - - -0.05% -0.02% -0.01% - MUL ------MXN - - 0.06% - - - MYR - - -0.02% - - - NOK - -0.02% - -0.01% - - NZD - - 0.08% - - - PEN ------PLN - - -0.03% - - - RUB - - -0.04% - - - SEK - - -0.01% -0.04% -0.01% - SGD - - - -0.01% - - THB - - -0.02% - - - TRY - - -0.04% - - - TWD - - -0.03% -0.02% -0.01% - USD - -0.02% -0.86% -1.12% -0.58% - ZAR - - 0.02% - - -

ANIMA Funds Plc 213 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Orizzonte Europa 2023 ANIMA ANIMA ANIMA ANIMA Orizzonte - Rendimento Currency Brightview 2023-III Brightview 2023-IV Brightview 2024-I Europa 2022 Bilanciato AUD - - - - - BRL - - - - - CAD - - - - - CHF - - - - - CLP - - - - - CNY - - - - - COP - - - - - CZK - - - - - DKK - - - - - GBP - - - - - HKD - - - - - HUF - - - - - IDR - - - - - ILS - - - - - INR - - - - - JPY - - - - - KRW - - - - - MUL - - - - - MXN - - - - - MYR - - - - - NOK - - - - - NZD - - - - - PEN - - - - - PHP - - - - - PLN - - - - - RUB - - - - - SEK - - - - - SGD - - - - - THB - - - - - TRY - - - - - TWD - - - - - USD 2.50% 1.03% 1.65% - - ZAR - - - - -

ANIMA Funds Plc 214 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2017 ANIMA Orizzonte Europa 2023 ANIMA ANIMA ANIMA ANIMA Orizzonte - Rendimento Currency Brightview 2023-III Brightview 2023-IV Brightview 2024-I Europa 2022 Bilanciato AUD - - - - - BRL - -0.14% - - - CAD - - - - - CHF - - - - - CLP - -0.02% - - - CNY - - - - - COP - -0.01% - - - CZK - -0.01% - - - DKK - - - - - GBP - - - - - HKD - -0.26% - - - HUF - -0.02% - - - IDR - -0.01% - - - ILS - - - - - INR - -0.06% - - - JPY - - - - - KRW - -0.10% - - - MUL - - - - - MXN - -0.05% - - - MYR - -0.02% - - - NOK - - - - - NZD - - - - - PEN - - - - - PHP - -0.01% - - - PLN - -0.09% - - - RUB - -0.01% - - - SEK - - - - - SGD - -0.01% - - - THB - -0.02% - - - TRY - - - - - TWD - -0.08% - - - USD -0.62% -0.15% - - - ZAR - -0.03% - - -

ANIMA Funds Plc 215 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Smart ANIMA ANIMA Bond ANIMA ANIMA Currency Volatility Europe Italian Bond 2022 Opportunities Medium Term Bond Short Term Bond ANIMA Life Bond CHF 0.02% - - - - - EUR 4.71% 4.76% 4.74% 4.76% 4.76% 4.76% GBP 0.03% - 0.01% - - - USD - - 0.01% - - -

As at 31 December 2017 ANIMA Smart ANIMA ANIMA Bond Currency Volatility Europe Italian Bond 2022 Opportunities GBP -0.01% 0.13% -0.01% USD - - -0.01%

ANIMA Funds Plc 216 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Smart ANIMA ANIMA ANIMA

Currency ANIMA Liquidity Volatility Italy High Yield Bond1 ANIMA Defensive1 Infrastructure1 International Bond1 AUD - - - 0.01% -0.01% 0.08% CAD - - - 0.01% - 0.07% CHF - - - 0.02% - - CNY - - - 0.02% 0.02% - DKK - - - - 0.02% EUR 4.76% 4.76% 4.78% 4.36% 4.71% 1.72% GBP - - - 0.07% -0.03% 0.31% HKD - - - -0.03% - JPY - - - 0.08% - 0.88% KRW - - - 0.01% - - MUL - - - 0.07% - NZD - - - -0.01% - SEK - - - 0.01% - 0.01% USD - - -0.01% 0.17% 0.04% 1.68%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 217 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA Orizzonte ANIMA Orizzonte ANIMA Orizzonte ANIMA Orizzonte ANIMA

Currency Sostenibile 20231 Benessere 20231 Energia 20231 Consumi 20231 Brightview 2024-II1 GBP - - - - - CHF 0.34% 1.29% 1.24% - 0.08% PLN - - - - 0.04% SEK - - - - 0.11% USD - - - - 0.06%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 218 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(a) Currency risk (continued)

The tables below summarise the impact on the Non Structured Funds’ net asset value of a strengthening of the euro by 5% in relation to all other currencies, with all other variables held constant.

As at 31 December 2018 ANIMA ANIMA ANIMA ANIMA ANIMA Zephyr ANIMA

Currency Brightview 2024-III1 Brightview 2024-IV1 Brightview 2024-V1 Zephyr Global1 Real Assets1 Solution EM1 GBP ------USD 1.37% - - - - -

(b) Interest rate risk

The tables below summarise the interest rate risk exposure of the Non Structured Funds by bucket of maturity, which is calculated with the inclusion of interest rate derivatives. The values in the table below are expressed in term of effective interest rate duration.

As at 31 December 2018 Interest Rate Exposure Duration Less than 1 - 3 3 - 5 5 - 7 7 - 10 Greater than Total Portfolio 1 Year Years Years Years Years 10 Years Exposure ANIMA Liquidity 0.27-----0.27 ANIMA Short Term Bond - 1.80----1.80 ANIMA Medium Term Bond - 0.37 0.66 0.76 1.36 4.15 7.29 ANIMA Bond Dollar 0.02 0.59 0.80 0.71 0.67 3.20 5.99 ANIMA Global Bond - 0.45 0.67 0.68 1.02 4.80 7.63 ANIMA Life Bond 0.17 0.86 0.55 0.77 0.08 - 2.43 ANIMA Short Term Corporate Bond 0.10 0.50 0.03 0.01 0.02 0.15 0.81 ANIMA Europe Equity ------ANIMA U.S. Equity ------ANIMA Asia/Pacific Equity ------ANIMA Global Equity ------ANIMA Emerging Markets Equity 0.01-----0.01 ANIMA Euro Equity ------ANIMA Global Currencies 0.23 0.18----0.41 ANIMA Variable Rate Bond 0.10 -0.33 0.22 0.08 -1.05 0.03 -0.95 ANIMA Hybrid Bond -----3.23 3.23 ANIMA Euro Government Bond 0.09 -0.40 0.68 0.45 -1.85 3.37 2.34 ANIMA Star High Potential Europe 0.14-----0.14 ANIMA Star Bond 0.08 0.24 0.51 -0.06 -1.43 0.16 -0.51 ANIMA Smart Volatility Europe 0.55-----0.55 ANIMA Smart Volatility Global 0.54-----0.54 ANIMA Smart Volatility Italy 0.52-----0.52 ANIMA Smart Volatility USA 0.50-----0.50 ANIMA Credit Opportunities 0.04 0.43 0.93 0.15 0.02 0.27 1.84 ANIMA Tesoreria Imprese 0.03 -0.24 0.34 0.04 -0.91 0.14 -0.60 ANIMA Star High Potential Italy 0.18 - 0.11---0.29 ANIMA Star High Potential Global 0.17 - 0.02 0.28 -0.59 0.14 0.03 ANIMA Active Selection 0.01 0.16 0.03 0.02 0.01 0.38 0.62 ANIMA Smart Dividends Europe 0.09-----0.09

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 219 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(b) Interest rate risk (continued)

As at 31 December 2018 Interest Rate Exposure Duration Less than 1 - 3 3 - 5 5 - 7 7 - 10 Greater than Total Portfolio 1 Year Years Years Years Years 10 Years Exposure

ANIMA Flexible Bond1 0.18 0.55 0.32 -0.82 0.38 0.21 0.81 ANIMA Flexible Income 0.08 0.28 0.48 -0.13 -1.70 0.12 -0.87

ANIMA Infrastructure1 0.14----0.01 0.15 ANIMA Solution 2022-I 0.05 0.58 0.87---1.51 ANIMA Solution 2022-II 0.05 0.21 1.34---1.60 ANIMA Solution 2022-III 0.02 0.02 1.64---1.68 ANIMA Solution 2023-I 0.02 0.32 0.09 0.50 0.91 0.62 2.45

ANIMA Solution EM1 0.02 0.33 0.09 0.57 0.94 0.53 2.48 ANIMA Italian Bond 0.07 0.13 0.48 0.89 -1.56 3.08 3.08 ANIMA Italian Equity ------

ANIMA High Yield Bond1 - 0.03 0.75 1.04 0.46 1.06 3.34 ANIMA Bond 2022 Opportunities 0.12 0.58 0.57 0.13 - 0.05 1.45 ANIMA Global Macro 0.03 0.03 0.16 0.62 5.26 0.69 6.79 ANIMA Brightview 2023-I - - - 0.10 0.02 - 0.12 ANIMA Brightview 2023-II - 0.17 0.61 0.27 0.03 - 1.07 ANIMA Brightview 2023-III - - 0.72 0.52 0.24 - 1.47 ANIMA Brightview 2023-IV - - 0.54 0.54 0.11 - 1.18 ANIMA Brightview 2024-I - 0.01 0.51 0.60 0.09 - 1.21

ANIMA Brightview 2024-II1 - 0.26 0.33 0.60 0.02 - 1.22 ANIMA Brightview 2024-III1 - 0.25 0.44 0.44 - - 1.12 ANIMA Brightview 2024-IV1 - 0.63 - - - - 0.63 ANIMA Brightview 2024-V1 - 0.96 - - - - 0.96 ANIMA Orizzonte Europa 2022 - 0.16 0.40 0.20 - - 0.75 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato - 0.08 0.33 0.17 0.14 - 0.73

ANIMA Orizzonte Sostenibile 20231 - - 0.70 0.28 0.15 - 1.13 ANIMA Orizzonte Benessere 20231 - - 0.58 0.31 0.28 - 1.17 ANIMA Orizzonte Consumi 20231 - - 0.59 0.09 0.19 - 0.87 ANIMA Orizzonte Energia 20231 - - 0.73 0.22 0.31 - 1.25 ANIMA Defensive1 0.17 0.12 0.13 0.14 0.05 1.00 1.61 ANIMA Zephyr Global1 0.25 0.07 1.28 0.12 - 0.02 1.74 ANIMA Zephyr Real Assets1 0.22 0.05 1.16 0.11 - - 1.55 ANIMA International Bond1 0.03 0.21 0.14 0.55 1.07 5.13 7.13

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 220 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(b) Interest rate risk (continued)

As at 31 December 2017 Interest Rate Exposure Duration Less than 1 - 3 3 - 5 5 - 7 7 - 10 Greater than Total Portfolio 1 Year Years Years Years Years 10 Years Exposure ANIMA Liquidity 0.41-----0.41 ANIMA Short Term Bond - 1.81----1.81 ANIMA Medium Term Bond - 0.37 0.64 0.75 1.37 4.05 7.18 ANIMA Bond Dollar - 0.59 0.88 0.77 0.68 3.27 6.19 ANIMA Global Bond - 0.46 0.69 0.67 1.05 4.72 7.59 ANIMA Life Bond 0.01 0.98 1.28 0.65 0.51 - 3.43 ANIMA Short Term Corporate Bond 0.14 0.51 0.22 0.03 0.04 0.19 1.13 ANIMA Asia/Pacific Equity ------ANIMA Global Currencies 0.13 0.41----0.54 ANIMA Variable Rate Bond - -0.18 0.12 0.04 -0.26 -1.06 -1.34 ANIMA Hybrid Bond - 0.01 0.02 - - 3.39 3.42 ANIMA Euro Government Bond - 0.43 0.81 1.27 1.10 1.73 5.34

ANIMA Flex 501 0.10 0.29 0.19 -0.16 -0.13 0.41 0.70 ANIMA Star High Potential Europe 0.16 0.20----0.36 ANIMA Star Bond 0.05 0.25 0.35 -2.04 0.17 -0.30 -1.52 ANIMA Smart Volatility Europe 0.34 0.40----0.74 ANIMA Smart Volatility Global 0.30 0.51----0.81 ANIMA Smart Volatility Italy 0.31 0.40----0.71 ANIMA Smart Volatility USA 0.39 0.70----1.09 ANIMA Credit Opportunities 0.01 0.67 0.65 0.25 0.08 0.33 1.99 ANIMA Tesoreria Imprese 0.02 -0.15 0.55 0.15 -0.26 -1.05 -0.74 ANIMA Star High Potential Italy 0.10 0.28 0.16 - 0.28 0.01 0.83 ANIMA Star High Potential Global - 0.02 0.10 -0.87 -0.30 0.50 -0.55 ANIMA Flexible Income 0.10 0.25 0.33 -1.18 -0.08 -0.76 -1.34

PRIMA Bond 2017 Crescita Imprese2 0.14-----0.14 ANIMA Traguardo 2017 Global Bonds2 0.14-----0.14 ANIMA Active Selection ------ANIMA Smart Dividends Europe 0.04 0.01----0.05 ANIMA Italian Bond - -0.19 1.24 0.87 0.93 0.64 3.49 ANIMA Solution 2022-I - - 1.70---1.70 ANIMA Solution 2022-II - - 1.80---1.80 ANIMA Solution 2022-III - - 1.74 0.21 - - 1.95 ANIMA Solution 2023 I ------ANIMA Bond 2022 Opportunities 0.01 1.38 - 0.08 - 0.11 1.58 ANIMA Global Macro 0.16 0.03 0.26 -0.40 -1.45 1.43 0.03 ANIMA Brightview 2023-I - - - 0.78 0.27 - 1.05 ANIMA Brightview 2023-II - 0.02 1.23 3.97 0.17 - 5.39 ANIMA Brightview 2023-III - 0.13 1.26 3.46 1.79 - 6.64 ANIMA Brightview 2023-IV - - 0.81 3.30 1.74 - 5.85 ANIMA Brightview 2024-I 0.37-----0.37 ANIMA Orizzonte Europa 2022 - - 1.89 2.44 - - 4.33 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato - - 0.70 3.07 1.48 - 5.25

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial period. 2 Please refer to note 24 to the financial statements for details of Fund conversions during the financial period.

ANIMA Funds Plc 221 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(b) Interest rate risk (continued)

The tables below summarise the interest rate risk exposure of the Non Structured Funds by bucket of maturity, which is calculated with the inclusion of interest rate FDIs. The percentages in the table below are percentage of the NAV of the Funds.

As at 31 December 2018 Sensitivity of 100 Basis Point increase in Interest Rates Less than 1 - 3 3 - 5 5 - 7 7 - 10 Greater than Total Portfolio 1 Year Years Years Years Years 10 Years Exposure ANIMA Liquidity -0.27%------0.27% ANIMA Short Term Bond - -1.80% -----1.81% ANIMA Medium Term Bond - -0.37% -0.66% -0.76% -1.36% -4.15% -7.29% ANIMA Bond Dollar -0.02% -0.59% -0.80% -0.71% -0.67% -3.20% -5.99% ANIMA Global Bond - -0.45% -0.67% -0.68% -1.02% -4.80% -7.63% ANIMA Life Bond -0.17% -0.86% -0.55% -0.77% -0.08% - -2.43% ANIMA Short Term Corporate Bond -0.10% -0.50% -0.03% -0.01% -0.02% -0.15% -0.81% ANIMA Europe Equity ------ANIMA U.S. Equity ------ANIMA Asia/Pacific Equity ------ANIMA Global Equity ------ANIMA Emerging Markets Equity -0.01%------0.01% ANIMA Euro Equity ------ANIMA Global Currencies -0.23% -0.18% -----0.41% ANIMA Variable Rate Bond -0.10% 0.33% -0.22% -0.08% 1.05% -0.03% 0.95% ANIMA Hybrid Bond ------3.23% -3.23% ANIMA Euro Government Bond -0.09% 0.40% -0.68% -0.45% 1.85% -3.37% -2.34% ANIMA Star High Potential Europe -0.14%------0.14% ANIMA Star Bond -0.08% -0.24% -0.51% 0.06% 1.43% -0.16% 0.51% ANIMA Smart Volatility Europe -0.55%------0.55% ANIMA Smart Volatility Global -0.54%------0.54% ANIMA Smart Volatility Italy -0.52%------0.52% ANIMA Smart Volatility USA -0.50%------0.50% ANIMA Credit Opportunities -0.04% -0.43% -0.93% -0.15% -0.02% -0.27% -1.84% ANIMA Tesoreria Imprese -0.03% 0.24% -0.34% -0.04% 0.91% -0.14% 0.60% ANIMA Star High Potential Italy -0.18% - -0.11%----0.29% ANIMA Star High Potential Global -0.17% - -0.02% -0.28% 0.59% -0.14% -0.03% ANIMA Active Selection -0.01% -0.16% -0.03% -0.02% -0.01% -0.38% -0.62% ANIMA Smart Dividends Europe -0.09%------0.09%

ANIMA Flexible Bond1 ------ANIMA Flexible Income -0.08% -0.28% -0.48% 0.13% 1.70% -0.12% 0.87%

ANIMA Infrastructure1 -0.14%-----0.01% -0.15% ANIMA Solution 2022-I -0.05% -0.58% -0.87%----1.51% ANIMA Solution 2022-II -0.05% -0.21% -1.34%----1.60% ANIMA Solution 2022-III -0.02% -0.02% -1.64%----1.68% ANIMA Solution 2023-I -0.02% -0.32% -0.09% -0.50% -0.91% -0.62% -2.45%

ANIMA Solution EM1 -0.02% -0.33% -0.09% -0.57% -0.94% -0.53% -2.48% ANIMA Italian Bond -0.07% -0.13% -0.48% -0.89% 1.56% -3.08% -3.08% ANIMA Italian Equity ------

ANIMA High Yield Bond1 - -0.03% -0.75% -1.04% -0.46% -1.06% -3.34% ANIMA Bond 2022 Opportunities ANIMA Global Macro -0.03% -0.03% -0.16% -0.62% -5.26% -0.69% -6.79%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 222 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(b) Interest rate risk (continued)

As at 31 December 2018 Sensitivity of 100 Basis Point increase in Interest Rates Less than 1 - 3 3 - 5 5 - 7 7 - 10 Greater than Total Portfolio 1 Year Years Years Years Years 10 Years Exposure ANIMA Brightview 2023-I - - - -0.10% -0.02% - -0.12% ANIMA Brightview 2023-II - -0.17% -0.61% -0.27% -0.03% - -1.07% ANIMA Brightview 2023-III - - -0.72% -0.52% -0.24% - -1.47% ANIMA Brightview 2023-IV - - -0.54% -0.54% -0.11% - -1.18% ANIMA Brightview 2024-I - -0.01% -0.51% -0.60% -0.09% - -1.21%

ANIMA Brightview 2024-II1 - -0.26% -0.33% -0.60% -0.02% - -1.22% ANIMA Brightview 2024-II1I - -0.25% -0.44% -0.44% - - -1.12% ANIMA Brightview 2024-IV1 - -0.63%-----0.63% ANIMA Brightview 2024-V1 - -0.96%-----0.96% ANIMA Orizzonte Europa 2022 - -0.16% -0.40% -0.20% - - -0.75% ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato - -0.08% -0.33% -0.17% -0.14% - -0.73%

ANIMA Orizzonte Sostenibile 20231 - - -0.70% -0.28% -0.15% - -1.13% ANIMA Orizzonte Benessere 20231 - - -0.58% -0.31% -0.28% - -1.17% ANIMA Orizzonte Consumi 20231 - - -0.59% -0.09% -0.19% - -0.87% ANIMA Orizzonte Energia 20231 - - -0.73% -0.22% -0.31% - -1.25% ANIMA Defensive1 -0.17% -0.12% -0.13% -0.14% -0.05% -1.00% -1.61% ANIMA Zephyr Global1 -0.25% -0.07% -1.28% -0.12% - -0.02% -1.74% ANIMA Zephyr Real Assets1 -0.22% -0.05% -1.16% -0.11% - - -1.55% ANIMA International Bond1 -0.03% -0.21% -0.14% -0.55% -1.07% -5.13% -7.13%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 223 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(b) Interest rate risk (continued)

As at 31 December 2017 Sensitivity of 100 Basis Point increase in Interest Rates Less than 1 - 3 3 - 5 5 - 7 7 - 10 Greater than Total Portfolio 1 Year Years Years Years Years 10 Years Exposure ANIMA Asia/Pacific Equity ------ANIMA Bond Dollar - -0.59% -0.88% -0.77% -0.68% -3.27% -6.19% ANIMA Emerging Markets Equity ------

ANIMA Flex 501 -0.10% -0.29% -0.19% 0.16% 0.13% -0.41% -0.70% ANIMA Global Bond - -0.46% -0.69% -0.67% -1.05% -4.72% -7.59% ANIMA Global Currencies -0.13% -0.41% -----0.54% ANIMA Liquidity -0.41%------0.41% ANIMA Medium Term Bond - -0.37% -0.64% -0.75% -1.37% -4.05% -7.18% ANIMA Short Term Bond - -1.81% -----1.81% ANIMA Short Term Corporate Bond -0.14% -0.51% -0.22% -0.03% -0.04% -0.19% -1.13% ANIMA Star High Potential Europe -0.16% -0.20% -----0.36% ANIMA Tesoreria Imprese -0.02% 0.15% -0.55% -0.15% 0.26% 1.05% 0.74%

ANIMA Traguardo 2017 Global Bonds2 -0.14%------0.14% PRIMA Bond 2017 Crescita Imprese2 -0.14%------0.14% ANIMA Active Selection ------ANIMA Bond 2022 Opportunities -0.01% -1.38% - -0.08% - -0.11% -1.58% ANIMA Smart Volatility USA -0.39% -0.70% -----1.09% ANIMA Credit Opportunities -0.01% -0.67% -0.65% -0.25% -0.08% -0.33% -1.99% ANIMA Euro Government Bond - -0.43% -0.81% -1.27% -1.10% -1.73% -5.34% ANIMA Flexible Income -0.10% -0.25% -0.33% 1.18% 0.08% 0.76% 1.34% ANIMA Global Macro -0.16% -0.03% -0.26% 0.40% 1.45% -1.43% -0.03% ANIMA Hybrid Bond - -0.01% -0.02% - - -3.39% -3.42% ANIMA Italian Bond - 0.19% -1.24% -0.87% -0.92% -0.65% -3.49% ANIMA Life Bond -0.01% -0.98% -1.28% -0.65% -0.51% - -3.43% ANIMA Smart Dividends Europe -0.04% -0.01% -----0.05% ANIMA Smart Volatility Europe -0.34% -0.40% -----0.74% ANIMA Smart Volatility Global -0.30% -0.51% -----0.81% ANIMA Smart Volatility Italy -0.31% -0.40% -----0.71% ANIMA Solution 2022-I - - -1.70%----1.70% ANIMA Solution 2022-II - - -1.80%----1.80% ANIMA Solution 2022-III - - -1.74% -0.21% - - -1.95% ANIMA Solution 2023 I ------ANIMA Star Bond -0.05% -0.25% -0.35% 2.04% -0.17% 0.30% 1.52% ANIMA Star High Potential Global - -0.02% -0.10% 0.87% 0.30% -0.50% 0.55% ANIMA Star High Potential Italy -0.10% -0.28% -0.16% - -0.28% -0.01% -0.83% ANIMA Variable Rate Bond - 0.18% -0.12% -0.04% 0.26% 1.06% 1.34%

ANIMA Funds Plc 224 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

The tables below summarise the equity exposure of the Non Structured Funds, which is calculated with the inclusion of equity FDIs.

As at 31 December 2018 Equity Risk Equity Exposure 10% Decrease Portfolio % of NAV of Equity ANIMA Liquidity -- ANIMA Short Term Bond -- ANIMA Medium Term Bond -- ANIMA Bond Dollar -- ANIMA Global Bond -- ANIMA Life Bond -- ANIMA Short Term Corporate Bond -- ANIMA Europe Equity 86.10% -8.61% ANIMA U.S. Equity 99.69% -9.97% ANIMA Asia/Pacific Equity 100.46% -10.05% ANIMA Global Equity 98.56% -9.86% ANIMA Emerging Markets Equity 97.82% -9.78% ANIMA Euro Equity 96.69% -9.67% ANIMA Global Currencies -- ANIMA Variable Rate Bond -- ANIMA Hybrid Bond -- ANIMA Euro Government Bond -- ANIMA Star High Potential Europe 6.84% -0.68% ANIMA Star Bond -- ANIMA Smart Volatility Europe 54.93% -5.49% ANIMA Smart Volatility Global 33.15% -3.32% ANIMA Smart Volatility Italy 37.91% -3.79% ANIMA Smart Volatility USA 32.35% -3.23% ANIMA Credit Opportunities -- ANIMA Tesoreria Imprese -- ANIMA Star High Potential Italy 23.86% -2.39% ANIMA Star High Potential Global 15.05% -1.50% ANIMA Active Selection -- ANIMA Smart Dividends Europe 75.75% -7.58%

ANIMA Flexible Bond1 -- ANIMA Flexible Income 9.52% -0.95%

ANIMA Infrastructure1 11.90% -1.19% ANIMA Solution 2022-I -- ANIMA Solution 2022-II -- ANIMA Solution 2022-III -- ANIMA Solution 2023-I --

ANIMA Solution EM1 -- ANIMA Italian Bond -- ANIMA Italian Equity 95.27% -9.53%

ANIMA High Yield Bond1 -- ANIMA Bond 2022 Opportunities -- ANIMA Global Macro 15.29% -1.53%

A 10% increase would have resulted in an equal but opposite effect on the amounts shown above, on the basis that all other variables remain constant.

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 225 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

The tables below summarise the equity exposure of the Non Structured Funds, which is calculated with the inclusion of equity FDIs.

As at 31 December 2018 Equity Risk Equity Exposure 10% Decrease Portfolio % of NAV of Equity ANIMA Brightview 2023-I -- ANIMA Brightview 2023-II -- ANIMA Brightview 2023-III -- ANIMA Brightview 2023-IV -- ANIMA Brightview 2024-I --

ANIMA Brightview 2024-II1 -- ANIMA Brightview 2024-III1 -- ANIMA Brightview 2024-IV1 -- ANIMA Brightview 2024-V1 -- ANIMA Orizzonte Europa 2022 -- ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato --

ANIMA Orizzonte Sostenibile 20231 -- ANIMA Orizzonte Benessere 20231 -- ANIMA Orizzonte Consumi 20231 -- ANIMA Orizzonte Energia 20231 -- ANIMA Defensive1 4.04% -0.40% ANIMA Zephyr Global1 -- ANIMA Zephyr Real Assets1 -- ANIMA International Bond1 --

A 10% increase would have resulted in an equal but opposite effect on the amounts shown above, on the basis that all other variables remain constant.

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 226 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

The tables below summarise the equity exposure of the Non Structured Funds, which is calculated with the inclusion of equity FDIs.

As at 31 December 2017 Equity Risk Equity Exposure 10% Decrease Portfolio % of NAV of Equity ANIMA Euro Equity 99.02% -9.90% ANIMA U.S. Equity 107.78% -10.78% ANIMA Asia/Pacific Equity 99.42% -9.94% ANIMA Global Equity 99.69% -9.97% ANIMA Emerging Markets Equity 100.58% -10.06% ANIMA Star High Potential Europe 38.87% -3.89% ANIMA Europe Equity 98.07% -9.81%

ANIMA Flex 501 15.02% -1.50% ANIMA Active Selection 98.98% -9.90% ANIMA Smart Dividends Europe 93.10% -9.31% ANIMA Star High Potential Global 52.53% -5.25% ANIMA Smart Volatility Italy 72.24% -7.22% ANIMA Smart Volatility USA 71.64% -7.16% ANIMA Italian Equity 94.13% -9.41% ANIMA Global Macro 20.94% -2.09% ANIMA Star High Potential Italy 16.97% -1.70% ANIMA Smart Volatility Global 96.27% -9.63% ANIMA Smart Volatility Europe 97.41% -9.74% ANIMA Flexible Income 12.15% -1.21% ANIMA Solution 2022-I 53.18% -5.32% ANIMA Solution 2022-II 52.94% -5.29% ANIMA Solution 2022-III 53.85% -5.39% ANIMA Solution 2023 I 96.24% -9.62%

ANIMA Brightview 2023-I 69.61% -0.45%2 ANIMA Brightview 2023-II 22.24% -0.13%2 ANIMA Brightview 2023-III --

ANIMA Brightview 2023-IV 22.15% -0.12%2 ANIMA Brightview 2024-I --

ANIMA Orizzonte Europa 2022 72.90% -0.28%2 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato 55.64% -0.23%2

A 10% increase would have resulted in an equal but opposite effect on the amounts shown above, on the basis that all other variables remain constant.

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial period. 2 1% decrease of underlying equity indices.

ANIMA Funds Plc 227 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA ANIMA Portfolio ANIMA Liquidity Short Term Bond Medium Term Bond ANIMA Bond Dollar ANIMA Global Bond ANIMA Life Bond AAA 11.91% 24.30% 22.22% 1.62% 10.99% 3.44% AA+ - 4.18% 5.24% 95.22% 35.43% - AA - 22.65% 23.24% - 12.10% - AA- - 2.97% 5.65% - 1.48% 1.65% A+ - - - - - 1.55% A - 1.47% 2.38% - 28.07% 8.02% A- 32.87% 12.42% 14.06% - 3.58% 3.00% BBB+ - - - - - 5.19% BBB 44.64% 29.71% 25.08% 3.16% 7.83% 76.28% BBB- 10.58% 2.30% 2.13% - 0.52% 0.87% BB+ ------Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

As at 31 December 2017 Credit Risk Rating in ANIMA ANIMA Portfolio ANIMA Liquidity Short Term Bond Medium Term Bond ANIMA Bond Dollar ANIMA Global Bond ANIMA Life Bond AAA - 23.62% 21.51% 96.19% 42.89% - AA+ - 7.92% 8.01% - 2.47% 0.93% AA - 22.66% 23.56% - 12.73% 0.74% AA- - - 2.57% - 0.74% - A+ - 2.75% 2.86% - 27.30% 3.63% A - - - - - 1.09% A------5.85% BBB+ 41.32% 13.79% 12.41% - 3.42% 8.02% BBB 58.68% 27.87% 27.17% 3.81% 9.89% 78.99% BBB------0.75% BB+ - 1.39% 1.91% - 0.56% - Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 228 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA Short Term ANIMA ANIMA ANIMA ANIMA Emerging Portfolio Corporate Bond Europe Equity ANIMA U.S. Equity Asia/Pacific Equity Global Equity Markets Equity AAA 25.71% 17.12% 8.65% 15.21% 1.44% 14.98% AA ------A+ 2.90% - - - - - A 0.35% - - - - - A- 1.66% - - - - - BBB+ 8.35% - - - - - BBB 21.76% - - - - 2.61% BBB- 16.79% - - - - - BB+ 13.19% - - - - - BB 2.78% - - - - - BB------B+ 1.68% - - - - - B ------B------CC ------N/R 4.83% - - - - - N/A ------Total 100.00% 17.12% 8.65% 15.21% 1.44% 17.59%

As at 31 December 2017 Credit Risk Rating in ANIMA Short Term ANIMA ANIMA ANIMA ANIMA Emerging Portfolio Corporate Bond Europe Equity ANIMA U.S. Equity Asia/Pacific Equity Global Equity Markets Equity AAA ------AA 0.88% - - - - - A+ 2.44% - - - - - A 1.22% - - - - - A- 0.40% - - - - - BBB+ 8.60% - - - - - BBB 29.65% - - - - - BBB- 31.39% - - - - - BB+ 17.99% - - - - - BB 3.55% - - - - - BB- 1.57% - - - - - B+ ------B 0.93% - - - - - B------CC ------N/R 1.38% - - - - - N/A - 100.00% 100.00% 100.00% 100.00% 100.00% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 229 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA ANIMA ANIMA ANIMA Euro Portfolio ANIMA Euro Equity Global Currencies Variable Rate Bond Hybrid Bond Government Bond AAA 3.31% 53.15% 17.68% 1.26% 50.47% AA+ - 11.23% - - - AA - 11.68% - - 17.74% AA- - - - - 2.33% A+ - - - - - A - 9.35% - - 4.80% A- - - - 8.38% 6.30% BBB+ - - - 5.84% 0.99% BBB - 14.59% 74.82% 6.90% 10.73% BBB- - - 0.87% 33.81% 0.19% BB+ - - 3.84% 24.56% 1.50% BB - - 1.44% 14.63% 0.78% BB- - - - - 0.11% B+ - - - - 0.10% B - - - - 3.39% B- - - - - 0.26% CCC+ - - - - - N/R - - 1.35% 4.62% 0.04% N/A - - - - - Total 3.31% 100.00% 100.00% 100.00% 99.73%

As at 31 December 2017 Credit Risk Rating in ANIMA ANIMA ANIMA ANIMA Euro

Portfolio ANIMA Euro Equity Global Currencies Variable Rate Bond Hybrid Bond Government Bond ANIMA Flex 501 AAA - 33.93% - - 12.00% - AA+ ------AA - 8.42% - - 14.78% - A+ - 13.19% - 0.85% 1.40% - A - - - - 0.14% - A- - 4.88% 1.72% 8.72% 0.61% - BBB+ - - - 6.21% 5.78% - BBB - 39.58% 89.62% 15.31% 47.54% - BBB- - - 3.31% 25.16% 3.43% - BB+ - - 4.07% 15.65% 11.08% - BB - - 1.28% 17.80% 2.61% - BB- - - - - 0.07% - B+ - - - 1.54% - - B - - - - 0.07% - N/R - - - 8.76% - - N/A 100.00% - - - 0.49% 100.00% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial period.

ANIMA Funds Plc 230 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA Star High ANIMA Smart ANIMA Smart ANIMA Smart ANIMA Smart Portfolio Potential Europe ANIMA Star Bond Volatility Europe Volatility Global Volatility Italy Volatility USA AAA 19.01% 41.09% 6.18% 6.59% 6.34% 17.50% AA+ - -5.16% - - - - AA - 6.60% - - - - AA- - 4.36% - - - - A+ ------A - -0.61% - - - - A- 0.04% 7.60% - - - - BBB+ - 2.97% - - - - BBB 43.42% 15.09% 93.82% 93.41% 93.66% 82.50% BBB- - 3.79% - - - - BB+ - 7.72% - - - - BB - 3.20% - - - - BB- - 4.34% - - - - B+ - 0.38% - - - - B - 0.26% - - - - B------CCC+ - 0.49% - - - - CCC - 0.23% - - - - CCC- - 0.09% - - - - N/R - 1.30% - - - - N/A ------Total 62.47% 93.74% 100.00% 100.00% 100.00% 100.00%

As at 31 December 2017 Credit Risk Rating in ANIMA Star High ANIMA Smart ANIMA Smart ANIMA Smart ANIMA Smart Portfolio Potential Europe ANIMA Star Bond Volatility Europe Volatility Global Volatility Italy Volatility USA AAA 0.03% 16.23% - - - - AA+ 0.01% 3.29% - - - - AA 0.03% - - - - - AA------A+ - 2.31% - - - - A- - 2.28% - - - - BBB+ 0.06% 1.37% 4.05% 7.11% 1.39% 11.25% BBB 42.48% 50.25% 95.95% 92.89% 98.61% 88.75% BBB- - 3.08% - - - - BB+ - 3.81% - - - - BB - 4.03% - - - - BB- - 2.28% - - - - B+ - 0.60% - - - - B - 0.84% - - - - B- - 0.56% - - - - CCC+ - 0.18% - - - - N/R ------N/A 57.39% 8.89% - - - - Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 231 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA Credit ANIMA ANIMA Star High ANIMA Star High ANIMA ANIMA Smart Portfolio Opportunities Tesoreria Imprese Potential Italy Potential Global Active Selection Dividends Europe AAA 18.07% 33.44% 10.66% 30.60% 22.22% 9.32% AA+ - - - - 2.69% - AA - - - - 1.08% - AA- - - - - 0.28% - A+ 0.29% - - - 0.10% - A - 1.37% - -0.80% 1.56% - A- 1.36% 1.79% - - 0.75% - BBB+ 3.55% - - - 0.47% - BBB 13.83% 35.67% 49.93% 45.84% 3.23% 14.93% BBB- 12.46% 5.87% - 0.86% 1.04% - BB+ 22.07% 10.17% 1.15% 1.43% 1.11% - BB 19.62% 2.78% 3.45% 0.24% 0.39% - BB- 2.14% 1.40% - 0.29% 0.34% - B+ 0.30% 1.82% - 0.62% 0.20% - B 0.35% - - - 0.02% - B- - - - 0.48% 0.07% - CCC+ - - - 0.28% 0.02% - CCC - - - - 0.01% - CCC- - - - 0.16% - - N/R 5.96% 5.69% - 0.16% 0.54% - N/A ------Total 100.00% 100.00% 65.19% 80.16% 36.12% 24.25%

As at 31 December 2017 Credit Risk Rating in ANIMA Credit ANIMA ANIMA Star High ANIMA Star High ANIMA ANIMA Smart Portfolio Opportunities Tesoreria Imprese Potential Italy Potential Global Active Selection Dividends Europe AAA - - - 8.36% - - AA- - - - 0.56% - - A+ 0.42% 0.26% - 0.29% - - A 2.01% - - - - - A- 4.05% - - - - - BBB+ 7.57% 0.52% - 1.33% - - BBB 11.24% 85.09% 43.57% 8.31% - 6.05% BBB- 17.07% 6.05% 1.26% 1.78% - - BB+ 36.40% 3.55% - 5.19% - - BB 18.87% 1.17% 4.02% 2.35% - - BB- 2.37% - - 1.40% - - B+ - - - 2.04% - - B - - - 3.03% - - B- - - - 1.85% - - CCC+ - - - 2.17% - - CCC - - - 1.09% - - CCC- - - - 0.29% - - N/R - 0.78% - - - - N/A - 2.58% 51.15% 59.96% 100.00% 93.95% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 232 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA ANIMA ANIMA ANIMA ANIMA ANIMA

Portfolio Flexible Bond1 Flexible Income Infrastructure1 Solution 2022-I Solution 2022-II Solution 2022 – III AAA 38.57% 42.14% 19.13% 15.09% 6.16% 14.35% AA+ -10.43% -3.19% - - - - AA - 6.53% - - - - A+ ------A - -1.04% - - - - A- - 11.32% - 2.48% - 0.83% BBB+ - 2.04% - 1.57% - 7.62% BBB 54.30% 13.33% 31.69% 56.68% 54.74% 30.56% BBB- 2.95% 6.42% 0.61% 5.51% 10.40% 8.83% BB+ 4.19% 8.46% 1.33% 2.30% 1.89% 4.17% BB 1.02% 2.25% 0.30% 1.81% 5.32% 2.13% BB- 0.94% 1.92% - - - - B+ 1.44% 0.34% - - - - B ------B- - 0.90% - - - - CCC+ - 1.02% - - - - CCC- - 0.20% - - - - N/R - 1.85% - - - 1.01% N/A ------Total 92.98% 94.49% 53.06% 85.44% 78.51% 69.50%

As at 31 December 2017 Credit Risk Rating in ANIMA ANIMA ANIMA ANIMA Portfolio Flexible Income Solution 2022-I Solution 2022-II Solution 2022 – III AAA 9.96% - - - A+ - - - - A - - - - A- 2.71% - - 1.21% BBB+ 2.11% 2.13% 3.22% 8.40% BBB 42.84% 28.08% 29.88% 21.71% BBB- 9.66% 9.59% 5.38% 9.60% BB+ 9.83% 2.96% 3.67% 4.58% BB 5.66% 3.28% 4.30% 1.93% BB- 1.33% - - - B+ 1.20% - - - B 3.52% - - - B- 3.94% - - - CCC+ 0.74% - - - N/R - - - - N/A 6.50% 53.96% 53.55% 52.57% Total 100.00% 100.00% 100.00% 100.00%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 233 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA ANIMA ANIMA Italian ANIMA ANIMA ANIMA Bond 2022

Portfolio Solution 2023-I Solution EM1 Bond Italian Equity High Yield Bond1 Opportunities AAA 23.79% 24.82% 32.42% 4.73% 11.04% 12.31% AA+ 3.37% 2.66% - - - - AA 1.82% 1.61% - - - - AA- 0.58% 0.56% - - - - A+ 0.11% 0.13% - - - - A 2.12% 1.72% - - - - A- 1.58% 1.49% - - 0.08% - BBB+ 1.13% 1.17% - - 0.74% 0.73% BBB 4.71% 4.71% 67.58% - 1.43% 12.65% BBB- 2.97% 2.99% - - 4.73% 9.00% BB+ 2.85% 2.78% - - 10.47% 20.13% BB 1.31% 1.33% - - 9.18% 21.72% BB- 1.24% 1.21% - - 6.25% 5.75% B+ 0.68% 0.68% - - 13.44% 2.94% B 0.13% 0.18% - - 14.56% 6.43% B- 0.23% 0.23% - - 11.62% 4.57% CCC+ 0.08% 0.12% - - 4.73% - CCC 0.03% 0.05% - - 1.83% - CCC- 0.01% 0.01% - - 0.37% 0.39% CC - - - - 0.01% - C - 0.01% - - 0.28% - N/R 1.64% 1.53% - - 9.19% 3.38% N/A ------Total 50.38% 49.99% 100.00% 4.73% 99.95% 100.00%

As at 31 December 2017 Credit Risk Rating in ANIMA ANIMA Italian ANIMA ANIMA Bond 2022 Portfolio Solution 2023-I Bond Italian Equity Opportunities AAA - - - - A+ - - - - A - - - - A- - - - 1.69% BBB+ - - - 2.87% BBB - 100.00% - 8.97% BBB- - - - 12.75% BB+ - - - 29.94% BB - - - 17.94% BB- - - - 4.04% B+ - - - 6.56% B - - - 8.13% B- - - - 7.11% CCC+ - - - - N/R - - - - N/A 100.00% - 100.00% - Total 100.00% 100.00% 100.00% 100.00%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 234 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

As at 31 December 2018 Credit Risk Rating in ANIMA ANIMA ANIMA ANIMA ANIMA ANIMA Portfolio Global Macro Brightview 2023-I Brightview 2023-II Brightview 2023-III Brightview 2023-IV Brightview 2024-I AAA -2.70% 0.05% - 0.08% 0.08% 1.35% AA+ 36.33% - - - - - AA 18.02% - - - - - AA------A+ ------A 14.01% - - - - - A- 16.60% - - - - - BBB+ 0.97% - - - - - BBB 1.34% - 100.00% 99.92% 99.92% 98.65% BBB- 1.51% - - - - - BB+ 0.55% - - - - - BB ------BB- 0.93% - - - - - B+ ------B ------B------N/R 1.61% - - - - - N/A ------Total 89.17% 0.05% 100.00% 100.00% 100.00% 100.00%

As at 31 December 2017 Credit Risk Rating in ANIMA ANIMA ANIMA ANIMA ANIMA ANIMA Portfolio Global Macro Brightview 2023-I Brightview 2023-II Brightview 2023-III Brightview 2023-IV Brightview 2024-I AAA 27.17% - - - - - AA+ ------AA 7.34% - - - - - AA------A+ 7.63% - - - - - A ------A- 1.60% - - - - - BBB+ 24.70% - - - - - BBB 6.32% - 91.90% 91.57% 90.35% 101.35% BBB- 10.19% - - - - - BB+ 1.38% - - - - - BB ------BB- 0.57% - - - - - B+ ------B ------B------N/A 13.10% 100.00% 8.10% 8.43% 9.65% -1.35% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ANIMA Funds Plc 235 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

These are the funds managed by Structured Solutions; the net weight of BTP plus coupon swap have been considered and it was allocated to the rating notch of the issuer Government of Italy.

As at 31 December 2018 Credit Risk ANIMA Orizzonte Europa 2023 Rating in ANIMA ANIMA ANIMA ANIMA ANIMA Orizzonte - Rendimento

Portfolio Brightview 2024-II1 Brightview 2024-III1 Brightview 2024-IV1 Brightview 2024-V1 Europa 2022 Bilanciato AAA 0.03% - 60.24% 4.15% 11.45% 12.96% AA+ ------AA ------AA------A+ ------A ------A------BBB+ ------BBB 99.97% 100.00% 39.76% 95.85% 85.56% 84.84% BBB- - - - - 1.37% 1.45% BB+ - - - - 1.22% 0.75% BB - - - - 0.40% - BB------B+ ------B ------B------N/A ------Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

As at 31 December 2018 Credit Risk Rating in ANIMA Orizzonte ANIMA Orizzonte ANIMA Orizzonte ANIMA Orizzonte ANIMA

Portfolio Sostenibile 20231 Benessere 20231 Consumi 20231 Energia 20231 ANIMA Defensive1 Zephyr Global1 AAA 3.51% 21.65% -15.25% 22.30% 20.30% 14.76% AA+ - - - - 3.28% - AA 8.72% - 23.20% 18.27% 3.89% - AA- - - - - 0.94% 3.65% A+ - - - - 0.22% - A - - - - 2.43% 2.60% A- 10.92% - 22.82% - 5.28% 5.04% BBB+ - - - - 0.97% 1.48% BBB 76.85% 78.35% 69.23% 59.43% 50.12% 67.35% BBB- - - - - 2.86% 2.35% BB+ - - - - 1.80% 1.09% BB - - - - 0.67% 1.11% BB- - - - - 0.55% 0.57% B+ - - - - 0.29% - B - - - - 1.00% - B- - - - - 0.22% - CCC+ - - - - 0.01% - N/R - - - - 0.66% - Total 100.00% 100.00% 100.00% 100.00% 95.49% 100.00%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 236 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Exposure Analysis / Sensitivity Analysis (continued)

(d) Credit risk (continued)

The tables below summarise the issuer risk exposure of the Non Structured Funds by the S&P long term rating.

These are the funds managed by Structured Solutions; the net weight of BTP plus coupon swap have been considered and it was allocated to the rating notch of the issuer Government of Italy.

As at 31 December 2018 Credit Risk Rating in ANIMA Zephyr ANIMA

Portfolio Real Assets1 International Bond1 AAA 24.28% 20.15% AA+ - 37.54% AA 2.33% 11.64% AA- 3.57% 1.80% A+ - - A 2.33% 20.71% A- 4.29% 3.25% BBB+ 0.79% - BBB 60.12% 4.91% BBB- 1.92% - BB+ - - BB - - BB- 0.37% - B+ - - B - - B- - - N/A - - Total 100.00% 100.00%

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 237 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Sensitivity Analysis for Structured Product Funds

a) Exchange Rates Movements

All the Structured Funds are denominated in Euro. The exposure to foreign markets is achieved by either entering into FDIs on Euro-denominated indices, either by entering into FDIs structured in such a way that their value is almost independent on foreign exchange rate movements.

The Structured Funds have no direct holding denominated in foreign currencies, therefore the Structured Funds have no material exposure to foreign exchange movements.

b) Market Movements

If the value of the basket of indices underlying the FDIs in each of the following Funds was increased by 1%, with all other variables held constant, it is estimated that the NAV would have increased by:

Fund Name 1 % increase 1 % increase 31 December 2018 31 December 2017 PRIMA Protetto 100 Cedola BRIC 2016 -- PRIMA Protetto 100 Cedola BRIC/2 -- PRIMA Crescita Europa -- Cedola Paesi Scandinavi 2017 -- Cedola Italia 2017 -- ANIMA Cedola BRIC 2018 - 0.10%

Conversely if the value decreased by the same amount, this would have an equal but opposite effect on the respective NAVs.

c) Interest Rates Movements

All the following structured sub-funds have a funding structure which is achieved by investment in bond portfolio. By consequence, the sensitivity of the net asset value to movements in interest rates is not negligible:

● ANIMA Attiva Cedola Plus 2018 ● ANIMA Cedola BRIC 2018

ANIMA Attiva Cedola Plus 2018

For ANIMA Attiva Cedola Plus 2018, if interest rates increase by 1% at 31 December 2018, with all other variables held constant, net assets attributable to holders of redeemable shares would decrease by approximately Nil (31 December 2017: 0.08%).

Conversely if the value decreased by the same amount, this would have an equal but opposite effect on net assets attributable to holders of redeemable shares (assuming the convexity is null).

ANIMA Cedola BRIC 2018

For ANIMA Cedola BRIC 2018, if interest rate increase by 1% at 31 December 2018, with all other variables held constant, net assets attributable to holders of redeemable shares would decrease by approximately Nil (31 December 2017: 0.72%).

Conversely if the value decreased by the same amount, this would have an equal but opposite effect on net assets attributable to holders of redeemable shares (assuming the convexity is null).

ANIMA Funds Plc 238 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk

The tables below summarise the liquidity risk exposure of the Funds in terms of assets and liabilities by maturity bucket. Balances due within six months equal their carrying amounts, as the impact of discounting is insignificant. The maturity groupings are based on the remaining period from the end of the reporting period to the contractual maturity date. Where the counterparty has a choice of when the payment required, the liability is allocated to the earliest timeframe in which the Fund could be required to pay.

ANIMA Liquidity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 13.75%---13.75% Debtors - 4.47% - - 4.47% Financial assets at fair value through profit or loss 22.59% 65.49% - - 88.08%

Liabilities Creditors -6.30% - - - -6.30% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -69.96% 69.96% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.95% - - - 0.95% Debtors - 0.05% - - 0.05% Financial assets at fair value through profit or loss 14.98% 84.93% - - 99.91%

Liabilities Creditors -0.91% - - - -0.91% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -84.98% 84.98% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

The tables above analyses the Fund’s financial assets into relevant maturity groupings based on the remaining period at the Statement of Financial Position date to the bond maturity date. The percentages in the tables above are as a percentage of the NAV of the Funds.

ANIMA Funds Plc 239 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Short Term Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 1.20% - - - 1.20% Debtors - 3.81% - - 3.81% Financial assets at fair value through profit or loss 3.61% - 94.07% - 97.68%

Liabilities Creditors -2.69% - - - -2.69% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -97.88% 3.81% 94.07% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.93% - - - 1.93% Debtors - 4.29% - - 4.29% Financial assets at fair value through profit or loss 3.92% - 94.08% - 98.00%

Liabilities Creditors -4.22% - - - -4.22% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -98.37% 4.29% 94.08% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 240 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Medium Term Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 1.60% - - - 1.60% Debtors - 3.00% - - 3.00% Financial assets at fair value through profit or loss 3.50% - 36.17% 58.11% 97.78%

Liabilities Creditors -2.38% - - - -2.38% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -97.28% 3.00% 36.17% 58.11% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 2.89% - - - 2.89% Debtors - 3.14% - - 3.14% Financial assets at fair value through profit or loss 3.44% - 35.86% 57.95% 97.25%

Liabilities Creditors -3.28% - - - -3.28% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -96.95% 3.14% 35.86% 57.95% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 241 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Bond Dollar

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 1.37% - - - 1.37% Debtors - 1.96% - - 1.96% Financial assets at fair value through profit or loss 3.16% 2.11% 52.44% 41.17% 98.88%

Liabilities Creditors -2.21% - - - -2.21% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -97.68% 4.07% 52.44% 41.17% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.25% - - - 1.25% Debtors - 2.21% - - 2.21% Financial assets at fair value through profit or loss 3.69% 0.66% 51.63% 40.63% 96.61%

Liabilities Creditors -0.07% - - - -0.07% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -95.13% 2.87% 51.63% 40.63% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 242 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Global Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 2.77% - - - 2.77% Debtors - 3.45% - - 3.45% Financial assets at fair value through profit or loss 2.18% - 40.56% 53.63% 96.37%

Liabilities Creditors -2.59% - - - -2.59% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -97.64% 3.45% 40.56% 53.63% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.40% - - - 1.40% Debtors - 2.29% - - 2.29% Financial assets at fair value through profit or loss 3.59% - 41.20% 53.21% 98.00%

Liabilities Creditors -1.69% - - - -1.69% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -96.70% 2.29% 41.20% 53.21% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 243 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Life Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 3.55% - - - 3.55% Debtors - 0.60% - - 0.60% Financial assets at fair value through profit or loss 0.41% 19.41% 61.21% 14.93% 95.96%

Liabilities Creditors -0.11% - - - -0.11% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -96.15% 20.01% 61.21% 14.93% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 1.03% - - - 1.03% Debtors - 0.56% - - 0.56% Financial assets at fair value through profit or loss - 2.39% 77.83% 18.27% 98.49%

Liabilities Creditors -0.08% - - - -0.08% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.05% 2.95% 77.83% 18.27% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 244 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Short Term Corporate Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 15.59%---15.59% Debtors - 11.65% - - 11.65% Financial assets at fair value through profit or loss 2.80% 25.96% 30.98% 13.13% 72.87%

Liabilities Creditors -0.11% - - - -0.11% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -81.72% 37.61% 30.98% 13.13% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 2.99% - - - 2.99% Debtors - 2.99% - - 2.99% Financial assets at fair value through profit or loss 6.32% 28.41% 38.58% 20.88% 94.19%

Liabilities Creditors -0.11% - - - -0.11% Financial liabilities at fair value through profit or loss -0.06% - - - -0.06% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -90.86% 31.40% 38.58% 20.88% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 245 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Europe Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 16.84% - - - 16.84% Debtors - 0.58% - - 0.58% Financial assets at fair value through profit or loss 83.01% 0.03% - - 83.04%

Liabilities Creditors -0.38% - - - -0.38% Financial liabilities at fair value through profit or loss - -0.08% - - -0.08% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.53% 0.53% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 5.93% - - - 5.93% Debtors - 0.51% - - 0.51% Financial assets at fair value through profit or loss 94.12% - - - 94.12%

Liabilities Creditors -0.47% - - - -0.47% Financial liabilities at fair value through profit or loss -0.01% -0.08% - - -0.09% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.43% 0.43% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 246 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA U.S. Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 8.94% - - - 8.94% Debtors - 0.34% - - 0.34% Financial assets at fair value through profit or loss 91.33%---91.33%

Liabilities Creditors -0.18% - - - -0.18% Financial liabilities at fair value through profit or loss - -0.43% - - -0.43% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 0.09% -0.09% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.76% - - - 0.76% Debtors - 0.07% - - 0.07% Financial assets at fair value through profit or loss 99.52%---99.52%

Liabilities Creditors -0.27% - - - -0.27% Financial liabilities at fair value through profit or loss -0.01% -0.07% - - -0.08% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ----- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 247 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Asia/Pacific Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 15.89% - - - 15.89% Debtors - 0.19% - - 0.19% Financial assets at fair value through profit or loss 84.78% 0.04% - - 84.82%

Liabilities Creditors -0.17% - - - -0.17% Financial liabilities at fair value through profit or loss - -0.73% - - -0.73% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 0.50% -0.50% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 10.88% - - - 10.88% Debtors - 0.12% - - 0.12% Financial assets at fair value through profit or loss 90.53% 0.01% - - 90.54%

Liabilities Creditors -1.49% - - - -1.49% Financial liabilities at fair value through profit or loss -0.04% -0.01% - - -0.05% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.12% 0.12% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 248 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Global Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 0.59% - - - 0.59% Debtors - 2.97% - - 2.97% Financial assets at fair value through profit or loss 98.61% 0.02% - - 98.63%

Liabilities Bank overdraft -0.84% - - - -0.84% Creditors - -1.01% - - -1.01% Financial liabilities at fair value through profit or loss - -0.34% - - -0.34% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -1.64% 1.64%--- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.18% - - - 0.18% Debtors - 0.21% - - 0.21% Financial assets at fair value through profit or loss 100.05% - - - 100.05%

Liabilities Creditors -0.22% - - - -0.22% Financial liabilities at fair value through profit or loss -0.22% - - - -0.22% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.21% 0.21%--- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 249 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Emerging Markets Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 15.23% - - - 15.23% Debtors - 0.13% - - 0.13% Financial assets at fair value through profit or loss 82.41% 2.61% - - 85.02%

Liabilities Creditors -0.23% - - - -0.23% Financial liabilities at fair value through profit or loss -0.01% -0.14% - - -0.15% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -2.60% 2.60% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.53% - - - 1.53% Debtors - 0.14% - - 0.14% Financial assets at fair value through profit or loss 99.21% - - - 99.21%

Liabilities Creditors -0.41% - - - -0.41% Financial liabilities at fair value through profit or loss -0.42% -0.05% - - -0.47% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.09% 0.09% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 250 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Euro Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 3.12% - - - 3.12% Debtors - 0.33% - - 0.33% Financial assets at fair value through profit or loss 96.72%---96.72%

Liabilities Creditors -0.17% - - - -0.17% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.33% 0.33%--- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.80% - - - 0.80% Debtors - 0.33% - - 0.33% Financial assets at fair value through profit or loss 99.01%---99.01%

Liabilities Creditors -0.14% - - - -0.14% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.33% 0.33%--- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 251 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Global Currencies

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 18.21% - - - 18.21% Debtors - 0.91% - - 0.91% Financial assets at fair value through profit or loss 3.17% 68.92% 9.35% - 81.44%

Liabilities Creditors -0.16% - - - -0.16% Financial liabilities at fair value through profit or loss - -0.40% - - -0.40% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -78.78% 69.43% 9.35% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 5.45% - - - 5.45% Debtors - 1.09% - - 1.09% Financial assets at fair value through profit or loss 11.14% 51.27% 31.78% - 94.19%

Liabilities Creditors -0.13% - - - -0.13% Financial liabilities at fair value through profit or loss -0.60% - - - -0.60% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -84.14% 52.36% 31.78% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 252 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Variable Rate Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 2.25% - - - 2.25% Debtors - 0.24% - - 0.24% Financial assets at fair value through profit or loss - 18.02% 31.46% 48.75% 98.23%

Liabilities Creditors -0.19% - - - -0.19% Financial liabilities at fair value through profit or loss - -0.53% - - -0.53% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -97.94% 17.73% 31.46% 48.75% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.87% - - - 0.87% Debtors - 0.42% - - 0.42% Financial assets at fair value through profit or loss 0.03% 2.10% 46.37% 50.65% 99.15%

Liabilities Creditors -0.35% - - - -0.35% Financial liabilities at fair value through profit or loss -0.09% - - - -0.09% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.54% 2.52% 46.37% 50.65% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 253 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Hybrid Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 1.21% - - - 1.21% Debtors - 1.93% - - 1.93% Financial assets at fair value through profit or loss - 0.07% - 96.88% 96.95%

Liabilities Creditors -0.09% - - - -0.09% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -98.88% 2.00% - 96.88% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 3.64% - - - 3.64% Debtors - 2.49% - - 2.49% Financial assets at fair value through profit or loss 0.07% - 1.72% 92.16% 93.95%

Liabilities Creditors -0.07% - - - -0.07% Financial liabilities at fair value through profit or loss -0.01% - - - -0.01% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -96.37% 2.49% 1.72% 92.16% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 254 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Euro Government Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 3.18% - - - 3.18% Debtors - 1.79% - - 1.79% Financial assets at fair value through profit or loss 1.72% 17.63% 29.53% 47.49% 96.37%

Liabilities Creditors -0.17% - - - -0.17% Financial liabilities at fair value through profit or loss - -1.17% - - -1.17% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -95.27% 18.25% 29.53% 47.49% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 3.88% - - - 3.88% Debtors - 0.61% - - 0.61% Financial assets at fair value through profit or loss 0.47% 0.24% 39.51% 55.57% 95.79%

Liabilities Creditors -0.23% - - - -0.23% Financial liabilities at fair value through profit or loss - -0.05% - - -0.05% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -95.88% 0.80% 39.51% 55.57% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 255 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Flex 501

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.77% - - - 0.77% Financial assets at fair value through profit or loss 98.88% 0.41% - - 99.29%

Liabilities Cash and cash equivalents -0.02% - - - -0.02% Creditors -0.04% - - - -0.04% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.41% 0.41% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial period.

ANIMA Funds Plc 256 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Star High Potential Europe

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 18.93%---18.93% Debtors - 0.59% - - 0.59% Financial assets at fair value through profit or loss 41.65% 38.63% - 1.22% 81.50%

Liabilities Creditors -0.52% - - - -0.52% Financial liabilities at fair value through profit or loss -0.02% -0.06% - -0.42% -0.50% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -39.96% 39.16% - 0.80% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 8.63% - - - 8.63% Debtors - 1.27% - - 1.27% Financial assets at fair value through profit or loss 52.07% 25.73% 12.97% - 90.77%

Liabilities Creditors -0.33% - - - -0.33% Financial liabilities at fair value through profit or loss -0.21% -0.13% - - -0.34% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -39.84% 26.87% 12.97% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 257 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Star Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 15.93% - - - 15.93% Debtors - 3.03% - - 3.03% Reverse Repurchase Agreements - - - - - Financial assets at fair value through profit or loss 7.36% 27.75% 28.90% 17.95% 81.96%

Liabilities Creditors -0.09% - - - -0.09% Financial liabilities at fair value through profit or loss - -0.83% - - -0.83% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -76.80% 29.95% 28.90% 17.95% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.77% - - - 1.77% Debtors - 0.63% - - 0.63% Financial assets at fair value through profit or loss 10.20% 7.11% 50.92% 30.10% 98.33%

Liabilities Creditors -0.11% - - - -0.11% Financial liabilities at fair value through profit or loss -0.62% - - - -0.62% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -88.76% 7.74% 50.92% 30.10% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 258 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Smart Volatility Europe

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 7.47% - - - 7.47% Debtors ----- Financial assets at fair value through profit or loss 0.98% 92.83% - - 93.81%

Liabilities Creditors -0.22% - - - -0.22% Financial liabilities at fair value through profit or loss - -1.06% - - -1.06% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -91.77% 91.77% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 14.49%---14.49% Financial assets at fair value through profit or loss - 67.28% 24.06% - 91.34%

Liabilities Creditors -4.46% - - - -4.46% Financial liabilities at fair value through profit or loss - -1.37% - - -1.37% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -89.97% 65.91% 24.06% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 259 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Smart Volatility Global

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 7.94% - - - 7.94% Debtors - 0.02% - - 0.02% Financial assets at fair value through profit or loss 1.04% 92.37% - - 93.41%

Liabilities Creditors -0.15% - - - -0.15% Financial liabilities at fair value through profit or loss - -1.22% - - -1.22% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -91.17% 91.17% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 14.99% - - - 14.99% Debtors - 0.02% - - 0.02% Financial assets at fair value through profit or loss - 62.80% 31.14% - 93.94%

Liabilities Creditors -8.62% - - - -8.62% Financial liabilities at fair value through profit or loss - -0.33% - - -0.33% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -93.63% 62.49% 31.14% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 260 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Smart Volatility Italy

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 7.47% - - - 7.47% Debtors ----- Financial assets at fair value through profit or loss 2.57% 91.09% - - 93.66%

Liabilities Creditors -0.15% - - - -0.15% Financial liabilities at fair value through profit or loss - -0.98% - - -0.98% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -90.11% 90.11% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 21.43%---21.43% Financial assets at fair value through profit or loss - 65.83% 24.12% - 89.95%

Liabilities Creditors -8.37% - - - -8.37% Financial liabilities at fair value through profit or loss - -3.01% - - -3.01% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -86.94% 62.82% 24.12% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 261 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Smart Volatility USA

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 18.92% - - - 18.92% Debtors - - - - - Financial assets at fair value through profit or loss 5.42% 77.09% - - 82.51%

Liabilities Creditors -0.14% - - - -0.14% Financial liabilities at fair value through profit or loss - -1.29% - - -1.29% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -75.80% 75.80% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 11.23% - - - 11.23% Financial assets at fair value through profit or loss 0.03% 45.93% 43.03% - 88.99%

Liabilities Creditors -0.20% - - - -0.20% Financial liabilities at fair value through profit or loss -0.02% - - - -0.02% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -88.96% 45.93% 43.03% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 262 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Credit Opportunities

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 19.42%---19.42% Debtors - 1.10% - - 1.10% Financial assets at fair value through profit or loss 0.01% 7.39% 48.80% 24.70% 80.90%

Liabilities Creditors -1.41% - - - -1.41% Financial liabilities at fair value through profit or loss - -0.01% - - -0.01% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -81.98% 8.48% 48.80% 24.70% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 11.35%---11.35% Debtors - 1.45% - - 1.45% Financial assets at fair value through profit or loss 0.13% 2.61% 55.02% 29.48% 87.24%

Liabilities Creditors -0.03% - - - -0.03% Financial liabilities at fair value through profit or loss -0.01% - - - -0.01% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -88.56% 4.06% 55.02% 29.48% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 263 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Tesoreria Imprese

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 14.52% - - - 14.52% Debtors - 0.73% - - 0.73% Financial assets at fair value through profit or loss 4.72% 4.45% 48.86% 27.31% 85.34%

Liabilities Creditors -0.08% - - - -0.08% Financial liabilities at fair value through profit or loss - -0.51% - - -0.51% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -80.84% 4.67% 48.86% 27.31% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 4.61% - - - 4.61% Debtors - 0.57% - - 0.57% Financial assets at fair value through profit or loss 3.18% 5.30% 42.60% 43.86% 94.94%

Liabilities Creditors -0.05% - - - -0.05% Financial liabilities at fair value through profit or loss -0.07% - - - -0.07% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -92.33% 5.87% 42.60% 43.86% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 264 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Star High Potential Italy

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 8.66% - - - 8.66% Debtors - 2.34% - - 2.34% Financial assets at fair value through profit or loss 34.83% 50.01% 3.38% 1.09% 89.31%

Liabilities Creditors -0.31% - - - -0.31% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -56.82% 52.35% 3.38% 1.09% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 3.05% - - - 3.05% Debtors - 0.63% - - 0.63% Financial assets at fair value through profit or loss 49.94% 15.96% 25.89% 4.94% 96.73%

Liabilities Creditors -0.39% - - - -0.39% Financial liabilities at fair value through profit or loss -0.02% - - - -0.02% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -47.42% 16.59% 25.89% 4.94% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 265 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Star High Potential Global

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 19.61% - - - 19.61% Debtors - 0.25% - - 0.25% Financial assets at fair value through profit or loss 19.78% 46.07% 0.87% 14.30% 81.02%

Liabilities Creditors -0.18% - - - -0.18% Financial liabilities at fair value through profit or loss - -0.67% - -0.03% -0.70% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -60.79% 45.65% 0.87% 14.27% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 18.95% - - - 18.95% Debtors - 0.53% - - 0.53% Financial assets at fair value through profit or loss 51.78% 0.34% 9.23% 20.76% 82.11%

Liabilities Creditors -0.26% - - - -0.26% Financial liabilities at fair value through profit or loss -1.27% -0.06% - - -1.33% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -30.80% 0.81% 9.23% 20.76% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 266 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Active Selection

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 12.67%---12.67% Debtors ----- Financial assets at fair value through profit or loss 87.37%---87.37%

Liabilities Creditors -0.04% - - - -0.04% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ----- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.03% - - - 1.03% Financial assets at fair value through profit or loss 99.51%---99.51%

Liabilities Creditors -0.54% - - - -0.54% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ----- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 267 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Smart Dividends Europe

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 9.24% - - - 9.24% Debtors - 0.20% - - 0.20% Financial assets at fair value through profit or loss 75.75% 14.93% - - 90.68%

Liabilities Creditors -0.12% - - - -0.12% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -15.13% 15.13% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.75% - - - 0.75% Debtors - 0.17% - - 0.17% Financial assets at fair value through profit or loss 93.10% 5.54% 0.45% - 99.09%

Liabilities Cash and Cash Equivalents - - - - - Creditors -0.01% - - - -0.01% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -6.16% 5.71% 0.45% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 268 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Flexible Bond1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 19.52%---19.52% Debtors - 0.61% - - 0.61% Financial assets at fair value through profit or loss 7.02% 20.96% 35.71% 16.30% 79.99%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss - -0.06% - - -0.06% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -73.52% 21.51% 35.71% 16.30% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 269 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Flexible Income

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 19.66% - - - 19.66% Debtors - 0.70% - - 0.70% Financial assets at fair value through profit or loss 7.07% 25.72% 31.85% 15.97% 80.61%

Liabilities Creditors -0.08% - - - -0.08% Financial liabilities at fair value through profit or loss - -0.89% - - -0.89% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -73.35% 25.53% 31.85% 15.97% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 2.25% - - - 2.25% Debtors - 0.69% - - 0.69% Financial assets at fair value through profit or loss 7.37% 15.84% 48.43% 26.17% 97.81%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss -0.62% -0.07% - - -0.69% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -91.06% 16.46% 48.43% 26.17% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 270 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Infrastructure1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 19.64%---19.64% Debtors - 1.76% - - 1.76% Financial assets at fair value through profit or loss 46.71% 33.08% - 1.21% 81.00%

Liabilities Creditors -2.34% - - - -2.34% Financial liabilities at fair value through profit or loss - -0.04% - -0.02% -0.06% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -35.99% 34.80% - 1.19% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 271 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Solution 2022-I

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 12.56% - - - 12.56% Debtors - 2.04% - - 2.04% Financial assets at fair value through profit or loss 16.32% 19.83% 49.31% - 85.46%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -71.18% 21.87% 49.31% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.26% - - - 0.26% Debtors - 1.24% - - 1.24% Financial assets at fair value through profit or loss 53.46% 0.27% 45.34% - 99.07%

Liabilities Creditors -0.57% - - - -0.57% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -46.85% 1.51% 45.34% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 272 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Solution 2022-II

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 5.73% - - - 5.73% Debtors - 0.69% - - 0.69% Financial assets at fair value through profit or loss 27.11% 15.61% 50.93% - 93.65%

Liabilities Creditors -0.07% - - - -0.07% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -67.23% 16.30% 50.93% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.53% - - - 0.53% Debtors - 1.01% - - 1.01% Financial assets at fair value through profit or loss 53.70% - 45.47% - 99.17%

Liabilities Creditors -0.71% - - - -0.71% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -46.48% 1.01% 45.47% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 273 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Solution 2022-III

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 14.21% - - - 14.21% Debtors - 0.68% - - 0.68% Financial assets at fair value through profit or loss 30.92% 5.61% 48.63% - 85.16%

Liabilities Creditors -0.05% - - - -0.05% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -54.92% 6.29% 48.63% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.31% - - - 0.31% Debtors - 0.63% - - 0.63% Financial assets at fair value through profit or loss 52.13% - 42.62% 4.43% 99.18%

Liabilities Creditors -0.12% - - - -0.12% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -47.68% 0.63% 42.62% 4.43% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 274 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Solution 2023-I

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 9.74% - - - 9.74% Debtors ----- Financial assets at fair value through profit or loss 90.30%---90.30%

Liabilities Creditors -0.04% - - - -0.04% Financial assets at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ----- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 2.54% - - - 2.54% Financial assets at fair value through profit or loss 97.66%---97.66%

Liabilities Creditors -0.20% - - - -0.20% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ----- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 275 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Solution EM1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 12.30% - - - 12.30% Debtors - - - - - Financial assets at fair value through profit or loss 87.74% - - - 87.74%

Liabilities Creditors -0.04% - - - -0.04% Financial assets at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ----- –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 276 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

PRIMA Bond 2017 Crescita Imprese1

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 8.93% - - - 8.93% Debtors - 0.26% - - 0.26% Financial assets at fair value through profit or loss 9.44% 83.85% - - 93.29%

Liabilities Creditors -2.48% - - - -2.48% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -84.11% 84.11% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Traguardo 2017 Global Bonds1

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 8.22% - - - 8.22% Debtors - 0.38% - - 0.38% Financial assets at fair value through profit or loss 14.43% 77.50% - - 91.93%

Liabilities Creditors -0.26% - - - -0.26% Financial liabilities at fair value through profit or loss - -0.27% - - -0.27% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -77.61% 77.61% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund conversions during the financial period.

ANIMA Funds Plc 277 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Attiva Cedola Plus 20181

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.63% - - - 0.63% Debtors - 0.21% - - 0.21% Financial assets at fair value through profit or loss 102.02% - - - 102.02%

Liabilities Creditors -0.16% - - - -0.16% Financial liabilities at fair value through profit or loss - -2.70% - - -2.70% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2.49% -2.49% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Cedola BRIC 20182

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.68% - - - 0.68% Debtors - 1.62% - - 1.62% Reverse Repurchase Agreements 26.17% - - - 26.17% Financial assets at fair value through profit or loss 36.70% 35.36% - - 72.06%

Liabilities Creditors -0.52% - - - -0.52% Financial liabilities at fair value through profit or loss -0.01% - - - -0.01% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -36.98% 36.98% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund terminations during the financial year. 2 Please refer to note 24 to the financial statements for details of Fund conversions during the financial period.

ANIMA Funds Plc 278 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Italian Bond

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 4.87% - - - 4.87% Debtors - 0.60% - - 0.60% Financial assets at fair value through profit or loss - 10.81% 33.62% 51.51% 95.94%

Liabilities Creditors -0.19% - - - -0.19% Financial liabilities at fair value through profit or loss - -1.22% - - -1.22% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -95.32% 10.19% 33.62% 51.51% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.53% - - - 0.53% Debtors - 1.32% - - 1.32% Financial assets at fair value through profit or loss - 0.64% 36.26% 61.60% 98.50%

Liabilities Creditors -0.35% - - - -0.35% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.82% 1.96% 36.26% 61.60% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 279 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Italian Equity

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 4.65% - - - 4.65% Debtors - 0.88% - - 0.88% Financial assets at fair value through profit or loss 95.28% - - - 95.28%

Liabilities Creditors -0.81% - - - -0.81% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.88% 0.88% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 15.69% - - - 15.69% Debtors - 0.19% - - 0.19% Financial assets at fair value through profit or loss 84.76% 0.05% - - 84.81%

Liabilities Creditors -0.46% - - - -0.46% Financial liabilities at fair value through profit or loss - -0.23% - - -0.23% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -0.01% 0.01% - - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 280 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA High Yield Bond1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 9.95% - - - 9.95% Debtors - 1.30% - - 1.30% Financial assets at fair value through profit or loss 8.39% 1.92% 21.54% 57.01% 88.86%

Liabilities Creditors -0.11% - - - -0.11% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -81.77% 3.22% 21.54% 57.01% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 281 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Bond 2022 Opportunities

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 12.21% - - - 12.21% Debtors - 1.43% - - 1.43% Financial assets at fair value through profit or loss 0.01% 20.44% 60.42% 5.56% 86.43%

Liabilities Creditors -0.05% - - - -0.05% Financial liabilities at fair value through profit or loss -0.02% -0.02% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -87.83% 21.85% 60.42% 5.56% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 12.37% - - - 12.37% Debtors - 1.41% - - 1.41% Financial assets at fair value through profit or loss 0.19% 1.35% 76.02% 8.71% 86.27%

Liabilities Creditors -0.03% - - - -0.03% Financial liabilities at fair value through profit or loss -0.02% - - - -0.02% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -87.49% 2.76% 76.02% 8.71% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 282 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Global Macro

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 19.31%---19.31% Debtors - 0.28% - - 0.28% Financial assets at fair value through profit or loss 21.78% 8.16% 2.43% 49.02% 81.39%

Liabilities Creditors -0.12% - - - -0.12% Financial liabilities at fair value through profit or loss - -0.86% - - -0.86% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -59.03% 7.58% 2.43% 49.02% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 6.35% - - - 6.35% Debtors - 0.25% - - 0.25% Financial assets at fair value through profit or loss 15.44% 33.45% 8.24% 37.82% 94.95%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss -1.38% -0.11% - - -1.49% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -79.65% 33.59% 8.24% 37.82% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 283 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2023-I

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 0.15% - - - 0.15% Debtors - 0.17% - - 0.17% Financial assets at fair value through profit or loss 97.15% - 8.11% 105.26%

Liabilities Creditors -0.32% - - - -0.32% Financial liabilities at fair value through profit or loss - - -5.26% - -5.26% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -3.02% 0.17% 2.85% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Debtors - 0.20% - - 0.20% Financial assets at fair value through profit or loss 111.04% - - - 111.04%

Liabilities Cash and Cash Equivalents -0.01% - - - -0.01% Creditors -0.36% - - - -0.36% Financial liabilities at fair value through profit or loss - - - -10.87% -10.87% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 10.67% 0.20% - -10.87% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 284 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2023-II

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 0.09% - - - 0.09% Debtors - 0.65% - - 0.65% Financial assets at fair value through profit or loss - - 96.59% 26.78% 123.37%

Liabilities Creditors -0.13% - - - -0.13% Financial liabilities at fair value through profit or loss - - -23.98% - -23.98% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -100.04% 0.65% 72.61% 26.78% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 0.03% - - - 0.03% Debtors - 0.60% - - 0.60% Financial assets at fair value through profit or loss 0.01% - 34.25% 90.77% 125.03%

Liabilities Creditors -0.09% - - - -0.09% Financial liabilities at fair value through profit or loss - - - -25.57% -25.57% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -100.05% 0.60% 34.25% 65.20% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 285 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2023-III

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.21% - - - 0.21% Debtors - 0.99% - - 0.99% Financial assets at fair value through profit or loss - - 74.83% 54.25% 129.08%

Liabilities Creditors -0.15% - - - -0.15% Financial liabilities at fair value through profit or loss - - -30.13% - -30.13% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.94% 0.99% 44.70% 54.25% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.28% - - - 0.28% Debtors - 0.90% - - 0.90% Financial assets at fair value through profit or loss - - 22.91% 107.68% 130.59%

Liabilities Creditors -0.25% - - - -0.25% Financial liabilities at fair value through profit or loss - - - -31.52% -31.52% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.97% 0.90% 22.91% 76.16% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 286 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2023-IV

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.15% - - - 0.15% Debtors - 0.83% - - 0.83% Financial assets at fair value through profit or loss - - 72.60% 54.93% 127.53%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss - - -28.45% - -28.45% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.91% 0.83% 44.15% 54.93% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.11% - - - 0.11% Debtors - 0.75% - - 0.75% Financial assets at fair value through profit or loss - - 20.80% 107.06% 127.86%

Liabilities Creditors -0.12% - - - -0.12% Financial liabilities at fair value through profit or loss - - - -28.60% -28.60% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -100.01% 0.75% 20.80% 78.46% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 287 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2024-I

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.82% - - - 1.82% Debtors - 0.78% - - 0.78% Financial assets at fair value through profit or loss - - 55.54% 71.19% 126.73%

Liabilities Creditors -0.13% - - - -0.13% Financial liabilities at fair value through profit or loss - - - -29.20% -29.20% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -98.31% 0.78% 55.54% 41.99% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.56% - - - 0.56% Financial assets at fair value through profit or loss - 101.35% - - 101.35%

Liabilities Creditors -1.32% - - - -1.32% Financial liabilities at fair value through profit or loss - - - -0.59% -0.59% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -100.76% 101.35% - -0.59% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 288 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2024-II1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.11% - - - 0.11% Debtors - 0.87% - - 0.87% Financial assets at fair value through profit or loss - - 44.54% 85.41% 129.95%

Liabilities Creditors -0.08% - - - -0.08% Financial liabilities at fair value through profit or loss - - - -30.85% -30.85% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.97% 0.87% 44.54% 54.56% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-III1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.06% - - - 0.06% Debtors - 0.91% - - 0.91% Financial assets at fair value through profit or loss - - 36.49% 93.05% 129.54%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss - - - -30.45% -30.45% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -100.00% 0.91% 36.49% 62.60% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 289 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Brightview 2024-IV1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 10.08% - - - 10.08% Debtors - 87.52% - - 87.52% Financial assets at fair value through profit or loss - - - 2.43% 2.43%

Liabilities Creditors -0.03% - - - -0.03% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -89.95% 87.52% - 2.43% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-V1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.03% - - - 0.03% Debtors - - - - - Financial assets at fair value through profit or loss - 95.85% - 4.15% 100.00%

Liabilities Creditors -0.03% - - - -0.03% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -100.00% 95.85% - 4.15% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 290 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Orizzonte Europa 2022

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 9.62% - - - 9.62% Debtors - 3.46% - - 3.46% Financial assets at fair value through profit or loss - - 81.78% 23.78% 105.56%

Liabilities Creditors -0.09% - - - -0.09% Financial liabilities at fair value through profit or loss - - -18.55% - -18.55% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -90.47% 3.46% 63.23% 23.78% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and Cash Equivalents 0.37% - - - 0.37% Debtors - 3.85% - - 3.85% Financial assets at fair value through profit or loss 0.00% - 66.77% 51.80% 118.57%

Liabilities Creditors -0.12% - - - -0.12% Financial liabilities at fair value through profit or loss - - -22.67% - -22.67% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.75% 3.85% 44.10% 51.80% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 291 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Orizzonte Europa 2023 -Rendimento Bilanciato

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 11.52% - - - 11.52% Debtors - 3.88% - - 3.88% Financial assets at fair value through profit or loss - - 65.49% 40.95% 106.44%

Liabilities Creditors -0.09% - - - -0.09% Financial liabilities at fair value through profit or loss - - -21.75% - -21.75% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -88.57% 3.88% 43.74% 40.95% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Less than 1 month to 1 to 5 As at 31 December 2017 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.13% - - - 0.13% Debtors - 4.33% - - 4.33% Financial assets at fair value through profit or loss - - 20.83% 102.51% 123.34%

Liabilities Creditors -0.06% - - - -0.06% Financial liabilities at fair value through profit or loss - - - -27.74% -27.74% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.93% 4.33% 20.83% 74.77% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 292 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2017 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Orizzonte Sostenibile 20231

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.87% - - - 0.87% Debtors - 4.84% - - 4.84% Financial assets at fair value through profit or loss - - 78.76% 42.10% 120.86%

Liabilities Creditors -0.22% - - - -0.22% Financial liabilities at fair value through profit or loss - - -26.35% - -26.35% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.35% 4.84% 52.41% 42.10% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Benessere 20231

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 0.78% - - - 0.78% Debtors - 4.57% - - 4.57% Financial assets at fair value through profit or loss - - 64.80% 55.94% 120.74%

Liabilities Creditors -0.36% - - - -0.36% Financial liabilities at fair value through profit or loss - - -25.73% - -25.73% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.58% 4.57% 39.07% 55.94% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 293 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Orizzonte Consumi 20231

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 8.17% - - - 8.17% Debtors - 4.53% - - 4.53% Financial assets at fair value through profit or loss - - 82.76% 38.37% 121.13%

Liabilities Creditors -6.32% - - - -6.32% Financial liabilities at fair value through profit or loss - - -27.51% - -27.51% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -98.15% 4.53% 55.25% 38.37% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Energia 20231

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 1.10% - - - 1.10% Debtors - 4.50% - - 4.50% Financial assets at fair value through profit or loss - - 80.23% 37.53% 117.76%

Liabilities Creditors -0.53% - - - -0.53% Financial liabilities at fair value through profit or loss - - -22.83% - -22.83% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -99.43% 4.50% 57.40% 37.53% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 294 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Defensive1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 36.54%---36.54% Debtors - 0.28% - - 0.28% Financial assets at fair value through profit or loss 53.70% 33.79% 2.82% - 90.31%

Liabilities Creditors -27.13%----27.13% Financial liabilities at fair value through profit or loss ----- Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -36.89% 34.07% 2.82% - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Zephyr Global1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 9.49% - - - 9.49% Debtors - 0.26% - - 0.26% Financial assets at fair value through profit or loss 2.85% 42.75% 38.37% 6.44% 90.41%

Liabilities Creditors -0.05% - - - -0.05% Financial liabilities at fair value through profit or loss - -0.11% - - -0.11% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00%----100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -87.71% 42.90% 38.37% 6.44% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 295 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Liquidity risk (continued)

ANIMA Zephyr Real Assets1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 19.84% - - - 19.84% Debtors - 1.15% - - 1.15% Financial assets at fair value through profit or loss 1.06% 41.37% 33.62% 3.00% 79.05%

Liabilities Creditors -0.04% - - - -0.04% Financial liabilities at fair value through profit or loss - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -79.14% 42.52% 33.62% 3.00% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA International Bond1

Less than 1 month to 1 to 5 As at 31 December 2018 1 month 1 year years > 5 years Total

Assets Cash and cash equivalents 13.92% - - - 13.92% Debtors - 0.61% - - 0.61% Financial assets at fair value through profit or loss - 7.36% 22.16% 56.09% 85.61%

Liabilities Creditors -0.05% - - - -0.05% Financial liabilities at fair value through profit or loss - -0.09% - - -0.09% Net Assets Attributable to Holders of Redeemable Participating Shares -100.00% - - - -100.00% –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– -86.13% 7.88% 22.16% 56.09% - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 296 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities

Each Fund may be eligible to present net on the Statement of Financial Position, certain financial assets and liabilities according to criteria described in Note 1 (c) to the Financial Statements.

As at 31 December 2018, none of the financial assets and financial liabilities met the eligibility criteria and therefore none were presented net on the Statement of Financial Position.

The following tables presents each Funds financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements. The tables are presented by counterparty.

Counterparty Disclosure MPS Capital Services Counterparty A JP Morgan Counterparty B BNP Paribas Counterparty C Credit Agricole Counterparty E Credit Suisse Counterparty F Deutsche Bank Counterparty G Morgan Stanley Counterparty H Nomura International Counterparty K Goldman Sachs Counterparty Q Pictet and CIE Counterparty X Unicredit Bank Counterparty Z

ANIMA Short Term Corporate Bond

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty K 160,697 - - 160,697 Counterparty Z 140,998 - - 140,998 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 301,695 - - 301,695 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty Q 359,074 359,074 Counterparty T 360,327 - - 360,327 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 719,401 - - 719,401 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (123,405) (123,405) Counterparty H (63,862) - - (63,862) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (187,267) - - (187,267) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 297 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Europe Equity

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 201,875 (4,040) - 197,835 Counterparty H 5,824 (5,824) - - Counterparty Q 5,341 - - 5,341 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 213,040 (9,864) - 203,176 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (4,040) 4,040 - - Counterparty C (358,800) - - (358,800) Counterparty H (18,146) 5,825 - (12,321) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (380,986) 9,865 - (371,121) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty E 278,060 - - 278,060 Counterparty F 45,721 - - 45,721 Counterparty T 6,963 (2,708) - 4,255 Counterparty Z 140,837 (26,362) - 114,475 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 471,581 (29,070) - 442,511 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (468,600) - - (468,600) Counterparty G (321) - - (321) Counterparty P (10,649) - - (10,649) Counterparty T (2,708) 2,708 - - Counterparty Z (26,362) 26,362 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (508,640) 29,070 - (479,570) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 298 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA U.S. Equity

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 3,091 (3,091) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 3,091 (3,091) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (28,478) 3,091 - (25,387) Counterparty C (838,424) - - (838,424) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (866,902) 3,091 - (863,811) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (113,008) - - (113,008) Counterparty F (2,974) - - (2,974) Counterparty H (7,318) 7,318 - - Counterparty Q (6,474) - - (6,474) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (129,774) 7,318 - (122,456) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 299 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Asia/Pacific Equity

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 19,304 (19,304) - - Counterparty C 277 (277) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 19,581 (19,581) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (29,166) 19,304 - (9,862) Counterparty C (340,541) 277 - (340,264) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (369,707) 19,581 - (350,126) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 21,922 (8,928) - 12,994 Counterparty H 13,691 (13,691) - - Counterparty T 86,111 - - 86,111 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 121,724 (22,619) - 99,105 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (8,928) 8,928 - - Counterparty H (24,851) 13,691 - (11,160) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (33,779) 22,619 - (11,160) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 300 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Global Equity

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 7,343 (7,343) - - Counterparty H 1,379 (1,379) - - Counterparty Q 1,627 (1,627) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 10,349 (10,349) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (67,630) 7,343 - (60,287) Counterparty H (5,482) 1,379 - (4,103) Counterparty Q (62,276) 1,627 - (60,649) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (135,388) 10,349 - (125,039) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty F 28,484 (28,484) - - Counterparty H 4,817 (4,817) - - Counterparty Q 80,877 (39,696) - 41,181 Counterparty T 97,266 (83) - 97,183 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 211,444 (73,080) - 138,364 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (420) - - (420) Counterparty F (39,653) 28,484 - (11,169) Counterparty H (28,355) 4,817 - (23,538) Counterparty K (25,970) - - (25,970) Counterparty Q (39,696) 39,696 - - Counterparty T (83) 83 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (134,177) 73,080 - (61,097) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 301 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Emerging Markets Equity

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 8,313 (8,313) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 8,313 (8,313) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (7,924) - - (7,924) Counterparty C (48,296) 8,313 - (39,983) Counterparty H (9,298) - - (9,298) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (65,518) 8,313 - (57,205) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 19,845 (19,845) - - Counterparty G 88,670 (88,670) - - Counterparty H 56,970 (26,087) - 30,883 Counterparty K 2,990 (2,990) - - Counterparty Q 20,684 (16,238) - 4,446 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 189,159 (153,830) - 35,329 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (7,246) - - (7,246) Counterparty C (27,337) 19,845 - (7,492) Counterparty F (22,470) - - (22,470) Counterparty G (113,748) 88,670 - (25,078) Counterparty H (26,087) 26,087 - - Counterparty K (25,064) 2,990 - (22,074) Counterparty Q (16,238) 16,238 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (238,190) 153,830 - (84,360) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 302 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Euro Equity

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (1,132) - - (1,132) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (1,132) - - (1,132) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 303 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Global Currencies

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 3,657 (1,385) - 2,272 Counterparty F 24,347 (427) - 23,920 Counterparty K 9,600 - - 9,600 Counterparty Z 134 - - 134 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 37,738 (1,812) - 35,926 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (1,385) 1,385 - - Counterparty F (427) 427 - - Counterparty H (20,804) - - (20,804) Counterparty Q (8,750) - - (8,750) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (31,366) 1,812 - (29,554) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty F 529 (151) - 378 Counterparty G 21,851 - - 21,851 Counterparty K 16,829 (16,829) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 39,209 (16,980) - 22,229 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty F (151) 151 - - Counterparty K (16,832) 16,829 - (3) Counterparty Q (2,993) - - (2,993) Counterparty T (12,981) - - (12,981) Counterparty Z (10,597) - - (10,597) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (43,554) 16,980 - (26,574) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 304 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Variable Rate Bond

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (192,918) - - (192,918) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (192,918) - - (192,918) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 158,440 - - 158,440 Counterparty Q 15,875 (15,875) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 174,315 (15,875) - 158,440 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty Q (37,489) 15,875 - (21,614) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (37,489) 15,875 - (21,614) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 305 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Hybrid Bond

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty E 5,415 - - 5,415 Counterparty H 1,787 (1,330) - 457 Counterparty Z 15,980 - - 15,980 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 23,182 (1,330) - 21,852 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (3,493) - - (3,493) Counterparty K (2,146) - - (2,146) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (5,639) - - (5,639) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 306 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Euro Government Bond

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 35,628 - - 35,628 Counterparty Z 4,028 - - 4,028 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 39,656 - - 39,656 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (3,216,300) - - (3,216,300) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (3,216,300) - - (3,216,300) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 307 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star High Potential Europe

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 17,024 (17,024) - - Counterparty C 8,458,685 (97,940) - 8,360,745 Counterparty Q 530 (530) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 8,476,239 (115,494) - 8,360,745 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (49,686) 17,024 - (32,662) Counterparty C (97,940) 97,940 - - Counterparty H (32,075) - - (32,075) Counterparty K (2,654,042) - - (2,654,042) Counterparty Q (270,864) 530 - (270,334) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (3,104,607) 115,494 - (2,989,113) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 308 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star High Potential Europe (continued)

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 1,874,147 (1,257,437) - 616,710 Counterparty B 65,878 - - 65,878 Counterparty G 901 (901) - - Counterparty H 730,843 (730,843) - - Counterparty K 98,262 (98,262) - - Counterparty Q 261,746 (21,555) - 240,191 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 3,031,777 (2,108,998) - 922,779 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (1,257,437) 1,257,437 - - Counterparty G (17,460) 901 - (16,559) Counterparty H (1,226,551) 730,843 350,000 (145,708) Counterparty K (772,649) 98,262 - (674,387) Counterparty Q (21,555) 21,555 - - Counterparty T (9,834) - - (9,834) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (3,305,486) 2,108,998 350,000 (846,488) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 309 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star Bond

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 140,957 (3,146) - 137,811 Counterparty E 202,037 - - 202,037 Counterparty F 18,035 - - 18,035 Counterparty G 35,071 - - 35,071 Counterparty H 489,297 (347,660) - 141,637 Counterparty K 184,516 (184,516) - - Counterparty Q 298,822 (3,331) - 295,491 Counterparty X 117,516 (117,516) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,486,251 (656,169) - 830,082 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (3,146) 3,146 - - Counterparty C (909,156) - - (909,156) Counterparty H (347,660) 347,660 - - Counterparty K (521,828) 184,516 410,000 72,688 Counterparty Q (3,331) 3,331 - - Counterparty Z (24,842) - - (24,842) Counterparty X (1,176,238) 117,516 340,000 (718,722) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (2,986,201) 656,169 750,000 (1,580,032) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 310 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star Bond (continued)

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 453,274 (155,052) - 298,222 Counterparty C 3,006,539 (49,000) - 2,957,539 Counterparty F 449,356 (147,093) - 302,263 Counterparty G 120,656 (61,662) - 58,994 Counterparty H 9,236 - - 9,236 Counterparty K 1,180,662 (1,180,662) - - Counterparty Q 878,433 - - 878,433 Counterparty T 360,328 - - 360,328 Counterparty Z 154,070 (154,070) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 6,612,554 (1,747,539) - 4,865,015 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (155,052) 155,052 - - Counterparty C (49,000) 49,000 - - Counterparty F (147,093) 147,093 - - Counterparty G (61,662) 61,662 - - Counterparty K (2,327,541) 1,180,662 - (1,146,879) Counterparty Z (217,163) 154,070 - (63,093) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (2,957,511) 1,747,539 - (1,209,972) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 311 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Smart Volatility Europe

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (216,263) - - (216,263) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (216,263) - - (216,263) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (934,560) 554,659 - (379,901) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (934,560) 554,659 - (379,901) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 312 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Smart Volatility Global

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (587,480) - - (587,480) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (587,480) - - (587,480) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (395,120) 395,120 - - Counterparty S (15) - - (15) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (395,135) 395,120 - (15) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 313 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Smart Volatility Italy

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (257,950) - - (257,950) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (257,950) - - (257,950) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (2,179,200) - - (2,179,200) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (2,179,200) - - (2,179,200) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 314 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Smart Volatility USA

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (130,935) - - (130,935) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (130,935) - - (130,935) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 191,316 - - 191,316 Counterparty Q 2,661 (1,681) - 980 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 193,977 (1,681) - 192,296 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 315 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Credit Opportunities

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty K 44,224 - - 44,224 Counterparty Q 295 (295) - - Counterparty Z 48,678 - - 48,678 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 93,197 (295) - 92,902 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (317) - - (317) Counterparty H (1,304) 295 - (1,009) Counterparty Q (12,905) - - (12,905) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (14,526) 295 - (14,231) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 12,459 (12,459) - - Counterparty H 10,275 (746) - 9,529 Counterparty Q 66,436 - - 66,436 Counterparty T 72,066 - - 72,066 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 161,236 (13,205) - 148,031 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (14,252) 12,459 - (1,793) Counterparty H (746) 746 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (14,998) 13,205 - (1,793) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 316 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Tesoreria Imprese

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (145,230) - - (145,230) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (145,230) - - (145,230) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 157,760 - - 157,760 Counterparty Q 3,664 (3,664) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 161,424 (3,664) - 157,760 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty Q (30,442) 3,664 - (26,778) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (30,442) 3,664 - (26,778) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 317 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star High Potential Italy

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 277,264 - - 277,264 Counterparty Q 195,400 - - 195,400 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 472,664 - - 472,664 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 654,896 - - 654,896 Counterparty H 57,619 (17,978) - 39,641 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 712,515 (17,978) - 694,537 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 318 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star High Potential Global

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 13,065 (13,065) - - Counterparty C 4,161 - - 4,161 Counterparty H 227,460 (22,876) - 204,584 Counterparty K 9,652 (9,652) - - Counterparty Q 35,145 (35,145) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 289,483 (80,738) - 208,745 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (68,568) - - (68,568) Counterparty B (213,990) 13,065 - (200,925) Counterparty H (22,876) 22,876 - - Counterparty K (56,701) 9,652 - (47,049) Counterparty Q (137,732) 35,145 70,000 (32,587) Counterparty Z (20,383) - - (20,383) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (520,250) 80,738 70,000 (369,512) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 319 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Star High Potential Global (continued)

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 3,737 (3,737) - - Counterparty C 209,857 (58,121) - 151,736 Counterparty F 49,183 (49,183) - - Counterparty G 470,290 (308,142) - 162,148 Counterparty H 151,269 (3,184) - 148,085 Counterparty K 183,630 (183,630) - - Counterparty Q 73,956 - - 73,956 Counterparty T 1,087 (1,087) - - Counterparty Z 202,320 (155,118) - 47,202 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,345,329 (762,202) - 583,127 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (48,298) 3,737 - (44,561) Counterparty C (58,121) 58,121 - - Counterparty F (150,797) 49,183 - (101,614) Counterparty G (308,142) 308,142 - - Counterparty H (3,184) 3,184 - - Counterparty K (231,443) 183,630 - (47,813) Counterparty T (153,513) 1,087 - (152,426) Counterparty Z (155,118) 155,118 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (1,108,616) 762,202 - (346,414) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 320 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Flexible Bond1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty H 2,813 (2,813) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,813 (2,813) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty H (6,223) 2,813 - (3,410) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (6,223) 2,813 - (3,410) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 321 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Flexible Income

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 495 (450) - 45 Counterparty F 2,705 - - 2,705 Counterparty G 2,571 - - 2,571 Counterparty H 48,778 (48,778) - - Counterparty K 2,241 (2,241) - - Counterparty Q 35,654 - - 35,654 Counterparty Z 98,801 - - 98,801 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 191,245 (51,469) - 139,776 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (161,546) - - (161,546) Counterparty B (451) 451 - - Counterparty H (77,064) 48,778 - (28,286) Counterparty K (51,580) 2,240 - (49,340) Counterparty X (109,599) - - (109,599) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (400,240) 51,469 - (348,771) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 322 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Flexible Income (continued)

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 281,944 (32,600) - 249,344 Counterparty F 39,558 (31,709) - 7,849 Counterparty G 10,620 (10,620) - - Counterparty K 103,031 (103,031) - - Counterparty Q 81,553 (45,979) - 35,574 Counterparty T 36,033 - - 36,033 Counterparty Z 13,636 (58) - 13,578 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 566,375 (223,997) - 342,378 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (13,171) - - (13,171) Counterparty C (32,600) 32,600 - - Counterparty F (31,709) 31,709 - - Counterparty G (13,422) 10,620 - (2,802) Counterparty H (3,302) - - (3,302) Counterparty K (166,268) 103,031 - (63,237) Counterparty Q (45,979) 45,979 - - Counterparty Z (58) 58 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (306,509) 223,997 - (82,512) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 323 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Infrastructure1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 175,066 - - 175,066 Counterparty E 1,486 - - 1,486 Counterparty H 15,589 (15,589) - - Counterparty Q 735,854 (30,044) - 705,810 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 927,995 (45,633) - 882,362 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty H (22,548) 15,589 - (6,959) Counterparty Q (30,043) 30,043 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (52,591) 45,632 - (6,959) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 324 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Traguardo 2017 Global Bonds1

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty Q (22,409) 6,321 - (16,088) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (22,409) 6,321 - (16,088) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Attiva Cedola Plus 20182

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (789,474) - - (789,474) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (789,474) - - (789,474) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year. 2 ANIMA Attiva Cedola Plus 2018 fully redeemed on 17 December 2018.

ANIMA Funds Plc 325 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Cedola BRIC 20181

1 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year.

ANIMA Funds Plc 326 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Italian Bond

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (484,049) - - (484,049) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (484,049) - - (484,049) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 387,330 - - 387,330 Counterparty Q 12,249 (1,540) - 10,709 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 399,579 (1,540) - 398,039 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 327 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Italian Equity

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C (27,940) 5,882 - (22,058) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (27,940) 5,882 - (22,058) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 328 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA High Yield Bond1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty H 7,688 (239) - 7,449 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 7,688 (239) - 7,449 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty H (239) 239 - - Counterparty Q (607) - - (607) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (846) 239 - (607) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 329 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Bond 2022 Opportunities

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty Q 263 - - 263 Counterparty Z 29,033 - - 29,033 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 29,296 - - 29,296 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (2,674) - - (2,674) Counterparty Q (4,234) - - (4,234) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (6,908) - - (6,908) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty G 1,850 - - 1,850 Counterparty Q 43,089 - - 43,089 Counterparty T 43,239 - - 43,239 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 88,178 - - 88,178 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 330 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Global Macro

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 80,801 (72,974) - 7,827 Counterparty C 408,267 (408,267) - - Counterparty E 66,355 - - 66,355 Counterparty G 58,690 (44,374) - 14,316 Counterparty H 18,530 (18,530) - - Counterparty K 20,873 (20,873) - - Counterparty Q 111,879 (78,206) - 33,673 Counterparty Z 118,652 - - 118,652 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 884,047 (643,224) - 240,823 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (72,975) 72,975 - - Counterparty C (465,138) 408,267 - (56,871) Counterparty G (44,374) 44,374 - - Counterparty H (21,783) 18,530 - (3,253) Counterparty K (37,947) 20,873 - (17,074) Counterparty Q (78,205) 78,205 - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– (720,422) 643,224 - (77,198) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 331 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Global Macro (continued)

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B 247,111 (247,111) - - Counterparty C 1,084,394 (162,919) - 921,475 Counterparty G 307,125 (307,125) - - Counterparty H 777,851 (351,136) - 426,715 Counterparty K 210,145 (210,145) - - Counterparty Q 305,136 (110,746) - 194,390 Counterparty T 63,206 (63,206) - - Counterparty Z 381,856 - - 381,856 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 3,376,824 (1,452,388) - 1,924,436 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty B (308,188) 247,111 - (61,077) Counterparty C (162,919) 162,919 - - Counterparty G (721,285) 307,125 - (414,160) Counterparty H (351,136) 351,136 - - Counterparty K (385,921) 210,145 - (175,776) Counterparty Q (110,746) 110,746 - - Counterparty T (145,990) 63,206 - (82,784) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (2,186,185) 1,452,388 - (733,797) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 332 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2023-I

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 2,582,082 (2,582,082) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,582,082 (2,582,082) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (1,673,169) 2,582,082 - 908,913 –––––––––––– –––––––––––– –––––––––––– –––––––––––– (1,673,169) 2,582,082 - 908,913 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (3,500,785) - - (3,500,785) Counterparty B (139,295) - - (139,295) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (3,640,080) - - (3,640,080) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 333 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2023-II

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 7,345,310 (7,345,310) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 7,345,310 (7,345,310) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (37,328,327) 7,345,310 - (29,983,017) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (37,328,327) 7,345,310 - (29,983,017) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 7,647,657 (7,647,657) - - Counterparty B 5,648,962 - - 5,648,962 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 13,296,619 (7,647,657) - 5,648,962 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (45,033,022) 7,647,657 - (37,385,365) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (45,033,022) 7,647,657 - (37,385,365) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 334 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2023-III

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 3,396,687 (3,396,687) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 3,396,687 (3,396,687) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (16,348,887) 3,396,687 - (12,952,200) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (16,348,887) 3,396,687 - (12,952,200) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (18,998,470) 4,522,510 - (14,475,960) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (18,998,470) 4,522,510 - (14,475,960) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 335 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2023-IV

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 2,814,347 (2,814,347) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,814,347 (2,814,347) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (16,977,024) 2,814,347 - (14,162,677) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (16,977,024) 2,814,347 - (14,162,677) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 4,341,052 (4,341,052) - - Counterparty B 1,822,884 - - 1,822,884 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 6,163,936 (4,341,052) - 1,822,884 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (19,754,251) 4,341,052 - (15,413,199) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (19,754,251) 4,341,052 - (15,413,199) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 336 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2024-I

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 2,764,595 (2,764,595) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,764,595 (2,764,595) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (20,606,171) 2,764,595 - (17,841,576) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (20,606,171) 2,764,595 - (17,841,576) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

As at 31 December 2017 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (1,446) - - (1,446) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (1,446) - - (1,446) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 337 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2024-II1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 4,931,876 (4,931,876) - - Counterparty B 1,270,168 - - 1,270,168 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 6,202,044 (4,931,876) - 1,270,168 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (27,743,390) 4,931,876 - (22,811,514) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (27,743,390) 4,931,876 - (22,811,514) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-III1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 13,191,388 (13,191,388) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 13,191,388 (13,191,388) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (33,944,527) 13,191,388 - (20,753,139) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (33,944,527) 13,191,388 - (20,753,139) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 338 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Brightview 2024-IV1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 3,145,461 - - 3,145,461 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 3,145,461 - - 3,145,461 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Brightview 2024-V1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 10,822 - - 10,822 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 10,822 - - 10,822 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 339 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Orizzonte Europa 2022

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 2,403,485 (2,403,485) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,403,485 (2,403,485) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (6,572,380) 2,403,485 - (4,168,895) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (6,572,380) 2,403,485 - (4,168,895) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (9,737,006) 5,254,751 - (4,482,255) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (9,737,006) 5,254,751 - (4,482,255) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 340 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 2,819,118 (2,819,118) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,819,118 (2,819,118) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (8,159,429) 2,819,118 - (5,340,311) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (8,159,429) 2,819,118 - (5,340,311) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (11,806,939) 4,839,887 - (6,967,052) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (11,806,939) 4,839,887 - (6,967,052) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 341 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Orizzonte Sostenible 20231

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (57,775,938) - - (57,775,938) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (57,775,938) - - (57,775,938) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Benessere 20231

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 9,739,553 (9,739,553) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 9,739,553 (9,739,553) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (74,544,449) 9,739,553 - (64,804,896) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (74,544,449) 9,739,553 - (64,804,896) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 342 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Orizzonte Consumi 20231

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 2,031,230 (2,031,230) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 2,031,230 (2,031,230) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (8,373,025) 2,031,230 - (6,341,795) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (8,373,025) 2,031,230 - (6,341,795) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Orizzonte Energia 20231

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A 10,108,356 (10,108,356) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 10,108,356 (10,108,356) - - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty A (32,171,956) 10,108,356 - (22,063,600) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (32,171,956) 10,108,356 - (22,063,600) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 343 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

3. Financial Risk Management (continued)

Offsetting Financial Assets and Financial Liabilities (continued)

ANIMA Zephyr Global1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty C 157,795 (51,673) - 106,122 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 157,795 (51,673) - 106,122 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA International Bond1

As at 31 December 2018 Related amounts not set off in the Statement of Financial Position Gross amounts Financial Assets ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty F 1,262 - - 1,262 Counterparty Q 2,426 (2,426) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– 3,688 (2,426) - 1,262 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Related amounts not set off in the Statement of Financial Position Gross amounts Financial Liabilities ––––––––––––––––––––––––––––––––– presented in the Statement of Financial Cash Collateral Financial Position Instruments Pledged Net amount EUR EUR EUR EUR Counterparty H (2,328) - - (2,328) Counterparty Q (15,236) 2,426 - (12,810) –––––––––––– –––––––––––– –––––––––––– –––––––––––– (17,564) 2,426 - (15,138) –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 344 - - - - - EUR EUR 2,917 35,884 28,367 11,700,303 11,739,104 10,647,999 10,619,632 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Corporate Bond Corporate Bond 31 December 2018 31 December 2017 ANIMA Short Term ANIMA ANIMA Short Term ANIMA ------EUR EUR 4,029,660 4,029,660 3,958,450 3,958,450 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA ANIMA Life Bond ANIMA 31 December 2018 31 December 2017 Notes to the Financial Statements - - - - 2 173 599 EUR EUR 1,908 1,264,491 1,265,263 1,387,962 1,389,872 Year ended Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Global Bond ANIMA Global Bond ANIMA - - - - - 13 405 819 EUR EUR 941,867 942,285 2,480,314 2,481,133 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Bond Dollar ANIMA Bond Dollar ANIMA ------15 EUR EUR ANIMA ANIMA 9,869,665 9,869,665 10,454,497 10,454,512 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 Medium Term Bond Medium Term Medium Term Bond Medium Term ------EUR EUR 1,876 ANIMA ANIMA 118,041 3,630,606 3,748,647 3,914,263 3,916,139 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term Bond Short Term 31 December 2018 31 December 2017 ------EUR EUR 3,083 (8,132) 11,215 33,881 (169,014) (135,133) Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA Liquidity ANIMA 31 December 2018 31 December 2017 EUR EUR 39,915 195,102 194,187 120,650 207,491 1,824,138 74,713,143 40,570,231 66,664,160 52,780,994 Year ended Year ended Year 115,712,578 121,597,433 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total Company Total 31 December 2018 31 December 2017 Deposit interest Bond income Dividend income Securities lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Securities lending income (Note 14) Sundry income ANIMA Funds Plc 4. Operating Income

ANIMA Funds Plc 345 ------EUR EUR ANIMA ANIMA 588,962 409,043 409,043 588,962 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 31 December 2017 Variable Rate Bond Variable Variable Rate Bond Variable ------317 188 EUR EUR ANIMA ANIMA 170,532 170,849 205,140 205,328 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies Global Currencies 31 December 2018 31 December 2017 Notes to the Financial Statements - - - 39 159 EUR EUR 2,194 14,076 216,146 3,409,839 3,412,231 3,184,458 3,414,680 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Euro Equity ANIMA ANIMA Euro Equity ANIMA - - - - EUR EUR 1,818 1,227 31,033 68,136 1,193,628 1,226,479 1,035,063 1,104,426 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity Markets Equity ANIMA Emerging ANIMA ANIMA Emerging ANIMA 31 December 2018 31 December 2017 - - - - 203 411 EUR EUR 3,445 Equity Equity 36,129 1,611,969 1,612,583 1,559,275 1,598,849 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Global ANIMA ANIMA Global ANIMA 31 December 2018 31 December 2017 - - - 321 929 105 EUR EUR 1,948 ANIMA ANIMA 200,749 1,368,206 1,370,475 1,570,419 1,772,202 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Asia/Pacific Equity Asia/Pacific Equity - - - - EUR EUR 2,091 1,788 13,925 34,419 3,221,175 3,235,100 3,809,242 3,847,540 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA U.S. Equity ANIMA U.S. Equity ANIMA - - 821 EUR EUR 6,840 10,229 10,533 44,908 ANIMA ANIMA 722,192 13,494,376 13,521,978 17,555,975 18,323,896 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity Europe Equity 31 December 2018 31 December 2017 Deposit interest Bond income Dividend income Securities lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Securities lending income (Note 14) Sundry income ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 346 ------(186) (186) (968) (968) EUR EUR Year ended Year Year ended Year ANIMA Smart ANIMA ANIMA Smart ANIMA Volatility Italy Volatility Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 31 December 2018 ------2 530 530 EUR EUR 1,392 1,390 Year ended Year Year ended Year ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility Volatility Global Volatility 31 December 2017 31 December 2018 Notes to the Financial Statements ------50 EUR EUR (1,437) (1,487) (2,017) (2,017) Year ended Year Year ended Year for the financial year ended 31 December 2018 ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility Volatility Europe Volatility 31 December 2017 31 December 2018 - - EUR EUR 3,126 4,092 4,819 16,186 177,561 804,752 7,415,443 7,600,222 7,982,445 8,808,202 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA ANIMA Star Bond ANIMA 31 December 2017 31 December 2018 EUR EUR 4,846 96,369 15,142 15,078 75,247 364,886 884,852 3,357,382 17,437,060 21,260,543 10,769,755 11,760,074 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe Potential Europe ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 ------1 EUR EUR 41,324 41,324 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA ANIMA Flex 50 ANIMA 31 December 2017 31 December 2018 - - - 33 885 EUR EUR 6,562 1,294 5,025 2,457,331 2,464,811 2,066,489 2,072,808 Year ended Year ended Year ANIMA Euro ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond Government Bond 31 December 2018 31 December 2017 - - - - - 443 187 132 EUR EUR ANIMA ANIMA 1,431,004 1,431,634 1,572,876 1,573,008 Year ended Year ended Year Hybrid Bond Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Please refer to note 24 the financial statements for details of Fund termination during year. Deposit interest Bond income Dividend income Securities lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Securities lending income (Note 14) Sundry income 1 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 347 - - - 1 EUR 9,043 7,407 1,636 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond (continued) 31 December 2018 ------512 EUR EUR 2,029 422,775 425,316 388,324 388,324 Year ended Year Year ended Year ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe Dividends Europe 31 December 2017 31 December 2018 Notes to the Financial Statements ------704 EUR EUR 14,451 14,451 14,261 14,965 ANIMA ANIMA Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection Active Selection 31 December 2017 31 December 2018 940 177 EUR EUR 1,043 3,859 1,508 9,087 949,482 825,693 496,662 1,225,470 2,180,794 1,333,127 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global Potential Global ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 26 40 130 371 EUR EUR 7,281 10,342 761,312 869,463 1,283,978 1,584,036 2,875,451 1,641,528 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy Potential Italy ––––––––––––– ––––––––––––– ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 ------83 EUR EUR ANIMA ANIMA 477,668 477,668 318,887 318,970 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria Tesoreria Imprese Tesoreria 31 December 2017 31 December 2018 ------225 EUR EUR 6,333 2,540,042 2,540,267 3,669,239 3,675,572 Year ended Year Year ended Year ANIMA Credit ANIMA ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Opportunities 31 December 2017 31 December 2018 ------1 28 28 EUR EUR Year ended Year Period ended ANIMA Smart ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– ––––––––––––– Volatility USA Volatility 31 December 2017 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Securitites lending income (Note 14) Sundry income 1 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 348 - - - 3 EUR 4,511 4,511 Period ended ––––––––––––– ––––––––––––– ––––––––––––– (continued) Multicorporate PRIMA Bond 2016 PRIMA 31 December 2017 ------EUR EUR 19,415 19,415 ANIMA ANIMA 148,782 148,782 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I Solution 2023-I 31 December 2017 31 December 2018 Notes to the Financial Statements - - 1 20 485 EUR EUR ANIMA ANIMA (41,591) 526,664 621,015 461,774 420,688 1,147,680 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III Solution 2022-III 31 December 2017 31 December 2018 - - - - (399) EUR EUR 71,164 ANIMA ANIMA (66,010) 353,128 137,174 1,387,953 1,740,682 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II Solution 2022-II 31 December 2018 31 December 2017 - - - - - EUR EUR ANIMA ANIMA 552,340 169,324 721,664 424,513 1,087,137 1,511,650 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I Solution 2022-I 31 December 2018 31 December 2017 - - - 2 EUR 1,739 1,739 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo - 1 2 EUR 2,211 8,756 ANIMA 272,580 261,611 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - - 525 790 EUR EUR 1,280 3,444 13,337 ANIMA ANIMA 886,249 890,483 1,030,208 1,015,066 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income Flexible Income 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. This Fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Sundry income 1 2 3 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 349 ------3 EUR EUR 1,288 46,600 384,922 432,810 699,656 699,656 Year ended Year ANIMA Attiva ANIMA ANIMA Attiva ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Cedola Plus 2018 Cedola Plus 2018 31 December 2018 31 December 2017 - - - - 4 EUR 70,385 70,385 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 Notes to the Financial Statements - - - - 4 EUR 70,105 70,105 for the financial year ended 31 December 2018 Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 - - - - 4 EUR 85,047 85,047 Period ended ––––––––––––– ––––––––––––– ––––––––––––– America Latina Cedola Plus 2017 31 December 2017 ------2 EUR EUR 6,877 5,844 5,844 253,738 260,615 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA ANIMA Traguardo ANIMA 31 December 2017 31 December 2018 2017 Global Bonds 2017 Global Bonds - - - - 4 EUR 2,777 2,777 PRIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 ------2 EUR EUR 2,200 2,200 90,982 90,982 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese Crescita Imprese PRIMA Bond 2017 PRIMA PRIMA Bond 2017 PRIMA 31 December 2017 31 December 2018 - - 1 746 265 EUR 33,642 34,653 ANIMA Solution EM Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Please refer to note 24 the financial statements for details of Fund termination during year. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Securitites lending income (Note 14) Sundry income 1 2 3 4 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 350 ------(101) EUR EUR 1,320 ANIMA ANIMA 2,867,601 1,707,794 2,867,601 1,706,575 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Brightview 2023-II Brightview 2023-II 31 December 2018 31 December 2017 - - - - - 586 EUR EUR 2,322 22,467 ANIMA ANIMA 886,300 886,886 1,068,195 1,092,984 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I Brightview 2023-I 31 December 2018 31 December 2017 Notes to the Financial Statements - - 305 496 EUR EUR 4,794 1,882 ANIMA ANIMA 858,707 265,615 585,422 1,129,421 2,481,753 1,893,953 Year ended Year Year ended Year for the financial year ended 31 December 2018 Global Macro Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - - - - 268 EUR EUR 2,014 4,215 1,821,064 1,823,078 1,947,595 1,952,078 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Opportunities ANIMA Bond 2022 ANIMA ANIMA Bond 2022 ANIMA 31 December 2018 31 December 2017 - - - 1 373 EUR ANIMA 266,959 266,586 Period ended ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 - - - 3 22 111 EUR EUR 1,591 4,550 ANIMA ANIMA 558,027 556,325 420,066 415,491 Year ended Year Year ended Year Italian Equity Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ------EUR EUR 8,116 ANIMA ANIMA 1,159,554 1,159,554 1,792,529 1,800,645 Year ended Year Year ended Year Italian Bond Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ------2 EUR EUR 29,632 29,632 91,311 ANIMA ANIMA 123,367 214,678 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC 2018 31 December 2018 31 December 2017 Cedola BRIC 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry income Bond income Deposit interest Dividend income Securitites lending income (Note 14) Sundry income 1 2 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 351 ------EUR EUR 609,819 163,180 772,999 827,843 Year ended Year Europa 2022 Europa 2022 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) ANIMA Orizzonte ANIMA ANIMA Orizzonte ANIMA 31 December 2017 31 December 2018 ------1 EUR ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V Notes to the Financial Statements ------1 EUR ANIMA for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-IV - - - - 1 EUR ANIMA 737,246 737,246 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III - - - - 1 EUR ANIMA 1,220,515 1,220,515 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II ------EUR EUR ANIMA ANIMA 1,168,977 1,168,977 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I Brightview 2024-I 31 December 2017 31 December 2018 ------EUR EUR 39,048 39,048 ANIMA ANIMA 1,404,396 1,404,396 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 Brightview 2023-IV Brightview 2023-IV ------EUR EUR ANIMA ANIMA 368,469 368,469 1,326,143 1,326,143 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Brightview 2023-III Brightview 2023-III This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry Income Bond income Deposit interest Dividend income Sundry Income 1 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 352 (continued) - - - 1 73 EUR ANIMA 183,116 183,189 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 Notes to the Financial Statements - - - - 1 EUR 58,075 58,075 for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Defensive ANIMA 31 December 2018 - - - 1 27 EUR 709,580 709,607 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - - - 1 EUR 11,263 11,263 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - - - 1 EUR 3,051,741 3,051,741 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - - - 1 EUR 3,377,497 3,377,497 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 ------EUR EUR 177,275 177,275 538,569 538,569 Bilanciato Bilanciato Year ended Year Europa 2023 Europa 2023 Period ended - Rendimento - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Orizzonte ANIMA 31 December 2017 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry Income Deposit interest Dividend income Securitites lending income (Note 14) Sundry Income 1 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 353 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 - - - 1 449 EUR ANIMA 157,817 158,266 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond - - - - 1 EUR 20,673 20,673 Real Assets Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Deposit interest Bond income Dividend income Securitites lending income (Note 14) Sundry Income 1 ANIMA Funds Plc 4. Operating Income (continued)

ANIMA Funds Plc 354 ------EUR (230,439) (5,155,363) (1,688,249) (2,905,677) (1,874,975) (11,854,703) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– (continued) Corporate Bond 31 December 2018 ANIMA Short Term ANIMA ------EUR (371,894) (5,658,250) (6,030,144) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2018 Notes to the Financial Statements ------EUR 19,292 14,734 (418,324) 1,917,559 3,523,490 (1,221,633) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Global Bond ANIMA ------84 131 EUR 33,381 (53,839) 269,294 (540,022) 6,012,159 5,721,188 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Bond Dollar ANIMA ------2 EUR ANIMA (134,366) (790,979) (4,435,370) (5,360,713) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Medium Term Bond Medium Term ------EUR 12,574 ANIMA 1,336,415 (5,549,589) (4,200,600) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2018 ------EUR (41,384) (1,622,414) (1,663,798) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2018 EUR 157,374 6,478,558 7,332,114 (1,309,669) (4,558,229) (2,421,609) (1,887,215) 90,374,273 (39,991,385) (13,092,007) (16,993,235) (19,035,967) Year ended Year (177,551,350) (198,244,919) (370,743,266) ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total 31 December 2018 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised gains on options Realised gains on swaps Net currency (losses)/gains Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised depreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised depreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 355 ------EUR 663,654 4,472,999 (3,312,045) (1,437,870) (6,649,977) (6,263,239) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– (continued) Corporate Bond 31 December 2017 ANIMA Short Term ANIMA ------EUR (62,144) (1,838,315) (1,900,459) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA 31 December 2017 Notes to the Financial Statements ------4 EUR (6,835) (27,148) 171,073 (374,137) (6,870,179) (7,107,222) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Global Bond ANIMA ------28 (84) EUR (61,693) (40,491) (13,646) (207,026) (5,165,321) (5,488,233) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Bond Dollar ANIMA ------(5) (30) EUR ANIMA (44,300) 3,441,650 (9,961,614) (13,358,929) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Medium Term Bond Medium Term ------EUR 4,955 ANIMA (544,377) (3,806,230) (4,345,652) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term 31 December 2017 ------EUR (242,332) (1,008,265) (1,250,597) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA 31 December 2017 EUR (53,053) 119,128 5,963,674 7,360,497 (5,887,486) 46,656,613 46,697,449 20,603,547 12,443,358 (11,594,936) (30,181,003) (99,943,333) (79,892,554) Year ended Year 215,621,003 127,912,904 ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total 31 December 2017 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised gains/(losses) on sale of investments Realised gains/(losses) on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised losses on options Realised gains on swaps Net currency losses Net change in unrealised depreciation on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised appreciation/(depreciation) on futures contracts Net change in unrealised appreciation on options Net change in unrealised depreciation on interest rate swaps Net change in unrealised appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains on sale of investment funds Net change in unrealised appreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 356 ------EUR (5,980) 21,614 17,398 ANIMA (65,414) (351,358) (3,252,935) (1,428,053) (1,441,142) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Variable Rate Bond Variable ------EUR 8,650 (4,547) 33,284 15,264 ANIMA (72,501) (14,626) (27,746) (62,222) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2018 Notes to the Financial Statements ------EUR (7,086) (1,126) 96,336 (20,285) 2,897,719 (19,569,245) (22,534,803) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA Euro Equity ANIMA - - - - - EUR 24,316 (32,491) 406,662 (212,606) (292,740) (800,615) 1,443,622 (7,237,203) (1,096,518) (6,676,833) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2018 ------EUR ANIMA 263,905 (202,306) 3,663,881 (1,032,288) (7,760,361) (5,067,169) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------EUR ANIMA (90,868) (84,813) (188,563) (700,949) (353,258) 3,654,744 (9,069,652) (6,833,359) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Asia/Pacific Equity ------EUR (19,426) 215,905 (725,417) 1,402,539 2,629,584 (1,160,374) 23,531,396 (20,615,039) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ANIMA U.S. Equity ANIMA ------EUR ANIMA 109,800 (240,687) (154,620) (1,199,594) (2,633,191) (2,880,748) (67,955,895) (14,079,534) (46,877,321) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2018 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised gains on options Realised gains on swaps Net currency (losses)/gains Net change in unrealised (depreciation) on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised appreciation/(depreciation) on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised depreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains on sale of investment funds Net change in unrealised depreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 357 ------EUR 8,306 (2,836) ANIMA (55,078) 208,019 138,854 155,330 257,837 (194,758) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 Variable Rate Bond Variable ------EUR 4,325 (1,418) ANIMA (27,535) (144,314) (196,011) (184,957) (425,227) (975,137) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies 31 December 2017 Notes to the Financial Statements ------EUR (1,372) (21,299) (21,160) 8,724,456 1,235,432 9,916,057 Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA Euro Equity ANIMA - - - - - EUR (5,918) 56,637 (96,160) 135,424 342,541 (617,991) 2,394,092 1,457,369 4,341,788 8,007,782 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity ANIMA Emerging ANIMA 31 December 2017 ------EUR 69,942 ANIMA (313,494) 6,691,260 2,649,526 (1,219,994) (2,578,188) Year ended Year Global Equity ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 - - - - - EUR 38,797 21,896 ANIMA 287,390 112,608 (325,238) (211,855) 4,785,454 3,249,016 3,450,085 (1,837,245) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Asia/Pacific Equity ------EUR 72,390 (42,660) (562,119) 1,435,273 2,346,088 (8,662,204) 11,595,701 17,008,933 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ANIMA U.S. Equity ANIMA - - - - - EUR ANIMA 749,165 398,700 (423,750) (798,600) 2,558,945 (1,523,121) (8,399,775) 73,557,701 45,937,844 (20,181,421) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity 31 December 2017 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised gains/(losses) on sale of investments Realised (losses)/gains on forward currency contracts Realised gains/(losses) on sale of futures contracts Realised (losses)/gains on options Realised losses on swaps Net currency (losses)/gains Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised appreciation/(depreciation) on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains on sale of investment funds Net change in unrealised appreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 358 ------EUR 11,667 (200,853) 1,921,250 (2,987,986) (1,255,922) Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 ------15 EUR 10,140 (24,390) 150,349 (353,167) (825,274) (2,807,493) (3,849,820) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2018 Notes to the Financial Statements ------EUR 7,494 (45,611) (40,289) 163,528 (119,877) (4,061,430) (4,096,185) Year ended Year for the financial year ended 31 December 2018 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2018 - - - - EUR 144,761 (352,377) (935,921) 2,035,638 2,439,753 8,157,181 (2,842,179) (6,665,813) (3,867,552) (5,039,955) (29,077,809) (22,151,345) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2018 ------EUR 59,640 (312,080) 5,585,702 5,584,941 (2,631,420) 26,019,223 (29,591,394) (37,897,289) (26,000,111) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2018 ------1 EUR (603,400) 2,700,290 (2,599,317) (1,092,200) (2,549,405) 24,255,286 (25,210,064) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2018 ------425 EUR (2,578) 48,935 39,656 (18,070) (229,420) (1,713,289) (3,522,820) (5,397,161) Year ended Year ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2018 ------EUR (1,336) ANIMA 391,769 (119,383) (101,725) (2,829,883) (2,660,558) Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Please refer to note 24 the financial statements for details of Fund termination during year. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised gains/(losses) on sale of investments Realised (losses)/gains on forward currency contracts Realised gains/(losses) on sale of futures contracts Realised (losses)/gains on options Realised gains on swaps Net currency (losses)/gains Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised depreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised appreciation/(depreciation) on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 359 ------EUR (89,038) (62,835) 7,406,095 (3,933,400) 11,491,368 Year ended Year ANIMA Smart ANIMA Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 ------(15) EUR 13,552 (24,776) (148,578) (223,340) (131,048) 19,441,862 19,956,067 Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility 31 December 2017 Notes to the Financial Statements ------EUR 16,704 (88,206) (10,762) (38,002) 8,730,165 6,881,498 (1,728,401) Year ended Year for the financial year ended 31 December 2018 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility 31 December 2017 - - - EUR 559,993 352,271 (699,046) (496,249) (919,595) 4,178,135 (5,116,496) (3,162,501) (1,122,275) (3,431,543) 19,441,313 (16,447,093) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA 31 December 2017 - - - EUR 585,122 (495,708) 3,684,335 1,281,390 (2,587,700) (8,518,480) (2,027,637) 89,965,568 12,503,945 26,895,956 (41,108,151) (26,386,728) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe ANIMA Star High ANIMA 31 December 2017 ------EUR 8,561 608,700 (785,217) 3,919,140 2,700,265 2,911,652 (2,283,137) (1,256,660) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA 31 December 2017 ------EUR 14,507 137,226 117,510 243,800 547,899 513,483 (254,637) (126,043) (166,779) Year ended Year ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Government Bond 31 December 2017 ------EUR 18,063 ANIMA 686,011 282,047 (307,680) 1,355,885 2,034,326 Year ended Year Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised gains/(losses) on sale of investments Realised gains/(losses) on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised losses on options Realised losses on swaps Net currency (losses)/gains Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised appreciation/(depreciation) on forward currency contracts Net change in unrealised appreciation/(depreciation) on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains on sale of investment funds Net change in unrealised appreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 360 ------1 EUR 2,466 4,659 (5,439) (3,410) (3,077) (4,801) ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond (continued) 31 December 2018 ------EUR 2,146 (307,627) (925,797) (134,197) (1,365,475) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2018 Notes to the Financial Statements ------EUR (3,226) 13,312 ANIMA (65,507) 401,052 (246,936) (1,759,770) (1,661,075) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2018 - - - - EUR 47,644 (10,556) (94,248) 193,034 (255,727) (543,666) (198,088) (175,143) (6,907,677) (2,430,195) (3,440,732) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2018 - - - - EUR 5,913 (4,038) (54,750) (25,770) 137,781 953,119 125,835 (167,123) 2,041,765 (4,957,199) (1,944,467) Year ended Year ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2018 - - - (18) 483 EUR (9,538) (1,750) (1,510) (6,585) 26,778 ANIMA (42,777) (849,571) (907,580) (301,240) (2,093,308) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2018 ------EUR (67,567) (296,725) (1,812,471) (1,203,886) (6,315,254) (9,695,903) Year ended Year ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2018 ------(980) EUR (6,778) 36,526 182,784 (271,160) (363,253) (172,531) (149,720) (745,112) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised gains on options Realised gains on swaps Net currency gains/(losses) Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised depreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised depreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised (losses)/gains on sale of investment funds Net change in unrealised depreciation on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 361 - - - EUR 81,210 ANIMA (83,916) (69,678) 420,952 105,767 (244,590) (428,161) (425,521) (205,111) (132,481) 1,891,573 (1,399,224) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– (continued) Flexible Income 31 December 2017 ------EUR (11,589) 282,431 408,373 529,387 (149,828) Year ended Year ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe 31 December 2017 Notes to the Financial Statements ------EUR 13,051 21,907 ANIMA 172,598 788,008 (176,471) (408,576) 1,165,499 Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– Active Selection 31 December 2017 - EUR (5,439) (1,582) 80,545 80,480 279,927 399,324 428,121 6,106,991 5,060,572 5,787,668 (1,599,961) (1,136,026) (2,787,231) (1,118,053) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Potential Global ANIMA Star High ANIMA 31 December 2017 - - - - (587) EUR (1,586) 57,619 66,450 996,711 158,567 (656,794) 8,564,975 2,056,407 (4,647,888) (2,481,060) Year ended Year ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA 31 December 2017 ------EUR (6,154) 23,727 11,242 ANIMA (43,463) (20,078) 108,436 156,000 (269,866) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria 31 December 2017 ------EUR (12,660) 914,550 128,606 (195,645) (177,663) (1,012,514) Year ended Year ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2017 ------243 980 (963) EUR 41,596 (13,241) (48,812) 212,982 192,785 Period ended ANIMA Smart ANIMA ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– 31 December 2017 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised gains/(losses) on sale of futures contracts Realised losses on options Realised losses on swaps Net currency gains/(losses) Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised appreciation/(depreciation) on forward currency contracts Net change in unrealised appreciation/(depreciation) on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains on sale of investment funds Net change in unrealised appreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 362 ------2 EUR 9,384 (3,896) (13,280) Period ended ––––––––––––– ––––––––––––– ––––––––––––– (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2018 ------1 (10) EUR ANIMA (36,086) 370,102 (2,405,060) (1,403,466) (3,474,520) Solution EM Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Notes to the Financial Statements ------EUR 14,814 ANIMA (82,697) (2,470,222) (1,423,736) (3,961,841) Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2018 ------(21) EUR 1,235 ANIMA 451,628 (217,956) (869,233) (834,509) (1,468,856) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2018 ------EUR ANIMA 183,394 (318,546) (800,913) (5,530,040) (7,518,152) 12,382,431 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2018 ------EUR 23,395 ANIMA (859,050) 4,959,479 (2,458,030) (5,393,707) (3,727,913) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2018 - - - 1 EUR (7,854) 10,344 ANIMA (16,449) 133,084 883,259 708,192 (339,534) (171,840) (358,543) (255,362) (1,188,701) (1,773,998) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - - - EUR (8,170) 86,201 22,312 ANIMA (88,473) 244,298 (269,375) (468,149) (402,700) (179,781) (411,102) (3,732,894) (2,257,955) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised gains/(losses) on options Realised gains on swaps Net currency (losses)/gains Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised appreciation/(depreciation) on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised depreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains/(losses) on sale of investment funds Net change in unrealised depreciation on investment funds 1 2 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 363 ------132 EUR 14,621 33,943 30,770 (90,178) (169,644) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– (continued) Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2017 ------2 EUR (3,444) 23,990 (27,434) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate PRIMA Bond 2016 PRIMA 31 December 2017 Notes to the Financial Statements ------EUR (3,798) ANIMA (43,383) (243,289) (290,470) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I 31 December 2017 ------EUR 2,767 (1,089) 39,597 ANIMA 168,612 126,191 336,078 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III 31 December 2017 ------EUR ANIMA 634,108 (369,614) 3,590,439 4,033,188 7,888,121 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II 31 December 2017 ------EUR ANIMA 140,307 (199,127) 3,947,329 1,374,201 5,262,710 Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I 31 December 2017 ------1 EUR 9,997 (1,616) ANIMA (11,613) Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo ------1 EUR 2,831 (3,920) (1,089) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. 2 This Fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised gains on sale of futures contracts Realised losses on options Realised losses on swaps Net currency gains Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised depreciation on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised appreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains/(losses) on sale of investment funds Net change in unrealised appreciation on investment funds 1 2 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 364 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 ------EUR 1,697 22,058 ANIMA (67,586) 1,429,995 (3,289,259) (1,903,095) Year ended Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------EUR 20,682 ANIMA (10,708) 448,074 (903,850) (871,379) (3,109,112) (1,791,931) Year ended Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------2 EUR 3,182 ANIMA 271,931 (263,709) 8,872,430 (8,877,470) Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Cedola BRIC 2018 ------1 EUR 789,474 (251,062) 9,523,113 (9,340,639) (1,223,010) ANIMA Attiva ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2018 ------1 EUR (9,708) 20,487 16,088 (30,195) (16,088) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2018 2017 Global Bonds Please refer to note 24 the financial statements for details of Fund conversions during year. Please refer to note 24 the financial statements for details of Fund termination during year. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised (losses)/gains on sale of futures contracts Realised gains on options Realised (losses)/gains on swaps Net currency gains Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised appreciation/(depreciation) on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation/(depreciation) on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised depreciation on investment funds 1 2 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 365 ------EUR ANIMA (36,877) (46,648) 498,525 595,640 (943,826) (1,490,619) (1,423,805) Year ended Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 ------EUR ANIMA 204,584 766,196 121,928 (337,187) 1,348,223 (1,859,888) Year ended ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC 2018 31 December 2017 Notes to the Financial Statements ------EUR 39,618 603,722 956,879 176,834 (954,457) (375,449) (1,198,045) Year ended Year for the financial year ended 31 December 2018 ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2017 ------1 EUR 82,714 235,703 (324,168) (862,113) 2,247,333 (1,214,041) Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 ------1 EUR (26,889) (39,025) 140,559 194,320 (937,922) 1,057,597 Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 ------1 EUR 23,148 (53,314) (36,246) 176,230 2,964,769 (3,028,291) Period ended ––––––––––––– ––––––––––––– ––––––––––––– America Latina Cedola Plus 2017 31 December 2017 ------EUR 23,557 (11,571) 234,825 174,728 (659,416) (237,877) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2017 2017 Global Bonds ------1 EUR 8,152 43,513 PRIMA (17,436) (16,805) 570,643 (501,041) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Net (Losses)/Gains on Financial Assets and Liabilities Net (Losses)/Gains on Financial held for trading Realised (losses)/gains on sale of investments Realised gains/(losses) on forward currency contracts Realised gains/(losses) on sale of futures contracts Realised losses on options Realised gains/(losses) on swaps Net currency gains Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised depreciation on forward currency contracts Net change in unrealised appreciation on futures contracts Net change in unrealised appreciation on options Net change in unrealised appreciation/(depreciation) on interest rate swaps Net change in unrealised (depreciation)/appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised gains on sale of investment funds Net change in unrealised appreciation on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 366 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 ------EUR ANIMA 306,107 1,753,386 (2,505,898) (1,936,315) (8,374,969) (10,757,689) Year ended ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II 31 December 2018 ------23 EUR ANIMA 107,952 (479,006) (206,506) (276,695) 4,548,993 (4,107,773) Year ended ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2018 - - - - - EUR 80,005 17,765 ANIMA (48,668) 402,709 (978,346) (899,053) 1,392,699 (7,840,983) (2,259,686) (10,133,558) Year ended Global Macro ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 ------EUR (58,664) (760,881) (267,390) (143,212) (2,974,539) (1,744,392) Year ended ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2018 ------1 EUR 6,842 10,794 ANIMA (20,000) (89,667) (138,174) (967,149) (1,197,354) Period ended ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised losses on sale of futures contracts Realised gains on options Realised losses on swaps Net currency gains/(losses) Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised appreciation/(depreciation) on forward currency contracts Net change in unrealised (depreciation) on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised appreciation/(depreciation) on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 367 (continued) ------803 EUR (49,390) 110,598 (378,709) (249,745) (566,443) Bilanciato Europa 2023 Period ended - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 Notes to the Financial Statements ------EUR 5,178 219,258 (388,469) (239,044) (300,392) 1,141,985 for the financial year ended 31 December 2018 Europa 2022 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2017 ------EUR (6,912) ANIMA 674,684 4,234,073 28,183,926 13,296,619 (45,033,022) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II 31 December 2017 ------25 EUR ANIMA (66,841) 2,392,642 (1,173,388) (3,608,606) (2,456,168) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I 31 December 2017 ------EUR ANIMA 573,267 746,671 (713,334) 6,126,514 1,677,910 1,089,766 (7,057,907) (2,354,673) (1,114,090) (1,025,876) Year ended Global Macro ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 ------EUR 95,809 627,665 (558,925) (284,132) (109,321) (888,946) Year ended ––––––––––––– ––––––––––––– ––––––––––––– Opportunities ANIMA Bond 2022 ANIMA 31 December 2017 ------61 EUR (4,125) 49,057 ANIMA (30,648) 858,924 1,274,083 2,147,352 Year ended Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised gains/(losses) on sale of investments Realised gains on forward currency contracts Realised gains on sale of futures contracts Realised losses on options Realised gains/(losses) on swaps Net currency losses Net change in unrealised appreciation/(depreciation) on investments Net change in unrealised appreciation on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised appreciation on options Net change in unrealised depreciation on interest rate swaps Net change in unrealised (depreciation)/appreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised appreciation on investment funds ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 368 (continued) Notes to the Financial Statements ------1 EUR (8,784) ANIMA (21,260) 3,115,417 3,145,461 for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-IV ------1 EUR ANIMA (46,617) 758,281 (104,268) (3,748,530) 16,397,213 (20,753,139) Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III ------1 EUR ANIMA (367,726) (183,042) (5,603,977) (8,036,055) 19,660,036 (21,541,346) Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II ------EUR ANIMA (152,444) (332,509) (4,694,731) (6,739,977) 16,279,837 (17,840,130) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2018 ------(158) EUR ANIMA (818,437) (734,288) (572,362) (4,069,469) (6,194,714) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-IV ------EUR 32,145 ANIMA (724,514) (868,373) 1,523,760 (3,654,007) (3,690,989) Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2023-III This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised gains/(losses) on sale of investments Realised (losses)/gains on forward currency contracts Realised losses on sale of futures contracts Realised gains on options Realised (losses)/gains on swaps Net currency (losses)/gains Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation/(depreciation) on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised depreciation on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 369 ------1 EUR 20,482 10,553 (41,951) (10,916) Period ended ––––––––––––– ––––––––––––– ––––––––––––– (continued) ANIMA Defensive ANIMA 31 December 2018 ------1 EUR (23,949) 134,316 124,638 35,490,885 (13,710,187) (22,063,601) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 Notes to the Financial Statements ------1 EUR 3,852 (182,005) 6,155,938 (6,341,795) for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 ------1 EUR (186,414) (899,155) (5,240,168) 52,400,041 (18,730,592) (64,804,896) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 ------1 EUR (822,832) 3,808,003 (4,584,731) 23,061,890 (57,775,938) (36,313,608) Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 ------EUR 130,217 (396,164) (329,937) 1,626,741 Bilanciato (3,857,725) (2,826,868) Year ended Year Europa 2023 - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 ------EUR 56,128 69,686 (78,305) 313,360 (3,676,308) (3,315,439) Year ended Year Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA 31 December 2018 ------1 (90) EUR 10,822 10,732 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised (losses)/gains on forward currency contracts Realised gains/(losses) on sale of futures contracts Realised gains on options Realised gains/(losses) on swaps Net currency (losses)/gains Net change in unrealised (depreciation)/appreciation on investments Net change in unrealised (depreciation)/appreciation on forward currency contracts Net change in unrealised (depreciation)/appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised appreciation/(depreciation) on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised appreciation on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 370 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 ------1 EUR 9,506 (1,907) 46,048 20,227 ANIMA (13,876) (19,544) Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond ------1 EUR 14,035 169,825 155,790 Real Assets Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 ------1 EUR 1,290 (2,435) ANIMA 140,251 106,122 (207,377) (3,631,123) (3,668,974) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Net Gains/(Losses) on Financial Assets and Liabilities Net Gains/(Losses) on Financial held for trading Realised (losses)/gains on sale of investments Realised losses on forward currency contracts Realised losses on sale of futures contracts Realised gains on options Realised gains on swaps Net currency gains Net change in unrealised appreciation on investments Net change in unrealised (depreciation) on forward currency contracts Net change in unrealised appreciation on futures contracts Net change in unrealised depreciation on options Net change in unrealised appreciation on interest rate swaps Net change in unrealised depreciation on swaps Assets and Liabilities Net Gains/(Losses) on Financial Through Profit or Loss designated at Fair Value Realised losses on sale of investment funds Net change in unrealised depreciation on investment funds 1 ANIMA Funds Plc 5. Through Profit or Loss (continued) Assets and Liabilities at Fair Value Net Gains/(Losses) on Financial

ANIMA Funds Plc 371 - - - - 24 EUR EUR 5,400 5,140 16,366 63,076 13,725 238,225 179,797 214,117 118,492 2,709,770 3,212,658 2,380,334 2,731,808 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Corporate Bond Corporate Bond 31 December 2017 31 December 2018 ANIMA Short Term ANIMA ANIMA Short Term ANIMA - - - - - 21 EUR EUR 4,031 4,022 10,783 45,950 12,010 41,803 193,971 198,519 2,921,837 2,979,476 2,667,102 2,723,101 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA ANIMA Life Bond ANIMA 31 December 2018 31 December 2017 Notes to the Financial Statements - - - - EUR EUR 3,213 8,626 1,202 3,871 8,381 1,507 43,574 39,403 54,402 26,815 441,951 537,969 562,835 657,811 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Global Bond ANIMA ANIMA Global Bond ANIMA - - - - 634 EUR EUR 4,746 6,945 1,751 3,337 6,343 67,320 31,928 27,858 18,744 451,424 564,114 215,391 272,307 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Bond Dollar ANIMA ANIMA Bond Dollar ANIMA - - - - EUR EUR 9,068 24,168 47,214 27,722 33,013 10,046 94,303 ANIMA ANIMA 323,598 126,433 363,809 2,578,020 3,108,501 2,968,088 3,496,981 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Medium Term Bond Medium Term Medium Term Bond Medium Term - - - - EUR EUR 8,225 3,089 3,592 32,054 52,223 10,106 21,881 48,721 ANIMA ANIMA 110,124 691,839 897,554 129,569 826,393 1,040,262 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term Short Term Bond Short Term 31 December 2018 31 December 2017 - - - - EUR EUR 7,042 8,771 18,659 25,097 61,972 133,513 161,841 111,577 188,622 123,220 1,416,832 1,849,464 1,761,858 2,169,540 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA Liquidity ANIMA 31 December 2018 31 December 2017 EUR EUR 289,941 107,458 789,599 370,958 110,157 4,584,368 1,198,980 4,866,750 9,535,749 4,726,301 1,509,048 1,641,852 6,810,224 2,217,804 42,019,258 63,392,103 45,876,017 63,262,361 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total Company Total 31 December 2018 31 December 2017 Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses ANIMA Funds Plc 6. Operating Expenses

ANIMA Funds Plc 372 755 743 EUR EUR 2,066 7,634 1,981 3,548 27,440 18,135 26,866 71,891 19,404 ANIMA ANIMA 164,107 127,862 347,999 161,198 285,631 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 31 December 2018 Variable Rate Bond Variable Variable Rate Bond Variable - - - 1 375 142 488 183 EUR EUR 4,793 6,618 72,952 14,545 19,078 97,340 ANIMA ANIMA 123,503 101,668 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies Global Currencies 31 December 2018 31 December 2017 Notes to the Financial Statements EUR EUR 4,917 1,827 5,063 1,732 88,840 16,299 37,015 83,717 12,647 25,619 999,445 777,043 939,092 728,443 1,925,386 1,796,313 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Euro Equity ANIMA ANIMA Euro Equity ANIMA - 876 743 EUR EUR 2,344 2,744 2,930 5,658 52,228 48,329 47,034 81,506 714,398 820,919 680,518 108,464 926,853 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity Markets Equity ANIMA Emerging ANIMA ANIMA Emerging ANIMA 31 December 2018 31 December 2017 - 850 802 EUR EUR 2,259 3,311 39,737 28,553 50,004 43,507 26,493 90,946 22,838 ANIMA ANIMA 780,779 902,182 877,320 1,065,217 Year ended Year Year ended Year Global Equity Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - 875 858 EUR EUR 2,283 4,488 5,623 1,142 41,238 23,759 60,397 24,260 ANIMA ANIMA 575,995 810,598 506,982 714,688 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Asia/Pacific Equity Asia/Pacific Equity - - 914 EUR EUR 8,472 3,145 3,316 19,222 53,396 12,312 39,950 153,202 163,701 1,848,550 2,085,987 1,938,921 2,159,114 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA U.S. Equity ANIMA U.S. Equity ANIMA - - EUR EUR 9,067 9,577 24,247 37,486 ANIMA ANIMA 165,456 129,472 428,294 455,404 482,772 716,916 7,009,459 7,849,737 5,926,991 6,473,514 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity Europe Equity 31 December 2018 31 December 2017 Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Performance fees Other expenses ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 373 - - 941 EUR EUR 2,479 3,837 3,165 1,451 43,036 11,690 19,759 70,842 22,828 242,079 399,792 719,776 397,245 568,208 1,067,576 Year ended Year Year ended Year ANIMA Smart ANIMA ANIMA Smart ANIMA Volatility Italy Volatility Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 31 December 2017 - - EUR EUR 4,041 1,533 6,096 2,064 70,515 23,365 24,739 14,248 27,584 617,009 929,340 105,344 918,716 1,670,542 3,834,402 2,760,350 Year ended Year Year ended Year ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility Volatility Global Volatility 31 December 2018 31 December 2017 Notes to the Financial Statements - - 881 EUR EUR 2,318 3,639 6,947 1,151 39,096 10,288 90,548 19,329 58,066 20,626 219,916 382,376 325,581 664,488 1,080,498 Year ended Year Year ended Year for the financial year ended 31 December 2018 ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility Volatility Europe Volatility 31 December 2018 31 December 2017 33 216 EUR EUR 6,857 7,108 7,347 18,188 28,334 15,117 243,361 180,298 279,776 513,442 110,853 2,409,849 2,865,877 2,864,237 3,819,139 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA ANIMA Star Bond ANIMA 31 December 2018 31 December 2017 EUR EUR 35,262 13,294 62,893 16,997 622,476 351,061 610,440 809,725 464,355 483,865 315,355 7,337,785 1,354,923 3,639,550 9,969,363 1,288,552 13,964,791 13,411,105 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe Potential Europe ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2018 31 December 2017 - - - 1 860 255 660 EUR EUR 1,273 6,630 41,324 20,408 20,201 65,625 154,120 115,619 333,859 377,101 249,563 719,780 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA ANIMA Flex 50 ANIMA 31 December 2018 31 December 2017 - - - - - 9 EUR EUR 6,418 2,041 7,972 2,935 77,464 30,771 42,647 514,921 631,624 116,027 773,514 943,095 Year ended Year Year ended Year ANIMA Euro ANIMA ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond Government Bond 31 December 2017 31 December 2018 - - - (10) 625 613 EUR EUR 1,633 1,781 21,751 23,599 16,778 20,001 ANIMA ANIMA 235,080 152,296 430,149 217,511 183,539 445,048 Year ended Year ended Year Hybrid Bond Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Please refer to note 24 the financial statements for details of Fund termination during year. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses 1 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 374 - - 1 37 12 446 629 EUR 3,588 2,927 7,639 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond (continued) 31 December 2018 - - - 249 670 635 247 EUR EUR 2,781 3,338 66,913 44,010 11,895 12,311 69,162 47,731 126,518 114,981 248,405 Year ended Year Year ended Year ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe Dividends Europe 31 December 2018 31 December 2017 Notes to the Financial Statements - - - 2 427 926 317 EUR EUR 4,141 5,236 1,153 4,164 2,907 84,215 52,442 36,864 82,972 ANIMA ANIMA 147,614 128,152 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection Active Selection 31 December 2018 31 December 2017 EUR EUR 3,678 1,376 4,190 1,671 5,275 65,618 24,708 54,707 73,682 79,324 62,354 83,476 34,144 803,823 413,018 959,163 1,440,610 1,229,597 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global Potential Global ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2018 31 December 2017 - - EUR EUR 3,080 1,167 4,287 2,210 53,244 15,625 99,266 20,270 55,668 604,215 117,070 217,771 254,707 1,012,172 1,066,748 1,503,156 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy Potential Italy ––––––––––––– ––––––––––––– ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2018 31 December 2017 - - - - 684 665 524 EUR EUR 1,783 1,887 5,647 19,853 21,545 16,698 12,799 ANIMA ANIMA 195,002 162,573 150,472 125,018 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria Tesoreria Imprese Tesoreria 31 December 2018 31 December 2017 - - - - - 5 EUR EUR 5,609 2,079 4,718 1,169 9,044 67,454 41,898 21,377 622,659 383,817 526,140 326,983 Year ended Year ended Year ANIMA Credit ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Opportunities 31 December 2018 31 December 2017 - - 39 612 823 233 696 261 EUR EUR 8,452 1,299 1,019 4,285 47,542 98,250 13,566 43,722 51,321 169,478 Year ended Year Period ended ANIMA Smart ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility USA Volatility ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses 1 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 375 - - - - - 152 850 EUR EUR 1,055 3,817 2,401 7,241 2,274 13,367 20,792 69,013 24,528 ANIMA ANIMA 103,906 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Solution 2023-I Solution 2023-I 31 December 2017 31 December 2018 - - - - 1 642 546 EUR EUR 4,565 1,631 4,708 1,465 86,534 17,581 80,513 16,360 ANIMA ANIMA 110,954 103,592 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III Solution 2022-III 31 December 2017 31 December 2018 Notes to the Financial Statements - - - - 10 EUR EUR 4,424 1,904 2,807 1,065 9,148 57,970 14,153 29,927 ANIMA ANIMA 285,202 363,663 148,623 191,570 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II Solution 2022-II 31 December 2017 31 December 2018 - - - - 9 967 EUR EUR 3,673 1,541 2,566 8,310 46,893 11,189 27,954 ANIMA ANIMA 198,637 261,942 125,727 165,524 Year ended Year Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I Solution 2022-I 31 December 2017 31 December 2018 - - - 2 (9) 14 282 152 EUR 4,753 5,192 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo - - 2 1 (78) 263 (959) EUR 2,731 (3,310) (1,352) Period ended ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA 1 975 338 EUR 8,708 19,146 32,434 97,819 ANIMA 143,264 302,684 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - - - 4 766 676 EUR EUR 2,051 2,051 27,972 26,011 41,591 65,387 19,438 ANIMA ANIMA 279,717 352,097 259,069 372,636 Year ended Year ended Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income Flexible Income 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses 1 2 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 376 2 1 256 102 EUR 3,882 46,048 25,947 76,236 Period ended ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2017 Cedola Italia 2017 2 1 268 105 EUR 4,153 57,887 28,992 91,406 Cedola Paesi Period ended ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 Notes to the Financial Statements 2 2 3 165 EUR 6,297 76,999 27,619 111,085 for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– America Latina Cedola Plus 2017 31 December 2017 - 2 55 28 622 569 595 195 EUR EUR 8,444 9,874 6,383 19,023 14,451 106,016 128,209 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA ANIMA Traguardo ANIMA 31 December 2018 31 December 2017 2017 Global Bonds 2017 Global Bonds - 2 (9) 637 EUR 2,913 30,470 19,957 53,968 PRIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 - - - 2 95 28 301 253 263 EUR EUR 3,181 2,510 2,801 53,039 14,630 71,499 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese Crescita Imprese PRIMA Bond 2017 PRIMA PRIMA Bond 2017 PRIMA 31 December 2017 31 December 2018 - 1 445 EUR 2,643 3,857 13,836 41,686 62,467 ANIMA Solution EM Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 2 (32) (26) 949 623 EUR 5,401 16,049 22,964 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Multicorporate PRIMA Bond 2016 PRIMA 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Other expenses 1 2 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 377 - - - - - 454 542 EUR EUR 2,197 3,427 4,797 1,454 21,228 75,155 81,518 22,695 ANIMA ANIMA 102,461 111,006 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Brightview 2023-I Brightview 2023-I 31 December 2017 31 December 2018 274 104 EUR EUR 5,770 5,598 2,180 9,578 2,083 76,231 44,736 ANIMA ANIMA 101,930 764,747 107,856 120,718 899,075 119,726 1,064,586 1,196,020 Year ended Year Year ended Year Global Macro Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Notes to the Financial Statements - - - - 781 134 731 EUR EUR 2,089 9,340 2,566 5,393 28,133 27,713 141,176 137,872 181,519 174,409 Year ended Year Year ended Year for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Opportunities ANIMA Bond 2022 ANIMA ANIMA Bond 2022 ANIMA 31 December 2018 31 December 2017 - - - 1 561 118 EUR 4,492 52,363 12,352 69,886 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 - - - 592 219 636 237 184 EUR EUR 1,841 2,428 9,506 28,826 11,807 ANIMA ANIMA 281,495 238,210 230,940 243,931 Year ended Year Year ended Year Italian Equity Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - - 981 858 EUR EUR 2,273 3,141 1,304 29,545 45,396 16,624 34,978 ANIMA ANIMA 590,044 103,649 727,350 903,960 1,005,403 Year ended Year Year ended Year Italian Bond Italian Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - - - - 2 1 67 453 786 575 183 EUR EUR 7,603 10,820 12,126 43,151 ANIMA ANIMA 113,589 165,102 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC 2018 31 December 2018 31 December 2017 Cedola BRIC 2018 - - - - - 3 4 611 EUR EUR 1,106 1,541 19,382 74,307 14,302 27,232 99,718 16,549 109,097 145,655 Year ended Year ANIMA Attiva ANIMA Attiva ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 Cedola Plus 2018 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. ANIMA Attiva Cedola Plus 2018 fully redeemed on 17 December 2018. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Distributor fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Performance fees Other expenses 1 2 3 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 378 - - - 1 20 52 72 EUR ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Brightview 2024-V 1 478 159 EUR 3,596 11,235 30,976 46,444 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Notes to the Financial Statements Brightview 2024-IV 1 496 EUR 1,469 7,841 29,970 83,542 ANIMA 123,318 for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III 1 832 EUR 2,367 8,836 42,487 ANIMA 119,673 174,195 Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II 15 67 105 759 928 EUR EUR 3,369 2,423 8,404 3,796 47,204 ANIMA ANIMA 121,373 181,705 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I Brightview 2024-I 31 December 2017 31 December 2018 242 EUR EUR 4,949 2,401 1,511 2,738 1,019 8,798 19,391 28,494 46,381 ANIMA ANIMA 132,265 191,201 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 Brightview 2023-IV Brightview 2023-IV 353 943 EUR EUR 2,456 2,397 8,152 2,525 13,815 43,468 62,489 41,187 ANIMA ANIMA 117,574 170,381 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 Brightview 2023-III Brightview 2023-III EUR EUR 7,229 1,293 7,326 2,735 67,677 10,637 23,620 ANIMA ANIMA 191,197 278,033 118,827 340,474 492,982 Year ended Year Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II Brightview 2023-II 31 December 2017 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Administration and Depositary fees Auditors’ remuneration Directors’ fees Investment Management fees Other expenses Administration and Depositary fees Auditors’ remuneration Directors’ fees Investment Management fees Other expenses 1 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 379 (continued) - 1 95 276 825 EUR 4,231 5,353 76,147 86,927 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Defensive ANIMA 31 December 2018 Notes to the Financial Statements - 1 568 EUR 1,690 36,481 187,653 291,407 286,692 804,491 for the financial year ended 31 December 2018 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 44 131 EUR 3,193 11,233 13,920 28,521 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR 6,457 2,225 108,970 676,809 1,186,316 1,980,777 Period ended ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR 7,156 2,557 133,345 830,325 1,410,206 2,383,589 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 - 102 152 524 666 EUR EUR 4,637 1,937 1,783 45,704 63,192 33,736 115,724 239,522 371,089 647,320 Bilanciato Bilanciato Year ended Year Europa 2023 Europa 2023 Period ended - Rendimento - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA ANIMA Orizzonte ANIMA 31 December 2017 31 December 2018 - 128 464 644 EUR EUR 1,736 1,720 1,243 22,773 31,695 158,887 258,426 442,414 225,031 415,177 675,510 Year ended Year Europa 2022 Europa 2022 Period ended ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Orizzonte ANIMA 31 December 2017 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Performance fees Other expenses Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Other expenses 1 ANIMA Funds Plc 6. Operating Expenses (continued)

ANIMA Funds Plc 380 (continued) Notes to the Financial Statements d within the State Street Bank and Trust for the financial year ended 31 December 2018 ts held by the Relevant Funds. As this amount is is a counterparty for future contracts on the Funds. y to the unrestricted cash and equivalents on - 1 394 135 EUR 4,772 5,675 47,389 19,800 78,165 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond - - 1 73 218 EUR 4,836 3,754 13,023 21,904 Real Assets Period ended ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 - 1 869 298 EUR 7,358 4,105 15,512 54,528 82,670 ANIMA Period ended ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Administration and Depositary fees Auditors’ remuneration Commission/Broker’s fees Directors’ fees Investment Management fees Performance fees Other expenses 1 Cash and Equivalents recognised at the Statement of Financial Position as 31 December 2018 2017 are hel Company (“State Street”). Balances due from and to brokers recognised at the Statement of Financial Position are from/to BNP Paribas. Paribas Cash is deposited by or on behalf of the Funds for margin purposes and held brokers exchange traded derivative instrumen normally the minimum deemed by brokers for collateral requirements cash is as such restricted and reported separatel the Funds’ Statement of Financial Position. ANIMA Funds Plc 6. Operating Expenses (continued) 7. Cash and Equivalents 8. Balance due from/to brokers

ANIMA Funds Plc 381 - - - - - EUR EUR As at As at 6,543,311 1,259,969 1,463,137 9,266,417 4,889,042 32,664,199 37,553,241 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Corporate Bond Corporate Bond 31 December 2017 31 December 2018 ANIMA Short Term ANIMA ANIMA Short Term ANIMA ------EUR EUR As at As at 1,383,410 1,383,410 1,437,490 1,437,490 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA ANIMA Life Bond ANIMA 31 December 2017 31 December 2018 Notes to the Financial Statements - - - - EUR EUR As at As at 2,879 62,870 565,133 508,740 1,288,867 1,916,870 2,119,707 2,631,326 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 ANIMA Global Bond ANIMA ANIMA Global Bond ANIMA - - - - - EUR EUR As at As at 25,109 726,970 429,603 1,734,703 1,187,791 1,617,394 2,486,782 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Bond Dollar ANIMA Bond Dollar ANIMA - - - - EUR EUR As at As at ANIMA ANIMA 237,743 5,736,864 6,997,155 5,020,552 3,815,803 14,573,219 11,040,756 18,275,654 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Medium Term Bond Medium Term Bond Medium Term - EUR EUR As at As at 10,079 10,079 ANIMA ANIMA 370,788 361,426 1,499,808 4,454,112 6,334,787 2,104,069 6,276,249 8,751,823 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term Bond Short Term 31 December 2018 31 December 2017 ------EUR EUR As at As at 250,655 250,655 2,215,587 19,075,033 21,290,620 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA Liquidity ANIMA 31 December 2018 31 December 2017 EUR EUR As at As at 3,477,050 2,803,049 2,980,852 6,718,933 35,742,465 27,260,900 54,956,843 31,616,576 31,539,630 75,659,040 151,236,406 272,673,664 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total Company Total 31 December 2018 31 December 2017 Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement ANIMA Funds Plc 9. Debtors

ANIMA Funds Plc 382 ------EUR EUR As at As at 87,659 87,659 17,817 ANIMA ANIMA 154,820 172,637 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 31 December 2017 Variable Rate Bond Variable Variable Rate Bond Variable ------EUR EUR As at As at 71,884 71,884 78,460 78,460 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies Global Currencies 31 December 2018 31 December 2017 Notes to the Financial Statements ------EUR EUR As at As at 33,502 378,019 378,019 282,591 316,093 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Euro Equity ANIMA Euro Equity ANIMA ------EUR EUR As at As at 39,316 20,300 59,616 13,549 55,786 69,335 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity Markets Equity ANIMA Emerging ANIMA Emerging ANIMA 31 December 2018 31 December 2017 - - - - - EUR EUR As at As at 82,149 85,488 87,213 42,827 ANIMA ANIMA 984,773 130,040 1,152,410 Global Equity Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ------EUR EUR As at As at 47,559 47,168 94,727 68,355 10,067 78,422 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Asia/Pacific Equity Asia/Pacific Equity ------EUR EUR As at As at 18,646 307,471 366,828 674,299 106,235 124,881 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA U.S. Equity ANIMA U.S. Equity ANIMA - - - - - EUR EUR As at As at ANIMA ANIMA 258,399 1,281,998 1,496,145 2,778,143 1,003,565 1,655,625 2,917,589 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity Europe Equity 31 December 2018 31 December 2017 Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement ANIMA Funds Plc 9. Debtors (continued)

ANIMA Funds Plc 383 - - - - EUR EUR As at As at 33,267 43,482 296,658 796,825 398,181 110,043 551,706 1,126,750 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy Potential Italy ––––––––––––– ––––––––––––– (continued) ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2018 31 December 2017 ------EUR EUR As at As at ANIMA ANIMA 214,058 214,058 233,780 233,780 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria Tesoreria Imprese Tesoreria 31 December 2018 31 December 2017 Notes to the Financial Statements ------EUR EUR As at As at 1,682,767 1,682,767 1,749,542 1,749,542 for the financial year ended 31 December 2018 ANIMA Credit ANIMA ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Opportunities 31 December 2018 31 December 2017 ------EUR EUR As at As at 10,000 10,000 26,000 26,000 ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility Volatility Global Volatility 31 December 2018 31 December 2017 - - - - - EUR EUR As at As at 40,135 79,520 2,306,970 8,524,592 2,911,701 2,991,221 10,871,697 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA ANIMA Star Bond ANIMA 31 December 2018 31 December 2017 - EUR EUR As at As at 9,583 4,449 4,449 477,925 1,149,372 2,549,877 3,713,281 1,103,707 8,241,628 2,374,793 12,202,502 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe Potential Europe ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2018 31 December 2017 ------EUR EUR As at As at 38,554 923,995 962,549 1,422,457 3,506,598 4,929,055 ANIMA Euro ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond Government Bond 31 December 2018 31 December 2017 - - - - - 40 40 EUR EUR As at As at ANIMA ANIMA 623,113 623,153 755,140 252,294 1,007,474 Hybrid Bond Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement ANIMA Funds Plc 9. Debtors (continued)

ANIMA Funds Plc 384 - - - - - EUR EUR As at As at 9,493 1,459 ANIMA ANIMA 197,691 207,184 215,734 217,193 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Solution 2022-III Solution 2022-III 31 December 2018 31 December 2017 ------EUR EUR As at As at ANIMA ANIMA 284,336 284,336 495,788 363,270 859,058 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II Solution 2022-II 31 December 2018 31 December 2017 Notes to the Financial Statements - - - - - EUR EUR As at As at ANIMA ANIMA 929,439 917,725 296,079 633,360 417,249 500,476 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I Solution 2022-I 31 December 2018 31 December 2017 - 1 EUR As at 2,742 76,544 21,636 ANIMA 1,383,590 1,484,512 ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 ------EUR EUR As at As at ANIMA ANIMA 305,935 305,935 316,126 316,126 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income Flexible Income 31 December 2017 31 December 2018 - - 1 EUR As at 1,636 1,482 58,544 61,662 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond 31 December 2018 ------EUR EUR As at As at 29,090 29,090 27,092 27,092 ANIMA Smart ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe Dividends Europe 31 December 2018 31 December 2017 - - - EUR EUR As at As at 49,359 18,314 52,243 119,375 187,048 288,448 100,356 441,047 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global Potential Global ANIMA Star High ANIMA Star High ANIMA 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement Bond income receivable Dividend income receivable Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement 1 ANIMA Funds Plc 9. Debtors (continued)

ANIMA Funds Plc 385 - - - 1 EUR As at 1,758 ANIMA 139,678 141,436 ––––––––––––– ––––––––––––– ––––––––––––– (continued) High Yield Bond High Yield 31 December 2018 - - - - EUR EUR As at As at 3,726 5,611 17,745 23,356 ANIMA ANIMA 163,552 167,278 Italian Equity Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Notes to the Financial Statements - - - EUR EUR As at As at 7,560 33,175 ANIMA ANIMA 229,058 236,618 403,506 387,094 823,775 Italian Bond Italian Bond for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - 2 EUR As at ANIMA 136,151 136,151 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola BRIC 2018 - 3 39 EUR As at 61,823 61,862 ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 31 December 2017 - 2 78 EUR As at 31,808 31,886 ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2017 2017 Global Bonds - - 2 EUR As at 10,691 10,691 ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese PRIMA Bond 2017 PRIMA 31 December 2017 - - - - 1 EUR As at 1,453 1,453 ANIMA Solution EM ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. ANIMA Attiva Cedola Plus 2018 fully redeemed on 17 December 2018. Bond income receivable Dividend income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement Bond income receivable Dividends income Sale of securities awaiting settlement 1 2 3 ANIMA Funds Plc 9. Debtors (continued)

ANIMA Funds Plc 386 - 1 564 EUR As at ANIMA 780,267 779,703 ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 Brightview 2024-II - - 1 EUR As at ANIMA 553,586 553,586 ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I 31 December 2018 Notes to the Financial Statements - - - EUR EUR As at As at 3,313 ANIMA ANIMA 497,919 497,919 512,756 516,069 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Brightview 2023-IV Brightview 2023-IV - - - - EUR EUR As at As at ANIMA ANIMA 535,981 535,981 544,522 544,522 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Brightview 2023-III Brightview 2023-III - - - EUR EUR As at As at 6,150 ANIMA ANIMA 1,023,281 1,023,281 1,059,339 1,065,489 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II Brightview 2023-II 31 December 2018 31 December 2017 - - - - EUR EUR As at As at 53,517 53,517 68,617 68,617 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I Brightview 2023-I 31 December 2018 31 December 2017 - EUR EUR As at As at 24,982 16,776 ANIMA ANIMA (11,577) 213,102 238,084 367,248 372,447 Global Macro Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - - - EUR EUR As at As at 656,948 656,948 668,640 668,640 ––––––––––––– ––––––––––––– Opportunities Opportunities ANIMA Bond 2022 ANIMA Bond 2022 ANIMA 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Bond income receivable Dividend income receivable Other receivables Bond income receivable Dividend income receivable Sale of securities awaiting settlement 1 ANIMA Funds Plc 9. Debtors (continued)

ANIMA Funds Plc 387 (continued) - - 1 EUR As at 240,955 1,379,830 1,138,875 ––––––––––––– ––––––––––––– ––––––––––––– Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 Notes to the Financial Statements - 1 EUR As at 58,163 2,651,246 13,228,843 10,519,434 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 - - 1 EUR As at 2,310,039 8,297,657 10,607,696 ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 31 December 2018 - - EUR EUR As at As at 243,118 279,486 1,211,118 1,454,236 1,561,970 1,841,456 Bilanciato Bilanciato Europa 2023 Europa 2023 - Rendimento - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA ANIMA Orizzonte ANIMA 31 December 2018 31 December 2017 - - EUR EUR As at As at 215,873 247,378 1,010,944 1,226,817 1,404,197 1,651,575 Europa 2022 Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA ANIMA Orizzonte ANIMA 31 December 2018 31 December 2017 - - 1 EUR As at ANIMA 7,355,728 113,564,174 106,208,446 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-IV - - 1 EUR As at 2,886 ANIMA 1,009,476 1,012,362 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Bond income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement Bond income receivable Other receivables 1 ANIMA Funds Plc 9. Debtors (continued)

ANIMA Funds Plc 388 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 everse Triparty Repurchase Agreement. This of Financial Position. rly coupon payments based on Libor plus a spread. - - - 1 EUR As at ANIMA 125,618 125,618 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 International Bond - - 1 EUR As at 52,194 271,993 324,187 Real Assets ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA 31 December 2018 - - 1 EUR As at 5,756 ANIMA 116,618 110,862 ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global 31 December 2018 - - 1 EUR As at 81,358 49,351 130,709 ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Defensive ANIMA 31 December 2018 - 1 EUR As at 78,998 6,341,826 1,209,712 5,053,116 ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Bond income receivable Other receivables Sale of securities awaiting settlement Subscriptions of Shares awaiting settlement 1 The Company has entered into an agreement to purchase bonds and pay back these at par on maturity which is in essence a R is reflected in the Financial Statements as a collateralised deposit with coupon payments for which Company receives quarte Reverse Repurchase Agreements held by the Funds at respective financial year end are recognised as assets on Statement ANIMA Funds Plc 9. Debtors (continued) 10.Agreements Reverse Repurchase

ANIMA Funds Plc 389 - - EUR EUR As at As at 92,856 78,180 256,739 349,595 256,238 334,418 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) Corporate Bond Corporate Bond 31 December 2018 31 December 2017 ANIMA Short Term ANIMA ANIMA Short Term ANIMA - - - - EUR EUR As at As at 261,042 261,042 208,502 208,502 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Life Bond ANIMA ANIMA Life Bond ANIMA 31 December 2018 31 December 2017 Notes to the Financial Statements EUR EUR As at As at 66,201 78,811 49,501 779,194 582,295 1,829,289 1,974,301 1,410,990 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Global Bond ANIMA ANIMA Global Bond ANIMA - EUR EUR As at As at 76,548 33,159 19,085 52,244 134,313 2,597,389 2,808,250 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Bond Dollar ANIMA Bond Dollar ANIMA EUR EUR As at As at ANIMA ANIMA 370,903 304,346 476,085 8,917,950 2,288,251 11,577,104 18,262,063 19,042,494 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Medium Term Bond Medium Term Bond Medium Term EUR EUR As at As at ANIMA ANIMA 130,891 281,457 112,540 658,251 4,052,657 4,465,005 7,842,904 8,613,695 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Short Term Bond Short Term Bond Short Term 31 December 2018 31 December 2017 - EUR EUR As at As at 269,035 680,745 220,754 4,170,065 4,390,819 29,091,812 30,041,592 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Liquidity ANIMA Liquidity ANIMA 31 December 2018 31 December 2017 EUR EUR As at As at 8,107,268 7,770,233 5,446,222 65,468,987 81,346,488 47,186,084 13,098,637 65,730,943 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Total Company Total Company Total 31 December 2018 31 December 2017 Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement ANIMA Funds Plc 11. Creditors (amounts falling due within one year)

ANIMA Funds Plc 390 - - EUR EUR As at As at 27,379 40,065 67,444 36,431 ANIMA ANIMA 107,069 143,500 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 31 December 2017 Variable Rate Bond Variable Variable Rate Bond Variable - - - 517 EUR EUR As at As at 9,577 9,060 12,907 12,907 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Global Currencies Global Currencies 31 December 2018 31 December 2017 Notes to the Financial Statements - - EUR EUR As at As at 65,654 73,189 60,571 132,418 198,072 133,760 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA Euro Equity ANIMA ANIMA Euro Equity ANIMA - - EUR EUR As at As at 75,590 31,417 60,118 107,007 148,364 208,482 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Markets Equity Markets Equity ANIMA Emerging ANIMA ANIMA Emerging ANIMA 31 December 2018 31 December 2017 - EUR EUR As at As at 3,659 85,921 78,312 57,562 ANIMA ANIMA 301,051 390,631 135,874 Global Equity Global Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - EUR EUR As at As at 56,183 28,403 84,586 53,310 ANIMA ANIMA 907,596 960,906 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Asia/Pacific Equity Asia/Pacific Equity - - EUR EUR As at As at 221,765 146,841 368,606 142,938 334,085 477,023 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 ANIMA U.S. Equity ANIMA U.S. Equity ANIMA EUR EUR As at As at ANIMA ANIMA 746,141 254,793 835,759 605,344 881,537 1,836,693 2,664,063 1,177,182 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Europe Equity Europe Equity 31 December 2018 31 December 2017 Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 391 - - - EUR EUR As at As at 40,298 40,298 40,766 6,012,165 6,052,931 ANIMA Smart ANIMA ANIMA Smart ANIMA Volatility Italy Volatility Volatility Italy Volatility ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– (continued) 31 December 2018 31 December 2017 - - - EUR EUR As at As at 73,140 73,140 382,101 10,022,120 10,404,221 ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Global Volatility Volatility Global Volatility 31 December 2018 31 December 2017 Notes to the Financial Statements - - EUR EUR As at As at 8,806 36,474 45,280 38,152 3,005,160 3,043,312 for the financial year ended 31 December 2018 ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Volatility Europe Volatility Volatility Europe Volatility 31 December 2018 31 December 2017 - - EUR EUR As at As at 42,485 280,848 323,333 274,391 230,692 505,083 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Star Bond ANIMA ANIMA Star Bond ANIMA 31 December 2018 31 December 2017 - - EUR EUR As at As at 1,268,362 2,021,949 3,290,311 1,241,491 1,987,558 3,229,049 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Europe Potential Europe ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2018 31 December 2017 - - - - 1 EUR EUR As at As at 19,877 19,877 146,506 146,506 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Flex 50 ANIMA ANIMA Flex 50 ANIMA 31 December 2018 31 December 2017 - - EUR EUR As at As at 66,543 291,380 357,923 148,251 319,362 467,613 ANIMA Euro ANIMA Euro ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Government Bond Government Bond 31 December 2018 31 December 2017 - - - - EUR EUR As at As at 29,165 29,165 28,652 28,652 ANIMA ANIMA Hybrid Bond Hybrid Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Please refer to note 24 the financial statements for details of Fund termination during year. Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement 1 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 392 - - 1 EUR As at 6,154 6,154 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Flexible Bond (continued) 31 December 2018 - - - - EUR EUR As at 1,739 1,739 As at 17,035 17,035 ANIMA Smart ANIMA ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Dividends Europe Dividends Europe 31 December 2017 31 December 2017 Notes to the Financial Statements - - - EUR EUR As at As at 9,762 9,762 32,918 97,472 ANIMA ANIMA 130,390 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Active Selection Active Selection 31 December 2017 31 December 2018 - - EUR EUR As at As at 27,826 101,367 116,763 218,130 109,001 136,827 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Potential Global Potential Global ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 - - EUR EUR As at As at 48,724 191,300 344,220 152,920 150,967 102,243 ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ––––––––––––– ––––––––––––– Potential Italy ––––––––––––– ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 - - - - EUR EUR As at As at 20,382 20,382 23,184 23,184 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Tesoreria Imprese Tesoreria Tesoreria Imprese Tesoreria 31 December 2017 31 December 2018 - - - EUR EUR As at As at 40,557 40,557 74,187 2,081,101 2,155,288 ANIMA Credit ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Credit ANIMA Opportunities ––––––––––––– ––––––––––––– ––––––––––––– Opportunities 31 December 2017 31 December 2018 - - - - EUR EUR As at As at 20,344 20,344 14,097 14,097 ANIMA Smart ANIMA ––––––––––––– ––––––––––––– Volatility USA Volatility ANIMA Smart ANIMA ––––––––––––– ––––––––––––– ––––––––––––– Volatility USA Volatility ––––––––––––– 31 December 2017 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement 1 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 393 (continued) Notes to the Financial Statements - - - EUR EUR As at As at 31,624 27,924 27,924 ANIMA ANIMA 570,128 601,752 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-II Solution 2022-II 31 December 2017 31 December 2018 - - - EUR EUR As at As at 27,091 27,938 27,938 ANIMA ANIMA 391,213 418,304 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-I Solution 2022-I 31 December 2017 31 December 2018 - - 2 EUR As at 3,813 3,813 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Traguardo III 2016 Traguardo - - 2 EUR As at 4,596 4,596 ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC/2 31 December 2017 PRIMA Protetto 100 PRIMA - 1 EUR As at 61,477 ANIMA 1,910,696 1,972,173 ––––––––––––– ––––––––––––– ––––––––––––– Infrastructure 31 December 2018 - - - - EUR EUR As at As at 37,177 37,177 25,340 25,340 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Flexible Income Flexible Income 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement 1 2 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 394 (continued) - 3 698 698 EUR As at ––––––––––––– ––––––––––––– ––––––––––––– America Latina Cedola Plus 2017 31 December 2017 Notes to the Financial Statements - - - 2 EUR EUR As at As at 11,108 10,210 21,318 for the financial year ended 31 December 2018 –––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA ANIMA Traguardo ANIMA 31 December 2017 31 December 2018 2017 Global Bonds 2017 Global Bonds - 3 EUR As at 3,102 3,102 PRIMA ––––––––––––– ––––––––––––– ––––––––––––– Crescita Europa 31 December 2017 - 2 891 891 EUR EUR As at As at 7,674 94,842 102,516 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Crescita Imprese Crescita Imprese PRIMA Bond 2017 PRIMA PRIMA Bond 2017 PRIMA 31 December 2017 31 December 2018 - 1 EUR As at 13,270 13,270 ANIMA Solution EM ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 - EUR EUR As at As at 9,319 93,931 18,355 18,355 ANIMA ANIMA 103,250 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2023-I Solution 2023-I 31 December 2018 31 December 2017 - EUR EUR As at As at 15,649 15,649 11,444 28,378 39,822 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Solution 2022-III Solution 2022-III 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Please refer to note 24 the financial statements for details of Fund conversions during year. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Accrued expenses Redemptions of Shares awaiting settlement Accrued expenses Redemptions of Shares awaiting settlement 1 2 3 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 395 (continued) EUR EUR As at As at 16,454 39,795 56,249 24,010 ANIMA ANIMA 128,859 152,869 Italian Equity Italian Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 Notes to the Financial Statements EUR EUR As at As at 54,647 52,016 23,491 75,507 ANIMA ANIMA 163,515 218,162 Italian Bond Italian Bond for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 31 December 2018 - - 1 EUR EUR As at As at 1,276 1,276 43,717 43,717 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola BRIC 2018 31 December 2017 31 December 2018 Cedola BRIC 2018 - 2 EUR EUR As at As at 7,858 39,918 47,776 15,668 15,668 ANIMA Attiva ANIMA ANIMA Attiva ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Cedola Plus 2018 Cedola Plus 2018 31 December 2017 31 December 2018 - 3 EUR As at 4,513 4,513 ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2017 Cedola Italia 2017 - 3 EUR As at 4,980 4,980 Cedola Paesi ––––––––––––– ––––––––––––– ––––––––––––– Scandinavi 2017 31 December 2017 - 1 391 391 EUR As at ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Traguardo ANIMA 31 December 2018 2017 Global Bonds Please refer to note 24 the financial statements for details of Fund conversions during year. Please refer to note 24 the financial statements for details of Fund terminations during year. This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. Accrued expenses Redemptions of Shares awaiting settlement Accrued expenses Redemptions of Shares awaiting settlement 1 2 3 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 396 (continued) - - - EUR EUR As at As at 38,638 38,638 21,982 62,803 84,785 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Brightview 2023-IV Brightview 2023-IV Notes to the Financial Statements - - - EUR EUR As at As at 80,677 80,677 43,378 ANIMA ANIMA 109,684 153,062 for the financial year ended 31 December 2018 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 Brightview 2023-III Brightview 2023-III - - - EUR EUR As at As at 82,573 78,323 ANIMA ANIMA 201,295 201,295 160,896 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-II Brightview 2023-II 31 December 2018 31 December 2017 - EUR EUR As at As at 8,883 30,170 71,270 24,756 85,296 ANIMA ANIMA 101,440 118,935 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2023-I Brightview 2023-I 31 December 2018 31 December 2017 - - EUR EUR As at As at 3,642 7,081 93,378 97,020 81,233 88,314 ANIMA ANIMA Global Macro Global Macro ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 31 December 2017 - - - - EUR EUR As at As at 25,152 25,152 16,536 16,536 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Opportunities Opportunities ANIMA Bond 2022 ANIMA ANIMA Bond 2022 ANIMA 31 December 2018 31 December 2017 - - 1 EUR As at 11,916 11,916 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– High Yield Bond High Yield 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement 1 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 397 (continued) - - - EUR EUR As at As at 4,940 32,062 32,062 18,690 23,630 Bilanciato Bilanciato Europa 2023 Europa 2023 - Rendimento - Rendimento ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA ANIMA Orizzonte ANIMA 31 December 2018 31 December 2017 Notes to the Financial Statements - - - EUR EUR As at As at 33,188 33,188 21,227 30,626 51,853 for the financial year ended 31 December 2018 Europa 2022 Europa 2022 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA ANIMA Orizzonte ANIMA 31 December 2018 31 December 2017 - - 1 72 72 EUR As at ANIMA ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-V - - 1 EUR As at 44,117 44,117 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-IV - - 1 EUR As at 68,699 68,699 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-III - - 1 EUR As at 75,083 75,083 ANIMA ––––––––––––– ––––––––––––– ––––––––––––– 31 December 2018 Brightview 2024-II - - - - EUR EUR As at As at 3,238 3,238 92,831 92,831 ANIMA ANIMA ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Brightview 2024-I Brightview 2024-I 31 December 2018 31 December 2017 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement 1 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 398 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 - - 1 1 EUR EUR As at As at 9,296 9,296 50,478 ANIMA 308,487 386,768 745,733 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Energia 2023 ANIMA Orizzonte ANIMA 31 December 2018 31 December 2018 International Bond - - 1 1 EUR EUR As at As at 9,921 9,921 28,791 733,770 1,160,946 1,923,507 Real Assets ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Zephyr ANIMA Consumi 2023 ANIMA Orizzonte ANIMA 31 December 2018 31 December 2018 - - 1 1 EUR EUR As at As at 21,973 21,973 ANIMA 217,875 615,358 203,624 1,036,857 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Zephyr Global Benessere 2023 ANIMA Orizzonte ANIMA 31 December 2018 31 December 2018 1 1 EUR EUR As at As at 26,971 47,988 105,977 186,738 250,083 484,809 12,375,000 12,507,948 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ANIMA Orizzonte ANIMA Sostenibile 2023 ANIMA Defensive ANIMA 31 December 2018 31 December 2018 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement Accrued expenses Purchase of securities awaiting settlement Redemptions of Shares awaiting settlement 1 ANIMA Funds Plc 11. Creditors (amounts falling due within one year) (continued)

ANIMA Funds Plc 399 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital

Authorised

The Authorised Share Capital of the Company is EUR 40,000 divided into 40,000 Subscriber Shares of EUR 1 each and 5 billion Participating Shares of no par value.

Exercise of Voting rights

Until 31 December 2018 the Company has appointed ANIMA Asset Management Ltd as Investment Manager which undertakes the responsibility for managing the assets and investments of each Fund within the Company. During the financial year the Investment Manager has appointed ANIMA SGR S.p.A. and Aletti Gestielle SGR S.p.A. (the “Sub- Investment Managers”) as sub-investment managers for certain Funds of the Company. The Investment Manager and the Sub-Investment Managers were delegated by the Company to exercise such voting rights in the exclusive benefit of the Company. The Investment Manager and the Sub- Investment Managers, as appropriate, taking into consideration the Company's portfolio under management, monitored corporate events and decided whether or not to exercise the right of voting and how to vote. Appropriate disclosure in relation to how voting rights have been carried out was provided to the Company.

The Company has appointed ANIMA SGR S.p.A. as Manager of the Company, pursuant to a Management Agreement, with effect from 1 January 2019. The Manager undertakes the responsibility for managing the assets and investments of each Fund within the Company and it is delegated by the Company to exercise such voting rights in the exclusive benefit of the Company. The Manager, taking into consideration the Company's portfolio under management, monitors corporate events and decides whether or not to exercise the right of voting and how to vote. Appropriate disclosure in relation to how voting rights have been carried out is provided to the Company.

The Company makes sure that the voting rights, carried out by the delegates on its behalf, will only be exercised in the interest of the relevant sub-fund and its shareholders and defines the strategies to follow when conflicts of interest or potential conflicts of interest may arise. Details of the actions taken on the basis of those strategies are made available to shareholders free of charge and on their request.

Subscriber Shares

The Company has issued 40,000 Subscriber Shares as a quarter paid up and as they are not part of the participating Shares of the Company, they do not form part of the Net Asset Value of the Company. Of these Subscriber Shares 39,994 are held with the Investment Manager and the remainder are held upon trust by nominees of the Investment Manager.

Redeemable Participating Shares

The Net Assets attributable to Redeemable Participating Shareholders of the Company are at all times equal to the Net Asset Value of the Company. The Participating Shares are in substance a liability of the Company to the Shareholders under IAS 32 and they can be redeemed at the option of the Shareholders. Every Shareholder or Holder of non- participating shares, present in person or by proxy, who votes on a show of hands shall be entitled to one vote. The rights attaching to the Shares issued in any Class or Fund may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the Shareholders of three-quarters of the issued Shares or of that Class or Fund, or with the sanction of a resolution passed at a separate meeting of the Participating Shareholders of the Class by a majority of three-fourths of the votes cast at such a meeting of that Class or Fund.

Share Classes

The Company may create more than one class of Shares (each a “Class”) in relation to each Fund. The Company is structured as an umbrella fund consisting of different Funds comprising one or more Share Classes. A separate portfolio of assets is not maintained for each Class. The investment objective and policies and other details in relation to each Fund are set out in the relevant Information Cards, which form part of the Prospectus. Within the maximum permitted limit the Investment Manager’s fees may differ between Funds and between Classes of the same Fund. The current fees charged by the Investment Manager for each class are specified in the Class Information Cards. Shares issued in a Fund or Class will be denominated in the base currency or in such other currency as may be specified in the Class Information Cards.

In accordance with the objectives listed in the Directors’ Report and in the risk management policies as discussed in Note 3, the Company strives to invest the subscriptions of redeemable participating shares in appropriate investments, while maintaining sufficient liquidity to meet Shareholder redemptions. Requests for redemptions received by the Administrator prior to the Dealing deadline for any Dealing Day will be dealt with on that Dealing Day.

ANIMA Funds Plc 400 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue

ANIMA Liquidity Year ended 31 December 2018 Class A Class Silver Class I Class Prestige Number of Shares in issue at beginning of financial year 13,306,723 11,430,639 59,402,788 62,372 Issued during financial year 881,355 2,580,834 53,272,606 4,928 Redeemed during financial year (3,464,528) (5,284,567) (48,254,176) (15,665) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 10,723,550 8,726,906 64,421,218 51,635 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class A Class Silver Class I Class Prestige Number of Shares in issue at beginning of financial year 20,565,479 14,486,373 74,096,232 172,445 Issued during financial year 2,066,047 6,377,727 37,162,863 5,032 Redeemed during financial year (9,324,803) (9,433,461) (51,856,307) (115,105) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 13,306,723 11,430,639 59,402,788 62,372 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Short Term Bond Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 2,600,042 231,876 33,134,130 Issued during financial year 60,619 80,595 8,487,325 Redeemed during financial year (698,426) (72,395) (14,380,378) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 1,962,235 240,076 27,241,077 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 3,774,808 545,801 36,272,534 Issued during financial year 62,385 45,505 11,798,984 Redeemed during financial year (1,237,151) (359,430) (14,937,388) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 2,600,042 231,876 33,134,130 –––––––––––– –––––––––––– ––––––––––––

ANIMA Medium Term Bond Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 15,115,128 895,307 60,497,641 Issued during financial year 1,027,118 108,369 18,465,208 Redeemed during financial year (3,728,637) (240,298) (28,285,796) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 12,413,609 763,378 50,677,053 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 18,697,218 1,634,411 62,690,998 Issued during financial year 1,351,661 61,622 24,926,771 Redeemed during financial year (4,933,751) (800,726) (27,120,128) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 15,115,128 895,307 60,497,641 –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 401 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Bond Dollar Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 252,573 678,906 10,010,413 Issued during financial year 137,944 246,967 8,582,213 Redeemed during financial year (72,613) (290,122) (1,531,351) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 317,904 635,751 17,061,275 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 275,978 769,932 1,656,283 Issued during financial year 102,374 186,815 9,416,134 Redeemed during financial year (125,779) (277,841) (1,062,004) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 252,573 678,906 10,010,413 –––––––––––– –––––––––––– ––––––––––––

ANIMA Global Bond Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 123,441 1,922,952 11,164,991 Issued during financial year 51,261 339,726 4,525,268 Redeemed during financial year (26,664) (619,131) (5,872,104) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 148,038 1,643,547 9,818,155 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 153,286 2,785,917 11,818,693 Issued during financial year 18,059 252,079 4,227,257 Redeemed during financial year (47,904) (1,115,044) (4,880,959) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 123,441 1,922,952 11,164,991 –––––––––––– –––––––––––– ––––––––––––

ANIMA Life Bond Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 49,249,123 Issued during financial year - Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 49,249,123 ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial year 49,249,123 Issued during financial year - Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 49,249,123 ––––––––––––

ANIMA Funds Plc 402 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Short Term Corporate Bond Year ended 31 December 2018 Class Silver Class I Number of Shares in issue at beginning of financial year 8,589,956 46,994,229 Issued during financial year 398,954 17,270,003 Redeemed during financial year (3,104,344) (11,905,442) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 5,884,566 52,358,790 –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Silver Class I Number of Shares in issue at beginning of financial year 10,873,689 48,057,358 Issued during financial year 612,841 12,920,629 Redeemed during financial year (2,896,574) (13,983,758) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 8,589,956 46,994,229 –––––––––––– ––––––––––––

ANIMA Europe Equity Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 11,370,225 2,205,509 36,070,136 Issued during financial year 1,923,562 559,050 19,401,696 Redeemed during financial year (2,654,998) (691,870) (21,155,553) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 10,638,789 2,072,689 34,316,279 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 10,866,223 2,452,957 43,540,010 Issued during financial year 3,159,200 364,946 14,058,069 Redeemed during financial year (2,655,198) (612,394) (21,527,943) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 11,370,225 2,205,509 36,070,136 –––––––––––– –––––––––––– ––––––––––––

ANIMA U.S. Equity Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 369,070 358,167 10,460,991 Issued during financial year 98,340 467,284 6,562,635 Redeemed during financial year (140,127) (163,454) (5,567,026) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 327,283 661,997 11,456,600 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 464,445 421,441 12,588,246 Issued during financial year 26,113 98,657 4,653,636 Redeemed during financial year (121,488) (161,931) (6,780,891) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 369,070 358,167 10,460,991 –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 403 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Asia/Pacific Equity Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 48,157 212,377 4,611,593 Issued during financial year 13,935 111,500 1,822,826 Redeemed during financial year (11,389) (52,187) (2,447,861) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 50,703 271,690 3,986,558 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 72,004 235,450 5,301,786 Issued during financial year 5,899 54,701 1,089,099 Redeemed during financial year (29,746) (77,774) (1,779,292) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 48,157 212,377 4,611,593 –––––––––––– –––––––––––– ––––––––––––

ANIMA Global Equity Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 243,543 2,204,638 3,000,933 Issued during financial year 104,785 357,630 958,149 Redeemed during financial year (77,273) (574,382) (2,219,808) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 271,055 1,987,886 1,739,274 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 244,758 2,483,802 2,002,529 Issued during financial year 138,307 408,084 2,569,122 Redeemed during financial year (139,522) (687,248) (1,570,718) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 243,543 2,204,638 3,000,933 –––––––––––– –––––––––––– ––––––––––––

ANIMA Emerging Markets Equity Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 233,557 2,441,206 5,045,556 Issued during financial year 46,058 495,093 2,518,953 Redeemed during financial year (89,026) (528,841) (2,134,574) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 190,589 2,407,458 5,429,935 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year 235,766 2,845,305 4,212,612 Issued during financial year 65,094 374,345 1,685,938 Redeemed during financial year (67,303) (778,444) (852,994) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 233,557 2,441,206 5,045,556 –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 404 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Euro Equity Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 11,486,851 Issued during financial year 10,056,094 Redeemed during financial year (5,528,973) –––––––––––– Total number of Shares in issue at end of financial year 16,013,972 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 14,314,734 Issued during financial year 4,079,145 Redeemed during financial year (6,907,028) –––––––––––– Total number of Shares in issue at end of financial year 11,486,851 ––––––––––––

ANIMA Global Currencies Year ended 31 December 2018 Class Prestige Class I Number of Shares in issue at beginning of financial year 782,717 871,401 Issued during financial year 27,309 677,418 Redeemed during financial year (172,652) (387,922) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 637,374 1,160,897 –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class I Number of Shares in issue at beginning of financial year 1,111,444 1,524,212 Issued during financial year 44,948 46,806 Redeemed during financial year (373,675) (699,617) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 782,717 871,401 –––––––––––– ––––––––––––

ANIMA Funds Plc 405 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Variable Rate Bond Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 7,833,643 Issued during financial year 6,644,789 Redeemed during financial year (7,150,111) –––––––––––– Total number of Shares in issue at end of financial year 7,328,321 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 9,462,936 Issued during financial year 1,539,251 Redeemed during financial year (3,168,544) –––––––––––– Total number of Shares in issue at end of financial year 7,833,643 ––––––––––––

ANIMA Hybrid Bond Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 7,137,341 Issued during financial year 43,952 Redeemed during financial year (1,197,108) –––––––––––– Total number of Shares in issue at end of financial year 5,984,185 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 7,304,514 Issued during financial year 738,329 Redeemed during financial year (905,502) –––––––––––– Total number of Shares in issue at end of financial year 7,137,341 ––––––––––––

ANIMA Funds Plc 406 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Euro Government Bond Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 30,314,524 Issued during financial year 34,171,592 Redeemed during financial year (10,826,404) –––––––––––– Total number of Shares in issue at end of financial year 53,659,712 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 20,356,766 Issued during financial year 16,401,422 Redeemed during financial year (6,443,664) –––––––––––– Total number of Shares in issue at end of financial year 30,314,524 ––––––––––––

ANIMA Flex 501 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 76,435,413 Issued during financial year - Redeemed during financial year (76,435,413) –––––––––––– Total number of Shares in issue at end of financial year - ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 76,435,413 Issued during financial year - Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 76,435,413 ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial year.

ANIMA Funds Plc 407 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Star High Potential Europe Year ended 31 December 2018 Class Prestige Class Silver Class I Class Classic A Number of Shares in issue at beginning of financial year 3,545,345 11,442,482 85,441,431 12,627,026 Issued during financial year 117,537 715,121 25,282,451 159,998 Redeemed during financial year (867,812) (4,165,213) (55,241,010) (8,893,791) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 2,795,070 7,992,390 55,482,872 3,893,233 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class A Class Classic B Number of Shares in issue at beginning of financial year 9,013,121 16,954,093 Issued during financial year 810,290 8,749,388 Redeemed during financial year (480,042) (7,651,569) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 9,343,369 18,051,912 –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Class Classic A Number of Shares in issue at beginning of financial year 5,393,214 16,207,662 94,576,095 31,743,336 Issued during financial year 180,941 635,351 31,792,578 532,984 Redeemed during financial year (2,028,810) (5,400,531) (40,927,242) (19,649,294) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 3,545,345 11,442,482 85,441,431 12,627,026 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class A Class Classic B Number of Shares in issue at beginning of financial year - 20,070,288 Issued during financial year 9,671,630 18,527,995 Redeemed during financial year (658,509) (21,644,190) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 9,013,121 16,954,093 –––––––––––– ––––––––––––

ANIMA Funds Plc 408 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Star Bond Year ended 31 December 2018 Class Prestige Class Silver Class I Class I Dis Number of Shares in issue at beginning of financial year 1,385,368 7,152,693 68,306,772 8,008,716 Issued during financial year 151,740 201,195 24,926,778 - Redeemed during pfinancial year (322,379) (3,627,105) (38,193,864) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 1,214,729 3,726,783 55,039,686 8,008,716 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class Classic A Class Classic B Class I Number of Shares in issue at beginning of financial year 1,072,836 - 313,632 Issued during financial year 129,982 7,812 535,775 Redeemed during pfinancial year (694,715) (2,320) (400,216) –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 508,103 5,492 449,191 –––––––––––– –––––––––––– ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Class I Dis Number of Shares in issue at beginning of financial year 2,144,900 5,954,258 56,247,760 8,008,716 Issued during financial year 511,928 2,779,568 34,338,225 - Redeemed during pfinancial year (1,271,460) (1,581,133) (22,279,213) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 1,385,368 7,152,693 68,306,772 8,008,716 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class Classic A Class I Number of Shares in issue at beginning of financial year 1,837,119 88,923 Issued during financial year 146,951 612,451 Redeemed during pfinancial year (911,234) (387,742) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 1,072,836 313,632 –––––––––––– ––––––––––––

ANIMA Smart Volatility Europe Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 12,381,540 Issued during financial year 103,630 Redeemed during financial year (8,373,332) –––––––––––– Total number of Shares in issue at end of financial year 4,111,838 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 13,854,039 Issued during financial year 161,607 Redeemed during financial year (1,634,106) –––––––––––– Total number of Shares in issue at end of financial year 12,381,540 ––––––––––––

ANIMA Funds Plc 409 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Smart Volatility Global Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 21,386,788 Issued during financial year 1,436,077 Redeemed during financial year (13,622,298) –––––––––––– Total number of Shares in issue at end of financial year 9,200,567 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 28,943,200 Issued during financial year 3,191,022 Redeemed during financial year (10,747,434) –––––––––––– Total number of Shares in issue at end of financial year 21,386,788 ––––––––––––

ANIMA Smart Volatility Italy Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 13,841,248 Issued during financial year - Redeemed during financial year (8,435,562) –––––––––––– Total number of Shares in issue at end of financial year 5,405,686 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 21,303,824 Issued during financial year - Redeemed during financial year (7,462,576) –––––––––––– Total number of Shares in issue at end of financial year 13,841,248 ––––––––––––

ANIMA Funds Plc 410 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Smart Volatility USA Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 2,020,975 Issued during financial year 563,236 Redeemed during financial year (400,000) –––––––––––– Total number of Shares in issue at end of financial year 2,184,211 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 2,020,975 Redeemed during financial period - –––––––––––– Total number of Shares in issue at end of financial period 2,020,975 ––––––––––––

ANIMA Credit Opportunities Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 24,156,664 Issued during financial year 8,123,281 Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 32,279,945 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 16,135,044 Issued during financial year 8,021,620 Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 24,156,664 ––––––––––––

ANIMA Funds Plc 411 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Tesoreria Imprese Year ended 31 December 2018 Class Prestige Number of Shares in issue at beginning of financial year 7,704,216 Issued during financial year - Redeemed during financial year (1,872,616) –––––––––––– Total number of Shares in issue at end of financial year 5,831,600 ––––––––––––

Year ended 31 December 2017 Class Prestige Number of Shares in issue at beginning of financial year 4,920,038 Issued during financial year 3,743,243 Redeemed during financial year (959,065) –––––––––––– Total number of Shares in issue at end of financial year 7,704,216 ––––––––––––

ANIMA Star High Potential Italy Year ended 31 December 2018 Class Prestige Class Silver Class I Class Classic A Number of Shares in issue at beginning of financial year 183,022 514,202 12,791,642 3,529,667 Issued during financial year - 50,119 503,235 8,011 Redeemed during financial year (61,386) (190,574) (6,252,243) (2,748,100) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 121,636 373,747 7,042,634 789,578 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class Classic B Number of Shares in issue at beginning of financial year 489,955 Issued during financial year 2,189,151 Redeemed during financial year (1,090,723) –––––––––––– Total number of Shares in issue at end of financial year 1,588,383 ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Class Classic A Number of Shares in issue at beginning of financial year 271,019 826,678 27,295,999 5,455,964 Issued during financial year 5,354 30,593 1,317,893 284,571 Redeemed during financial year (93,351) (343,069) (15,822,250) (2,210,868) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 183,022 514,202 12,791,642 3,529,667 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class Classic B Number of Shares in issue at beginning of financial year 106,610 Issued during financial year 1,025,687 Redeemed during financial year (642,342) –––––––––––– Total number of Shares in issue at end of financial year 489,955 ––––––––––––

ANIMA Funds Plc 412 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Star High Potential Global Year ended 31 December 2018 Class Prestige Class Silver Class I Class Classic A Number of Shares in issue at beginning of financial year 30,652 422,168 13,459,294 1,112,673 Issued during financial year 18,892 182,946 3,177,527 375,322 Redeemed during financial year (2,917) (107,120) (3,445,952) (798,200) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 46,627 497,994 13,190,869 689,795 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class Classic B Number of Shares in issue at beginning of financial year 130,353 Issued during financial year 691,354 Redeemed during financial year (351,698) –––––––––––– Total number of Shares in issue at end of financial year 470,009 ––––––––––––

Year ended 31 December 2017 Class Prestige Class Silver Class I Class Classic A Number of Shares in issue at beginning of financial year 61,918 395,535 19,876,756 1,416,990 Issued during financial year 3,104 233,055 2,613,367 570,229 Redeemed during financial year (34,370) (206,422) (9,030,829) (874,546) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 30,652 422,168 13,459,294 1,112,673 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Class Classic B Number of Shares in issue at beginning of financial year 42,323 Issued during financial year 360,686 Redeemed during financial year (272,656) –––––––––––– Total number of Shares in issue at end of financial year 130,353 ––––––––––––

ANIMA Active Selection Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 4,441,950 Issued during financial year 1,094,106 Redeemed during financial year (802,323) –––––––––––– Total number of Shares in issue at end of financial year 4,733,733 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 3,577,046 Issued during financial year 1,599,593 Redeemed during financial year (734,689) –––––––––––– Total number of Shares in issue at end of financial year 4,441,950 ––––––––––––

ANIMA Funds Plc 413 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Smart Dividends Europe Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 3,080,741 Issued during financial year 136,816 Redeemed during financial year (130,505) –––––––––––– Total number of Shares in issue at end of financial year 3,087,052 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 3,080,100 Issued during financial year 268,490 Redeemed during financial year (267,849) –––––––––––– Total number of Shares in issue at end of financial year 3,080,741 ––––––––––––

ANIMA Flexible Bond1 Year ended 31 December 2018 Class Prestige Class Silver Class I Number of Shares in issue at beginning of financial year - - - Issued during financial year 1,000 2,010,000 1,000 Redeemed during financial year --- –––––––––––– –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 1,000 2,010,000 1,000 –––––––––––– –––––––––––– ––––––––––––

ANIMA Flexible Income Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 8,623,347 Issued during financial year 959,505 Redeemed during financial year (265,845) –––––––––––– Total number of Shares in issue at end of financial year 9,317,007 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 8,913,596 Issued during financial year 976,930 Redeemed during financial year (1,267,179) –––––––––––– Total number of Shares in issue at end of financial year 8,623,347 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 414 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Infrastructure1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial year 17,247,233 Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 17,247,233 ––––––––––––

ANIMA Solution 2022-I Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 66,601,497 Issued during financial year - Redeemed during financial year (22,754,681) –––––––––––– Total number of Shares in issue at end of financial year 43,846,816 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 100,427,774 Issued during financial year - Redeemed during financial year (33,826,277) –––––––––––– Total number of Shares in issue at end of financial year 66,601,497 ––––––––––––

ANIMA Solution 2022-II Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 76,303,718 Issued during financial year - Redeemed during financial year (38,143,367) –––––––––––– Total number of Shares in issue at end of financial year 38,160,351 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 120,285,889 Issued during financial year - Redeemed during financial year (43,982,171) –––––––––––– Total number of Shares in issue at end of financial year 76,303,718 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 415 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Solution 2022-III Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 32,973,791 Issued during financial year - Redeemed during financial year (2,781,165) –––––––––––– Total number of Shares in issue at end of financial year 30,192,626 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 35,379,902 Issued during financial year Redeemed during financial year (2,406,111) –––––––––––– Total number of Shares in issue at end of financial year 32,973,791 ––––––––––––

ANIMA Solution 2023-I Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 51,723,457 Issued during financial period - Redeemed during financial period (3,663,611) –––––––––––– Total number of Shares in issue at end of financial year 48,059,846 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 51,817,661 Redeemed during financial period (94,204) –––––––––––– Total number of Shares in issue at end of financial period 51,723,457 ––––––––––––

ANIMA Solution EM1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial period 7,724,537 Redeemed during financial period (172,706) –––––––––––– Total number of Shares in issue at end of financial year 7,551,831 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 416 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

PRIMA Bond 2017 Crescita Imprese1 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 813,286 Issued during financial year - Redeemed during financial year (813,286) –––––––––––– Total number of Shares in issue at end of financial year - ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial year 1,206,669 Issued during financial year 1 Redeemed during financial year (393,384) –––––––––––– Total number of Shares in issue at end of financial year 813,286 ––––––––––––

ANIMA Traguardo 2017 Global Bonds1 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 1,594,736 Issued during financial year - Redeemed during financial year (1,594,736) –––––––––––– Total number of Shares in issue at end of financial year - ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial year 2,682,738 Issued during financial year 16,053 Redeemed during financial year (1,104,055) –––––––––––– Total number of Shares in issue at end of financial year 1,594,736 ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year.

ANIMA Funds Plc 417 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Attiva Cedola Plus 20181 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 263,763 Issued during financial year - Redeemed during financial year (263,763) –––––––––––– Total number of Shares in issue at end of financial year - ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial year 386,403 Issued during financial year - Redeemed during financial year (122,640) –––––––––––– Total number of Shares in issue at end of financial year 263,763 ––––––––––––

ANIMA Cedola BRIC 20182 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 1,579,835 Issued during financial year - Redeemed during financial year (1,579,835) –––––––––––– Total number of Shares in issue at end of financial year - ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial year 2,424,702 Issued during financial year - Redeemed during financial year (844,867) –––––––––––– Total number of Shares in issue at end of financial year 1,579,835 ––––––––––––

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial year. 2 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year.

ANIMA Funds Plc 418 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Italian Bond Year ended 31 December 2018 Class I Class Silver Number of Shares in issue at beginning of financial year 22,076 12,732,013 Issued during financial year 4,155 451,545 Redeemed during financial year (7,597) (4,659,375) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 18,634 8,524,183 –––––––––––– ––––––––––––

Year ended 31 December 2017 Class I Class Silver Number of Shares in issue at beginning of financial year 5,789 18,227,511 Issued during financial year 22,701 487,737 Redeemed during financial year (6,414) (5,983,235) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 22,076 12,732,013 –––––––––––– ––––––––––––

ANIMA Italian Equity Year ended 31 December 2018 Class I Class Silver Number of Shares in issue at beginning of financial year 215,226 1,633,853 Issued during financial year 2,177,527 245,228 Redeemed during financial year (244,700) (619,803) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 2,148,053 1,259,278 –––––––––––– ––––––––––––

Year ended 31 December 2017 Class I Class Silver Number of Shares in issue at beginning of financial year - 1,966,430 Issued during financial year 215,254 254,454 Redeemed during financial year (28) (587,031) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 215,226 1,633,853 –––––––––––– ––––––––––––

ANIMA High Yield Bond1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial year 2,934,076 Redeemed during financial year (554,331) –––––––––––– Total number of Shares in issue at end of financial year 2,379,745 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 419 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Bond 2022 Opportunities Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 9,384,681 Issued during financial year - Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 9,384,681 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 8,000,160 Issued during financial year 1,384,521 Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 9,384,681 ––––––––––––

ANIMA Global Macro Year ended 31 December 2018 Classic A Class I Number of Shares in issue at beginning of financial year - 29,198,974 Issued during financial year 6,231 6,452,232 Redeemed during financial year (650) (17,439,308) –––––––––––– –––––––––––– Total number of Shares in issue at end of financial year 5,581 18,211,898 –––––––––––– ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial year 14,197,632 Issued during financial year 29,358,956 Redeemed during financial year (14,357,614) –––––––––––– Total number of Shares in issue at end of financial year 29,198,974 ––––––––––––

ANIMA Funds Plc 420 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Brightview 2023-I Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 3,503,966 Issued during financial year - Redeemed during financial year (197,362) –––––––––––– Total number of Shares in issue at end of financial year 3,306,604 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 3,590,994 Redeemed during financial period (87,028) –––––––––––– Total number of Shares in issue at end of financial period 3,503,966 ––––––––––––

ANIMA Brightview 2023-II Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 17,529,165 Issued during financial year - Redeemed during financial year (1,071,598) –––––––––––– Total number of Shares in issue at end of financial year 16,457,567 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 17,819,272 Redeemed during financial period (290,107) –––––––––––– Total number of Shares in issue at end of financial period 17,529,165 ––––––––––––

ANIMA Funds Plc 421 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Brightview 2023-III Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 6,035,567 Issued during financial year - Redeemed during financial year (299,205) –––––––––––– Total number of Shares in issue at end of financial year 5,736,362 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 6,101,348 Redeemed during financial period (65,781) –––––––––––– Total number of Shares in issue at end of financial period 6,035,567 ––––––––––––

ANIMA Brightview 2023-IV Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 6,824,164 Issued during financial year - Redeemed during financial year (386,953) –––––––––––– Total number of Shares in issue at end of financial year 6,437,211 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 6,830,326 Redeemed during financial period (6,162) –––––––––––– Total number of Shares in issue at end of financial period 6,824,164 ––––––––––––

ANIMA Funds Plc 422 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Brightview 2024-I Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year 25,000 Issued during financial year 7,896,738 Redeemed during financial year (203,038) –––––––––––– Total number of Shares in issue at end of financial year 7,718,700 ––––––––––––

Year ended 31 December 2017 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 25,000 Redeemed during financial period - –––––––––––– Total number of Shares in issue at end of financial period 25,000 ––––––––––––

ANIMA Brightview 2024-II1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial year 9,882,893 Redeemed during financial year (195,147) –––––––––––– Total number of Shares in issue at end of financial year 9,687,746 ––––––––––––

ANIMA Brightview 2024-III1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial year 11,891,926 Redeemed during financial year (79,943) –––––––––––– Total number of Shares in issue at end of financial year 11,811,983 ––––––––––––

ANIMA Brightview 2024-IV1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial year 13,072,470 Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 13,072,470 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 423 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Brightview 2024-V1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial year - Issued during financial year 25,000 Redeemed during financial year - –––––––––––– Total number of Shares in issue at end of financial year 25,000 ––––––––––––

ANIMA Orizzonte Europa 2022 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 8,469,530 Issued during financial year - Redeemed during financial year (776,396) –––––––––––– Total number of Shares in issue at end of financial year 7,693,134 ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 8,828,084 Redeemed during financial period (358,554) –––––––––––– Total number of Shares in issue at end of financial period 8,469,530 ––––––––––––

ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial year 8,612,596 Issued during financial year - Redeemed during financial year (377,507) –––––––––––– Total number of Shares in issue at end of financial year 8,235,089 ––––––––––––

Year ended 31 December 2017 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 8,660,697 Redeemed during financial period (48,101) –––––––––––– Total number of Shares in issue at end of financial period 8,612,596 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 424 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Orizzonte Sostenibile 20231 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 51,395,102 Redeemed during financial period (557,166) –––––––––––– Total number of Shares in issue at end of financial period 50,837,936 ––––––––––––

ANIMA Orizzonte Benessere 20231 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 62,073,254 Redeemed during financial period (640,005) –––––––––––– Total number of Shares in issue at end of financial period 61,433,249 ––––––––––––

ANIMA Orizzonte Consumi 20231 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 6,195,716 Redeemed during financial period (67,157) –––––––––––– Total number of Shares in issue at end of financial period 6,128,559 ––––––––––––

ANIMA Orizzonte Energia 20231 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 28,465,139 Redeemed during financial period (249,899) –––––––––––– Total number of Shares in issue at end of financial period 28,215,240 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 425 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

12. Share Capital (continued)

Shares in Issue (continued)

ANIMA Defensive1 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 9,675,292 Redeemed during financial period (420,684) –––––––––––– Total number of Shares in issue at end of financial period 9,254,608 ––––––––––––

ANIMA Zephyr Global1 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 9,959,643 Redeemed during financial period (111,348) –––––––––––– Total number of Shares in issue at end of financial period 9,848,295 ––––––––––––

ANIMA Zephyr Real Assets1 Year ended 31 December 2018 Class I Number of Shares in issue at beginning of financial period - Issued during financial period 5,616,075 Redeemed during financial period - –––––––––––– Total number of Shares in issue at end of financial period 5,616,075 ––––––––––––

ANIMA International Bond1 Year ended 31 December 2018 Class Silver Number of Shares in issue at beginning of financial period - Issued during financial period 4,080,000 Redeemed during financial period –––––––––––– Total number of Shares in issue at end of financial period 4,080,000 ––––––––––––

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

As a result of the ability to issue, repurchase and resell shares, the capital of a Fund can vary depending on the demand for redemptions and subscriptions to the Fund. The Funds are not subject to externally imposed capital requirements and have no restrictions on the issue, repurchase or resale of redeemable shares.

ANIMA Funds Plc 426 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value

ANIMA Liquidity

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class A 67,272,295 6.2733 84,386,063 6.3416 131,731,012 6.4054 Share Class Silver 46,514,502 5.3300 61,715,005 5.3991 79,119,976 5.4617 Share Class I 362,642,554 5.6292 336,681,079 5.6678 422,485,121 5.7018 Share Class Prestige 256,751 4.9724 313,176 5.0211 873,277 5.0641

ANIMA Short Term Bond

ANIMA Medium Term Bond

ANIMA Bond Dollar

ANIMA Global Bond

ANIMA Funds Plc 427 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Life Bond

ANIMA Short Term Corporate Bond

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Silver 28,717,369 4.8801 42,808,796 4.9836 54,150,233 4.9799 Share Class I 293,598,926 5.6074 266,831,667 5.6780 270,888,308 5.6368

ANIMA Europe Equity

ANIMA U.S. Equity

ANIMA Asia/Pacific Equity

ANIMA Funds Plc 428 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Global Equity

ANIMA Emerging Markets Equity

ANIMA Euro Equity

ANIMA Global Currencies

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Prestige 2,709,577 4.2512 3,341,998 4.2697 7,336,573 6.6010 Share Class I 5,165,914 4.4499 3,862,800 4.4329 5,193,215 3.4071

ANIMA Variable Rate Bond

ANIMA Hybrid Bond

ANIMA Funds Plc 429 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Euro Government Bond

ANIMA Flex 501

ANIMA Star High Potential Europe

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Prestige 22,862,676 8.1796 30,420,721 8.5805 44,886,469 8.3228 Share Class Silver 47,045,223 5.8863 70,924,238 6.1983 97,790,292 6.0336 Share Class A 45,972,529 4.9203 46,247,802 5.1312 - - Share Class I 410,397,575 7.3968 658,438,001 7.7063 701,440,100 7.4167 Share Classic A 21,242,828 5.4563 73,470,409 5.8185 181,970,695 5.7326 Share Classic B 85,356,018 4.7284 84,428,391 4.9798 97,285,730 4.8473

ANIMA Star Bond

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Prestige 6,315,440 5.1991 7,685,259 5.5474 11,952,362 5.5725 Share Class Silver 19,104,297 5.1262 39,215,424 5.4826 32,861,297 5.5190 Share Class I 290,944,868 5.2861 382,436,630 5.5988 314,459,026 5.5906 Share Class I Dis 38,183,457 4.7677 40,442,212 5.0498 40,734,378 5.0863 Share Classic A 2,370,189 4.6648 5,389,188 5.0233 9,343,834 5.0861 Share Classic B 2,056,662 4.5786 1,542,101 4.9169 442,197 4.9728

ANIMA Smart Volatility Europe

1 Please refer to note 24 to the financial statements for details of Fund termination during the financial year.

ANIMA Funds Plc 430 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Smart Volatility Global

ANIMA Smart Volatility Italy

ANIMA Smart Volatility USA

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 10,161,501 4.6523 10,247,247 5.0704

ANIMA Credit Opportunities

ANIMA Tesoreria Imprese

ANIMA Star High Potential Italy

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Prestige 591,629 4.8639 923,111 5.0437 1,343,789 4.9583 Share Class Silver 1,762,849 4.7167 2,523,992 4.9086 4,003,140 4.8424 Share Class I 35,146,345 4.9905 65,575,402 5.1264 136,392,739 4.9968 Share Classic A 3,538,814 4.4819 16,669,552 4.7227 25,728,028 4.7156 Share Classic B 7,164,531 4.5106 2,299,014 4.6923 493,445 4.6285

ANIMA Funds Plc 431 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Star High Potential Global

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Prestige 213,934 4.5919 155,300 5.0665 296,970 4.7962 Share Class Silver 2,359,104 4.7372 2,216,898 5.2512 1,972,851 4.9878 Share Class I 66,335,963 5.0289 74,205,726 5.5133 102,447,036 5.1541 Share Classic A 3,167,466 4.5882 5,697,872 5.1209 6,914,047 4.8911 Share Classic B 2,276,379 4.8433 700,316 5.3725 232,873 5.1105

ANIMA Active Selection

ANIMA Smart Dividends Europe

ANIMA Flexible Bond1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Prestige 4,996 4.9960 Share Class Silver 4,995 4.9950 Share Class I 10,046,612 4.9983

ANIMA Flexible Income

ANIMA Infrastructure1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class I 84,441,885 4.8960

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 432 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

PRIMA Protetto 100 Cedola BRIC/21

ANIMA Traguardo III 20161

ANIMA Solution 2022-I

ANIMA Solution 2022-II

ANIMA Solution 2022-III

ANIMA Solution 2023-I

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 43,821,705 0.9118 51,301,451 0.9918

1 This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017.

ANIMA Funds Plc 433 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Solution EM1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class I 34,265,852 4.5374

PRIMA Bond 2016 Multicorporate2

PRIMA Bond 2017 Crescita Imprese3

PRIMA Crescita Europa4

ANIMA Traguardo 2017 Global Bonds3

America Latina Cedola Plus 20174

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details. 2 This Fund merged into ANIMA Liquidity during the financial year ended 31 December 2017. 3 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year. 4 This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017.

ANIMA Funds Plc 434 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

Cedola Paesi Scandinavi 20171

Cedola Italia 20171

ANIMA Attiva Cedola Plus 20182

ANIMA Cedola BRIC 20183

ANIMA Italian Bond

As at 31 December 2018 As at 31 December 2017 As at 31 December 2016 Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share Value Value Per Share EUR EUR EUR EUR EUR EUR Share Class Silver 39,660,592 4.6527 62,441,261 4.9038 89,829,128 4.9282 Share Class I 88,668 4.7585 103,943 4.9624 28,607 4.9416

ANIMA Italian Equity

1 This Fund automatically converted into ANIMA Liquidity during the financial year ended 31 December 2017. 2 Please refer to note 24 to the financial statements for details of Fund termination during the financial year. 3 Please refer to note 24 to the financial statements for details of Fund conversions during the financial year.

ANIMA Funds Plc 435 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA High Yield Bond1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 10,850,436 4.5595

ANIMA Bond 2022 Opportunities

ANIMA Global Macro

ANIMA Brightview 2023-I

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 31,786,855 9.6131 33,498,618 9.5602

ANIMA Brightview 2023-II

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 155,641,595 9.4571 176,139,036 10.0483

ANIMA Brightview 2023-III

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 54,253,052 9.4577 60,268,268 9.9855

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 436 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Brightview 2023-IV

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 59,683,381 9.2716 69,074,026 10.1220

ANIMA Brightview 2024-I

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class I 70,566,639 9.1423 245,097 9.8039

ANIMA Brightview 2024-II1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class I 89,928,534 9.2827

ANIMA Brightview 2024-III1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class I 111,464,356 9.4365

ANIMA Brightview 2024-IV1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class I 129,745,647 9.9251

ANIMA Brightview 2024-V1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class I 260,660 10.4264

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 437 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Orizzonte Europa 2022

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class Silver 35,436,535 4.6063 42,949,185 5.0710

ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato

As at 31 December 2018 As at 31 December 2017 Net Asset Net Asset Net Asset Net Asset Value Value Per Share Value Value Per Share EUR EUR EUR EUR Share Class Silver 37,510,653 4.5550 42,567,258 4.9424

ANIMA Orizzonte Sostenibile 20231

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 219,261,787 4.3130

ANIMA Orizzonte Benessere 20231

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 289,759,299 4.7167

ANIMA Orizzonte Consumi 20231

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 30,433,710 4.9659

ANIMA Orizzonte Energia 20231

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 140,917,415 4.9944

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 438 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

13. Net Asset Value (continued)

ANIMA Defensive1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 46,105,555 4.9819

ANIMA Zephyr Global1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 45,657,739 4.6361

ANIMA Zephyr Real Assets1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 28,228,502 5.0264

ANIMA International Bond1

As at 31 December 2018 Net Asset Net Asset Value Value Per Share EUR EUR Share Class Silver 20,493,631 5.0229

1 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

ANIMA Funds Plc 439 (continued) - - - - 177 EUR EUR 3,859 year ended year ended Potential Global Potential Global ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 Notes to the Financial Statements - - EUR EUR 7,281 between the parties, Company will 10,342 827,138 868,624 ending Agent”) and State Street Custodial year ended year ended for the financial year ended 31 December 2018 Potential Italy Potential Italy ANIMA Star High ANIMA ANIMA Star High ANIMA ock Lending Agent, the Depositary, State Street 31 December 2017 31 December 2018 - - - - EUR EUR 96,369 15,078 year ended year ended Potential Europe Potential Europe ANIMA Star High ANIMA ANIMA Star High ANIMA 31 December 2017 31 December 2018 - - EUR EUR 2,194 14,076 196,662 206,671 year ended year ended 31 December 2017 31 December 2018 ANIMA Euro Equity ANIMA ANIMA Euro Equity ANIMA - - - - - EUR EUR 34,419 year ended year ended 31 December 2017 31 December 2018 ANIMA U.S. Equity ANIMA ANIMA U.S. Equity ANIMA - - - - EUR EUR 44,908 10,533 ANIMA ANIMA year ended year ended Europe Equity Europe Equity 31 December 2017 31 December 2018 - - - - EUR EUR As at As at 39,915 207,491 Total Company Total Company Total 31 December 2018 31 December 2017 Income earned during the year Value of securities on loan at year end Value of non cash collateral held by the Fund at year end in respect of securities on loan* Income earned during the year Value of securities on loan at year end Value of non cash collateral held by the Fund at year end in respect of securities on loan* On 23 March 2016, a stock lending agency agreement was signed between the Company, ANIMA Asset Management Limited (the “Stock L *The non cash collateral held by the Fund is made up of OECD Government Bonds. Services (Ireland) Limited (the “Depositary”). On the same date, a stock lending sub-agency agreement was signed between St GMBH London Branch (the “Stock Lending Sub-Agent”) and State Street Bank Trust Company. On the basis of economic agreements receive 70% of the securities lending income and the remaining 30% will be received by the Stock Lending Agent and its Sub-Agent. The tables below provides details of the Funds which engaged in securities lending activities during financial year. ANIMA Funds Plc 14. Securities Lending

ANIMA Funds Plc 440 (continued) Notes to the Financial Statements for the financial year ended 31 December 2018 EUR EUR 4,550 1,591 Equity Equity 172,574 332,790 181,357 349,481 year ended year ended ANIMA Italian ANIMA Italian ANIMA 31 December 2018 31 December 2017 - - - - - EUR EUR 2,029 year ended year ended ANIMA Smart ANIMA Smart ANIMA Dividends Europe Dividends Europe 31 December 2018 31 December 2017 Income earned during the year Value of securities on loan at year end Value of non cash collateral held by the Fund at year end in respect of securities on loan* Income earned during the year Value of securities on loan at year end Value of non cash collateral held by the Fund at year end in respect of securities on loan* *The non cash collateral held by the Fund is made up of OECD Government Bonds. ANIMA Funds Plc 14. Securities Lending (continued)

ANIMA Funds Plc 441 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

15. Fees

Each Fund pays to the Investment Manager (until 31 December 2018) or to the Manager (from 1 January 2019) a fee at an annual rate as set out below.

Fund Amount per Annum ANIMA Liquidity - Share Class A 0.60% of NAV ANIMA Liquidity - Share Class Prestige 0.45% of NAV ANIMA Liquidity - Share Class Silver 0.75% of NAV ANIMA Liquidity - Share Class I 0.20% of NAV ANIMA Short Term Bond - Share Class Prestige 0.75% of NAV ANIMA Short Term Bond - Share Class Silver 1.10% of NAV ANIMA Short Term Bond - Share Class I 0.34% of NAV ANIMA Medium Term Bond - Share Class Prestige 0.82% of NAV ANIMA Medium Term Bond - Share Class Silver 1.20% of NAV ANIMA Medium Term Bond - Share Class I 0.36% of NAV ANIMA Bond Dollar - Share Class Prestige 0.85% of NAV ANIMA Bond Dollar - Share Class Silver 1.20% of NAV ANIMA Bond Dollar - Share Class I 0.36% of NAV ANIMA Global Bond - Share Class Prestige 0.85% of NAV ANIMA Global Bond - Share Class Silver 1.20% of NAV ANIMA Global Bond - Share Class I 0.50% of NAV ANIMA Life Bond - Share Class Silver 1.10% of NAV ANIMA Short Term Corporate Bond - Share Class I 0.70% of NAV ANIMA Short Term Corporate Bond - Share Class Silver 1.40% of NAV ANIMA Europe Equity - Share Class Prestige 1.90% of NAV ANIMA Europe Equity - Share Class Silver 2.50% of NAV ANIMA Europe Equity - Share Class I 0.86% of NAV ANIMA U.S. Equity - Share Class Prestige 1.90% of NAV ANIMA U.S. Equity - Share Class Silver 2.50% of NAV ANIMA U.S. Equity - Share Class I 0.90% of NAV ANIMA Asia/Pacific Equity - Share Class Prestige 1.90% of NAV ANIMA Asia/Pacific Equity - Share Class Silver 2.50% of NAV ANIMA Asia/Pacific Equity - Share Class I 0.90% of NAV ANIMA Global Equity - Share Class Prestige 1.90% of NAV ANIMA Global Equity - Share Class Silver 2.50% of NAV ANIMA Global Equity - Share Class I 0.90% of NAV ANIMA Emerging Markets Equity - Share Class Prestige 1.90% of NAV ANIMA Emerging Markets Equity - Share Class Silver 2.50% of NAV ANIMA Emerging Markets Equity - Share Class I 0.90% of NAV ANIMA Euro Equity - Share Class I 0.90% of NAV ANIMA Global Currencies - Share Class Prestige 1.40% of NAV ANIMA Global Currencies - Share Class I 0.63% of NAV ANIMA Variable Rate Bond - Share Class I 0.36% of NAV ANIMA Hybrid Bond - Share Class I 0.60% of NAV ANIMA Euro Government Bond - Share Class I 0.40% of NAV ANIMA Flex 50 - Share Class I up to 1.00% of NAV ANIMA Star High Potential Europe - Share Class Prestige 1.45% of NAV ANIMA Star High Potential Europe - Share Class Silver 1.80% of NAV ANIMA Star High Potential Europe - Share Class A 0.90% of NAV ANIMA Star High Potential Europe - Share Class I 0.60% of NAV ANIMA Star High Potential Europe - Share Class Classic A 1.80% of NAV ANIMA Star High Potential Europe - Share Class Classic B 1.80% of NAV ANIMA Star Bond - Share Class Prestige 1.20% of NAV ANIMA Star Bond - Share Class Silver 1.40% of NAV ANIMA Star Bond - Share Class Classic A 1.80% of NAV ANIMA Star Bond - Share Class Classic B 1.80% of NAV ANIMA Star Bond - Share Class I 0.50% of NAV ANIMA Star Bond - Share Class I Distribution 0.50% of NAV ANIMA Smart Volatility Europe - Share Class I 0.45% of NAV ANIMA Smart Volatility Global - Share Class I 0.70% of NAV ANIMA Smart Volatility Italy - Share Class I 0.45% of NAV

ANIMA Funds Plc 442 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

15. Fees (continued)

Fund Amount per Annum ANIMA Smart Volatility USA - Share Class I 0.45% of NAV ANIMA Credit Opportunities - Share Class I 0.39% of NAV ANIMA Tesoreria Imprese - Share Class Prestige 0.39% of NAV ANIMA Star High Potential Italy - Share Class Prestige 1.45% of NAV ANIMA Star High Potential Italy - Share Class Silver 1.80% of NAV ANIMA Star High Potential Italy - Share Class I 0.60% of NAV ANIMA Star High Potential Italy - Share Class Classic A 1.80% of NAV ANIMA Star High Potential Italy - Share Class Classic B 1.80% of NAV ANIMA Star High Potential Global - Share Class Prestige 2.10% of NAV ANIMA Star High Potential Global - Share Class Silver 2.45% of NAV ANIMA Star High Potential Global - Share Class I 0.86% of NAV ANIMA Star High Potential Global - Share Class Classic A 1.80% of NAV ANIMA Star High Potential Global - Share Class Classic B 1.80% of NAV ANIMA Active Selection - Share Class I up to 0.60% of NAV ANIMA Smart Dividends Europe - Share Class I 0.45% of NAV

ANIMA Flexible Bond - Share Class Silver1 1.40% of NAV ANIMA Flexible Bond - Share Class I1 0.50% of NAV ANIMA Flexible Bond - Share Class Prestige1 1.20% of NAV ANIMA Flexible Income - Share Class I 0.60% of NAV

ANIMA Infrastructure1 - Share Class I 0.60% of NAV ANIMA Solution 2022-I - Share Class I up to 0.25% of NAV ANIMA Solution 2022-II - Share Class I up to 0.25% of NAV ANIMA Solution 2022-III - Share Class I up to 0.25% of NAV ANIMA Solution 2023-I - Share Class I up to 0.25% of NAV

ANIMA Solution EM - Share Class I1 up to 0.25% of NAV ANIMA Attiva Cedola Plus 2018 - Share Class Silver 0.324% of NAV ANIMA Italian Bond - Share Class I 0.30% of NAV ANIMA Italian Bond - Share Class Silver 1.20% of NAV ANIMA Italian Equity - Share Class Silver 2.00% of NAV ANIMA Italian Equity - Share Class I 0.85% of NAV

ANIMA High Yield Bond Share Class I1 0.70% of NAV ANIMA Bond 2022 Opportunities - Share Class I 0.30% of NAV ANIMA Global Macro - Share Class I 0.60% of NAV ANIMA Global Macro - Share Class Classic A 1.80% of NAV ANIMA Brightview 2023-I Share Class I up to 0.25% of NAV ANIMA Brightview 2023-II Share Class I^ up to 0.25% of the notional value of the Fund ANIMA Brightview 2023-III Share Class I^ up to 0.25% of the notional value of the Fund ANIMA Brightview 2023-IV Share Class I^ up to 0.25% of the notional value of the Fund ANIMA Brightview 2024-I Share Class I^ up to 0.25% of the notional value of the Fund ANIMA Brightview 2024-II Share Class I^ up to 0.25% of the notional value of the Fund ANIMA Brightview 2024-III Share Class I^ up to 0.25% of the notional value of the Fund ANIMA Brightview 2024-IV Share Class I^ up to 0.25% of the notional value of the Fund

ANIMA Brightview 2024-V Share Class I^1 up to 0.25% of the notional value of the Fund ANIMA Orizzonte Europa 2022 - Share Class Silver^ up to 1.25% of the notional value of the Fund ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato - Share Class Silver^ up to 1.25% of the notional value of the Fund

ANIMA Orizzonte Sostenibile 2023 - Share Class Silver^1 up to 1.25% of the notional value of the Fund ANIMA Orizzonte Benessere 2023 - Share Class Silver^1 up to 1.25% of the notional value of the Fund ANIMA Orizzonte Consumi 2023 - Share Class Silver^1 up to 1.25% of the notional value of the Fund ANIMA Orizzonte Energia 2023 - Share Class Silver^1 up to 1.25% of the notional value of the Fund ANIMA Defensive - Share Class Silver1 up to 1.50% of NAV ANIMA Zephyr Global - Share Class Silver1 up to 0.30% of NAV ANIMA Zephyr Real Assets - Share Class Silver1 up to 0.30% of NAV ANIMA International Bond - Share Class I 0.60% of NAV

^As per the Prospectus the fees paid out of the assets of the Fund are based on the Initial Price multiplied by the number of Shares of the Fund in issue.

1 The indicated Funds launched during the financial year, please refer to note 24 for details.

ANIMA Funds Plc 443 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

15. Fees (continued)

The Investment Management Fee is accrued on a daily basis. The Fee is calculated each Dealing Day and the cumulative figure is paid weekly. For the following Solutions Funds Investment Management Fees are paid on a quarterly basis;

ANIMA Attiva Cedola Plus 2018 ANIMA Brightview 2024-I ANIMA Brightview 2023-I ANIMA Brightview 2024-II ANIMA Brightview 2023-II ANIMA Brightview 2024-III ANIMA Brightview 2023-III ANIMA Brightview 2024-IV ANIMA Brightview 2023-IV ANIMA Brightview 2024-V

The notional value of the Fund is the number of shares outstanding multiplied the Initial Offer price (i.e. original issue price) as defined in the relevant Fund Information Card.

For the Class Silver Shares of the following Funds placed with investors at the end of the initial offer period, each Fund paid the relevant OTC Counterparty a redemption fee and a portion of the investment management fee, otherwise payable to the Investment Manager;

ANIMA Cedola BRIC 2018

Incentive Fee

In addition to an annual Management Fee, the Investment Manager (until 31 December 2018) and the Manager (from 1 January 2019) was/is also entitled to receive an incentive fee from certain Funds. Some or all of the incentive fee were paid by the Investment Manager to the Sub Investment Manager. The fee applies to:

ANIMA Short Term Corporate Bond ANIMA Star High Potential Global ANIMA Euro Equity ANIMA Active Selection ANIMA Variable Rate Bond ANIMA Smart Dividends Europe ANIMA Hybrid Bond ANIMA Flexible Bond ANIMA Euro Government Bond ANIMA Flexible Income ANIMA Flex 50 ANIMA Infrastructure ANIMA Star High Potential Europe ANIMA Global Macro ANIMA Star Bond ANIMA Orizzonte Sostenibile 2023 ANIMA Smart Volatility Europe ANIMA Orizzonte Benessere 2023 ANIMA Smart Volatility Global ANIMA Orizzonte Energia 2023 ANIMA Smart Volatility Italy ANIMA Orizzonte Consumi 2023 ANIMA Smart Volatility USA ANIMA International Bond ANIMA Star High Potential Italy

Further details of how the fees are calculated are outlined in the Prospectus of the Funds.

Distribution Fee

Some of the Funds pay a distribution fee. The applicable distribution fee rates are as follows:

ANIMA Star High Potential Europe - Share Classic A - 1.20% per annum ANIMA Star Bond - Share Classic A - 0.20% per annum ANIMA Star High Potential Italy - Share Classic A - 1.20% per annum ANIMA Star High Potential Global - Share Classic A - 1.20% per annum ANIMA Global Macro – Share Classic A – 1.20% per annum ANIMA Orizzonte Europa 2022 - Share Class Silver - 0.6364% per annum ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato - Share Class Silver - 0.6364% per annum ANIMA Orizzonte Sostenibile 2023 - Share Class Silver - 0.70% per annum ANIMA Orizzonte Benessere 2023 – Share Class Silver – 0.70% per annum ANIMA Orizzonte Consumi 2023 - Share Class Silver - 0.70% per annum ANIMA Orizzonte Energia 2023 - Share Class Silver - 0.70% per annum

ANIMA Funds Plc 444 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

15. Fees (continued)

Administration, Depositary and Transfer Agency Fees

The “All In” Fee structure for Administration, Depositary and Transfer Agency for each Fund is as follows:

ANIMA Liquidity 0.04% of NAV (4 basis points) ANIMA Short Term Bond 0.06% of NAV (6 basis points) ANIMA Medium Term Bond 0.06% of NAV (6 basis points) ANIMA Bond Dollar 0.06% of NAV (6 basis points) ANIMA Global Bond 0.06% of NAV (6 basis points) ANIMA Life Bond 0.08% of NAV (8 basis points) ANIMA Short Term Corporate Bond 0.07% of NAV (7 basis points) ANIMA Europe Equity 0.08% of NAV (8 basis points) ANIMA U.S. Equity 0.08% of NAV (8 basis points) ANIMA Asia/Pacific Equity 0.08% of NAV (8 basis points) ANIMA Global Equity 0.08% of NAV (8 basis points) ANIMA Emerging Markets Equity 0.10% of NAV (10 basis points) ANIMA Euro Equity 0.08% of NAV (8 basis points) ANIMA Global Currencies 0.06% of NAV (6 basis points) ANIMA Variable Rate Bond 0.06% of NAV (6 basis points) ANIMA Hybrid Bond 0.06% of NAV (6 basis points) ANIMA Euro Government Bond 0.06% of NAV (6 basis points) ANIMA Flex 50 0.09% of NAV (9 basis points) ANIMA Star High Potential Europe 0.08% of NAV (8 basis points) ANIMA Star Bond 0.06% of NAV (6 basis points) ANIMA Smart Volatility Europe 0.08% of NAV (8 basis points) ANIMA Smart Volatility Global 0.08% of NAV (8 basis points) ANIMA Smart Volatility Italy 0.08% of NAV (8 basis points) ANIMA Smart Volatility USA 0.08% of NAV (8 basis points) ANIMA Credit Opportunities 0.05% of NAV (5 basis points) ANIMA Tesoreria Imprese 0.05% of NAV (5 basis points) ANIMA Star High Potential Italy 0.08% of NAV (8 basis points) ANIMA Star High Potential Global 0.08% of NAV (8 basis points) ANIMA Active Selection 0.02% of NAV (2 basis points) ANIMA Smart Dividends Europe 0.08% of NAV (8 basis points) ANIMA Flexible Income 0.06% of NAV (6 basis points) ANIMA Solution 2022-I 0.05% of NAV (5 basis points) ANIMA Solution 2022-II 0.05% of NAV (5 basis points) ANIMA Solution 2022-III 0.05% of NAV (5 basis points ANIMA Solution 2023-I 0.05% of NAV (5 basis points) ANIMA Solution EM 0.05% of NAV (5 basis points) PRIMA Bond 2017 Crescita Imprese 0.06% of NAV (6 basis points) ANIMA Traguardo 2017 Global Bonds 0.06% of NAV (6 basis points) ANIMA Attiva Cedola Plus 2018 0.08% of NAV (8 basis points) ANIMA Cedola BRIC 2018 0.08% of the notional value of the Fund ANIMA Italian Bond 0.06% of NAV (6 basis points) ANIMA Italian Equity 0.08% of NAV (8 basis points) ANIMA High Yield Bond 0.06% of NAV (6 basis points) ANIMA Bond 2022 Opportunities 0.06% of NAV (6 basis points) ANIMA Global Macro 0.08% of NAV (8 basis points)

ANIMA Funds Plc 445 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

15. Fees (continued)

Administration, Depositary and Transfer Agency Fees (continued)

The “All In” Fee structure for Administration, Depositary and Transfer Agency for each Fund is as follows:

ANIMA Brightview 2023-I 0.07% of NAV (7 basis points) ANIMA Brightview 2023-II 0.07% of the notional value of the Fund ANIMA Brightview 2023-III 0.07% of the notional value of the Fund ANIMA Brightview 2023-IV 0.07% of the notional value of the Fund ANIMA Brightview 2024-I 0.07% of the notional value of the Fund

ANIMA Brightview 2024-II1 0.07% of the notional value of the Fund ANIMA Brightview 2024-III1 0.07% of the notional value of the Fund ANIMA Brightview 2024-IV1 0.07% of the notional value of the Fund ANIMA Brightview 2024-V1 0.07% of the notional value of the Fund ANIMA Orizzonte Europa 2022 0.08% of the notional value of the Fund ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato 0.08% of the notional value of the Fund

ANIMA Orizzonte Sostenibile 20231 0.08% of the notional value of the Fund ANIMA Orizzonte Benessere 20231 0.08% of the notional value of the Fund ANIMA Orizzonte Consumi 20231 0.08% of the notional value of the Fund ANIMA Orizzonte Energia 20231 0.08% of the notional value of the Fund ANIMA Defensive1 0.05% of NAV (5 basis points) ANIMA Zephyr Global1 0.07% of NAV (7 basis points) ANIMA Zephyr Real Assets1 0.07% of NAV (7 basis points) ANIMA International Bond1 0.06% of NAV (6 basis points)

1 The indicated Funds launched during the financial year, please refer to note 24 for details.

Transaction Costs

Transaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Transaction costs relating to the brokers commission on the purchase and sale of a financial asset or financial liability, are included in its purchase and sale price. Transaction costs of the Depositary are embedded in the Depositary fees in the Statement of Comprehensive Income.

Transaction costs amounted to EUR 13,142,824 (2017: EUR 19,615,864) and includes EUR 8,511,078 (2017: EUR 12,544,270) of commission fees and EUR 4,631,746 (2017: EUR 7,071,594) trade expense fees for the financial year ended 31 December 2018.

ANIMA Funds Plc 446 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

15. Fees (continued)

Transaction Costs (continued)

In addition to these fees, order routing fees amounting to EUR 1,198,980 (2017: EUR 1,509,047) were paid to ANIMA Asset Management Limited.

Financial year ended Financial year ended 31 December 2018 31 December 2017 EUR EUR ANIMA Bond Dollar -10 ANIMA Short Term Corporate Bond 40 732 ANIMA Europe Equity 5,111,964 6,752,175 ANIMA Star High Potential Europe 6,433,680 10,751,480 ANIMA Global Equity 224,733 219,671 ANIMA U.S. Equity 184,335 122,124 ANIMA Asia/Pacific Equity 105,354 52,576 ANIMA Emerging Markets Equity 90,841 92,861 ANIMA Global Currencies 2,036 - ANIMA Euro Equity 171,187 128,483 ANIMA Hybrid Bond -39 ANIMA Star High Potential Italy 262,109 718,793 ANIMA Star High Potential Global 299,471 593,788 ANIMA Flexible Income 10,695 - ANIMA Tesoreria Imprese 81 - ANIMA Smart Dividends Europe 22,009 19,960 ANIMA Italian Equity 51,576 9,917 ANIMA Solution 2022-I 5,330 6,636 ANIMA Solution 2022-II 4,509 11,391 ANIMA Solution 2022-III 4,289 61,310 ANIMA Solution 2023-I 5,461 4,634 ANIMA Global Macro 16,156 14,714 ANIMA Brightview 2023-I 453 54,570 ANIMA Solution EM 3,045 - ANIMA Infrastructure 133,470 - –––––––––––– –––––––––––– 13,142,824 19,615,864 –––––––––––– ––––––––––––

ANIMA Funds Plc 447 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

16. Exchange Rates

The following financial year end exchange rates were used to convert investments, assets and liabilities to the functional currency of the Company:

As at As at 31 December 2018 31 December 2017 AUD 1.6238 1.5353 BRL 4.4306 3.9832 CAD 1.5613 1.5045 CHF 1.1269 1.1702 CLP 793.3460 738.4681 COP 3,712.3789 3,583.7882 CZK 25.7370 25.5290 DKK 7.4624 7.4454 GBP 0.8976 0.8877 HKD 8.9501 9.3870 HUF 320.8000 310.2051 IDR 16,438.4940 16,291.8569 ILS 4.2717 4.1688 INR 79.8090 76.6441 JPY 125.4207 135.2701 KRW 1,275.5265 1,285.5167 MXN 22.5129 23.4943 MYR 4.7241 4.8596 NOK 9.8987 9.8218 NZD 1.7048 1.6884 PLN 4.2945 4.1725 RUB 79.3032 69.1316 SEK 10.1350 9.8316 SGD 1.5581 1.6047 THB 37.2210 39.1341 TRY 6.0814 4.5530 TWD 35.1370 35.7340 USD 1.1431 1.2008 ZAR 16.4442 14.8659

17. Efficient Portfolio Management

The Company may, on behalf of each Fund, employ (subject to the conditions and within the limits laid down by the Central Bank of Ireland) techniques and instruments relating to transferable securities, provided that such techniques and instruments are used for efficient portfolio management purposes. The Company may also employ techniques and instruments intended to provide protection against exchange risks in the context of the management of its assets and liabilities or for the purposes of:

(a) hedging (b) risk reduction or management (c) performance enhancement such as reduction of cost and/or generation of additional capital or income (d) management of interest, currency and/or exchange risks (e) management of securities prices (f) management of target Funds (g) achieving a foreign exchange exposure different from the underlying securities in order to neutralise active risk against the benchmark (currency overlay) and/or (h) seeking active foreign exchange exposure in order to enhance portfolio performance

ANIMA Funds Plc 448 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

17. Efficient Portfolio Management (continued)

The types of instruments which each Fund may use for these purposes are disclosed in Appendix V to the Prospectus.

Each Fund may invest in FDIs. The FDIs used by each Fund during the reference period include futures, swaps, forward currency contracts and options. Please refer to the Schedule of Investments of these Funds on pages 460 to 683 to view details of these instruments including the instruments. The names of counterparties are also disclosed in the Schedule of Investments where applicable.

The Company may utilise securities lending agreements and reverse repurchase agreements for efficient portfolio management purposes.

Financial Derivative Instruments

Typically, FDIs serve as components of the Company’s investment strategy and are utilised primarily to structure and economically hedge investments to enhance performance and reduce risk to the Company (the Company does not designate any derivatives as hedges for hedge accounting purposes as described under IAS 39 Financial Instruments: Measurement). The Company records its FDI activities on a mark to market basis. Fair values are determined using counterparty prices. For Over the Counter (“OTC”) FDIs, the Company may enter into master netting agreements with its counterparties, therefore, assets represent the Company’s unrealised gains, less unrealised losses for OTC FDIs in which the Company has a master netting agreement. There is no netting taking place in the Statement of Financial Position on any of the Funds.

The primary difference in the risk associated with OTC FDIs and exchange-traded contracts is counterparty risk. The Company is exposed to counterparty risk from OTC FDIs when two conditions are present; (i) the OTC FDIs have unrealised gains, net of any collateral and (ii) the counterparty to the contracts defaults. The counterparty risk related to exchange-traded FDIs is minimal because the exchange ensures that these FDIs are always honoured. Changes in the value of the FDIs are recognised as gains and losses by marking to market on a daily basis to reflect the value of the FDI at the end of each day’s trading. They are valued at the settlement price established each day on which they are traded, and the Company’s investment therein, representing unrealised gain or loss on such contracts, is included in the Statement of Comprehensive Income within the net gains/(losses) on financial assets and liabilities and on the Statement of Financial Position within financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss.

18. Related Party Transactions

IAS 24 “Related Party Transactions” requires the disclosure of information relating to material transactions with parties who are deemed to be related to the reporting entity.

In the opinion of the Directors the following entities are required to be disclosed as related parties to the Company as at 31 December 2018:

Investment Manager and Stock Lending Agent1 ANIMA Asset Management Limited Sub-Investment Manager2 ANIMA SGR S.p.A. (including Aletti Gestielle SGR S.p.A.3) Legal Advisor Dillon Eustace

Fees earned during the financial year and prior financial year by the Investment Manager are as follows:

Year ended Year ended 31 December 2018 31 December 2017 EUR EUR Fees earned at the year end are as follows: Investment Manager fees 42,019,258 45,876,017 Order Routing/trade execution fees 1,198,980 1,509,047 Performance fees 4,866,750 6,810,224 Securities Lending fees 5,772 41,286

1 ANIMA Asset Management Limited acted as Investment Manager until 31 December 2018. 2 ANIMA SGR S.p.A. acted as Sub-Investment Manager until 31 December 2018. ANIMA SGR S.p.A. was appointed Manager of the Company from 1 January 2019.

3 Aletti Gestielle SGR S.p.A. was merged into ANIMA SGR S.p.A. on 1 December 2018.

ANIMA Funds Plc 449 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

18. Related Party Transactions (continued)

Year ended Year ended 31 December 2018 31 December 2017 EUR EUR Fees accrued at the year end are as follows: Investment Manager fees 2,473,340 2,272,208 Order Routing/trade execution fees 444,737 216,330 Performance fees 232,496 417,219 Securities Lending fees - 26,526

Of the total securities on loan, lending fees have been apportioned as follows: EUR 5,772 (December 2017: EUR 41,286) was earned by the Investment Manager and EUR 39,915 (December 2017: EUR 207,490) was earned by the Company.

The following related parties have shareholdings in the Company:

Shares held Shares held As at Shares purchased Shares sold As at 31 December 2017 during the year during the year 31 December 2018 ANIMA SGR S.p.A. 93,414,253 40,580,200 32,577,713 101,414,740

Shares held Shares held As at Shares purchased Shares sold As at 31 December 2016 during the year during the year 31 December 2017 ANIMA SGR S.p.A. 97,230,806 43,552,391 (47,368,944) 93,414,253

ANIMA Funds Plc invest into a number of Investments Funds managed by ANIMA SGR S.p.A., these Investment Funds are identified and highlighted as a footnote on the individual Fund’s Schedule of Investments.

Rainbow QIF, Private Selection Fund and Multi Solution Fund are related parties to ANIMA Funds Plc as the Directors of the Company are the same as the Directors of the Manager of Rainbow QIF and Multi Solution Fund (managed by ANIMA Asset Management Limited, the Investment Manager of the Company).

The Rainbow Active Fund and Rainbow Solution 2021-I, sub-funds of Rainbow QIF, collective investment schemes domiciled in Ireland and managed by ANIMA Asset Management Limited, have shareholdings in the following ANIMA Funds:

Shares held Shares held As at Shares purchased Shares sold As at Rainbow Active Fund 31 December 2017 during the year during the year 31 December 2018 ANIMA Short Term Bond 1,186,664 1,756,898 (1,400,000) 1,543,562 ANIMA Medium Term Bond 788,349 1,117,801 (885,000) 1,021,150 ANIMA Bond Dollar 603,343 325,402 (415,000) 513,745 ANIMA Global Bond 663,639 652,284 (300,000) 1,015,923 ANIMA Short Term Corporate 1,079,324 1,358,552 (1,380,000) 1,057,876 ANIMA Europe Equity 1,169,000 910,000 (1,545,638) 533,362 ANIMA U.S. Equity 736,000 723,000 (1,065,957) 393,043 ANIMA Emerging Markets Equity 486,191 - (193,739) 292,452 ANIMA Star High Potential Europe 599,927 1,088,533 (830,000) 858,460 ANIMA Star Bond 894,692 1,513,628 (1,290,000) 1,118,320 ANIMA Star High Potential Italy 923,757 200,000 (625,000) 498,757 ANIMA Star High Potential Global 791,550 574,843 (690,000) 676,393 ANIMA Smart Volatility Global 961,000 300,000 (960,000) 301,000 ANIMA Global Equity 600,000 255,000 (545,986) 309,014

Rainbow Solution 2021-I ANIMA Europe Equity 1,024,000 107,000 (778,000) 353,000

ANIMA Funds Plc 450 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

18. Related Party Transactions (continued)

Shares held Shares held As at Shares purchased Shares sold As at Rainbow Active Fund 31 December 2016 during the year during the year 31 December 2017 ANIMA Short Term Bond 1,664,664 937,000 (1,415,000) 1,186,664 ANIMA Medium Term Bond 980,349 335,000 (527,000) 788,349 ANIMA Bond Dollar 403,343 200,000 - 603,343 ANIMA Global Bond 1,229,639 - (566,000) 663,639 ANIMA Short Term Corporate 1,442,324 625,000 (988,000) 1,079,324 ANIMA Europe Equity 846,000 1,003,000 (680,000) 1,169,000 ANIMA U.S. Equity 644,000 582,000 (490,000) 736,000 ANIMA Emerging Markets Equity 486,191 - - 486,191 ANIMA Star High Potential Europe 1,291,927 385,000 (1,077,000) 599,927 ANIMA Star Bond 1,509,692 425,000 (1,040,000) 894,692 ANIMA Star High Potential Italy 1,703,757 260,000 (1,040,000) 923,757 ANIMA Star High Potential Global 1,596,550 - (805,000) 791,550 ANIMA Smart Volatility Global 2,004,000 555,000 (1,598,000) 961,000 ANIMA Global Equity - 895,000 (295,000) 600,000

Rainbow Solution 2021-I ANIMA Europe Equity 1,146,000 70,000 (192,000) 1,024,000

The sub funds of Multi Solution Fund, collective investment schemes, domiciled in Ireland and managed by ANIMA Asset Management Limited, have shareholdings in the below Funds:

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Absolute 31 December 2017 during the year during the year 31 December 2018 ANIMA Flexible Income 664,200 64,500 (14,638) 714,062 ANIMA Liquidity - 550,000 (300,000) 250,000 ANIMA Global Macro 933,900 132,000 (775,537) 290,363 ANIMA Smart Volatility Global 350,300 414,650 (162,081) 602,869 ANIMA Star Bond 833,100 84,000 (254,741) 662,359 ANIMA Star High Potential Global - 657,849 (27,276) 630,573 ANIMA Star High Potential Europe - 626,395 (14,415) 611,980

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Absolute 31 December 2016 during the period during the period 31 December 2017 ANIMA Flexible Income - 664,200 - 664,200 ANIMA Liquidity - 290,000 (290,000) - ANIMA Global Macro - 933,900 - 933,900 ANIMA Smart Volatility Global - 470,300 (120,000) 350,300 ANIMA Star Bond - 923,100 (90,000) 833,100

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Flexible 31 December 2017 during the year during the year 31 December 2018 ANIMA Global Macro 911,500 138,500 (659,908) 390,092 ANIMA Global Equity 542,500 164,500 (240,000) 467,000 ANIMA Smart Volatility Global 614,000 61,500 - 675,500 ANIMA Star Bond 801,000 361,000 (258,245) 903,755 ANIMA U.S. Equity 361,000 51,000 (138,000) 274,000 ANIMA Euro Government Bond - 613,000 - 613,000 ANIMA High Yield Bond - 100,000 (100,000) - ANIMA Star High Potential Global - 700,000 - 700,000 ANIMA Liquidity - 1,300,000 (1,300,000) -

ANIMA Funds Plc 451 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

18. Related Party Transactions (continued)

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Flexible 31 December 2016 during the period during the period 31 December 2017 ANIMA Europe Equity - 141,500 (141,500) - ANIMA Global Macro - 911,500 - 911,500 ANIMA Global Equity - 711,000 (168,500) 542,500 ANIMA Smart Volatility Global - 789,000 (175,000) 614,000 ANIMA Star Bond - 812,000 (11,000) 801,000 ANIMA U.S. Equity - 361,000 - 361,000

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Multi Asset 31 December 2017 during the year during the year 31 December 2018 ANIMA Europe Equity 38,600 69,482 - 108,082 ANIMA Global Macro 237,300 105,000 - 342,300 ANIMA Global Equity 146,200 218,675 (20,000) 344,875 ANIMA Smart Volatility Global 156,000 62,000 - 218,000 ANIMA U.S. Equity 176,200 48,000 (23,000) 201,200 ANIMA Liquidity - 550,000 (275,000) 275,000 ANIMA Star High Potential Europe - 235,325 - 235,325

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Multi Asset 31 December 2016 during the period during the period 31 December 2017 ANIMA Europe Equity - 133,600 (95,000) 38,600 ANIMA Global Macro - 237,300 - 237,300 ANIMA Global Equity - 186,200 (40,000) 146,200 ANIMA Smart Volatility Global - 156,000 - 156,000 ANIMA U.S. Equity - 176,200 - 176,200

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Global 31 December 2017 during the year during the year 31 December 2018 ANIMA Europe Equity 56,500 74,906 - 131,406 ANIMA Global Equity 129,000 171,404 - 300,404 ANIMA U.S. Equity 126,000 98,794 (2,000) 222,794 ANIMA Liquidity - 340,000 (340,000) -

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Global 31 December 2016 during the period during the period 31 December 2017 ANIMA Europe Equity - 96,500 (40,000) 56,500 ANIMA Global Equity - 176,500 (47,500) 129,000 ANIMA U.S. Equity - 135,000 (9,000) 126,000

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Flexible Bond 31 December 2017 during the year during the year 31 December 2018 ANIMA Flexible Income 6,000 24,500 (2,000) 28,500 ANIMA Liquidity 7,500 93,000 (72,234) 28,266 ANIMA Variable Rate Bond 5,000 17,300 (22,300) - ANIMA Short Term Corporate Bond 5,000 14,500 (1,500) 18,000 ANIMA Euro Government Bond - 27,500 (3,000) 24,500 ANIMA High Yield Bond - 17,500 (4,500) 13,000

Shares held Shares held As at Shares purchased Shares sold As at MPS Private Solution Flexible Bond 31 December 2016 during the period during the period 31 December 2017 ANIMA Flexible Income - 6,000 - 6,000 ANIMA Liquidity - 7,500 - 7,500 ANIMA Variable Rate Bond - 5,000 - 5,000 ANIMA Short Term Corporate Bond - 5,000 - 5,000

ANIMA Funds Plc 452 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

18. Related Party Transactions (continued)

The sub funds of Private Selection Fund, collective investment schemes, domiciled in Ireland and managed by ANIMA Asset Management Limited, have shareholdings in the below Funds:

Shares held Shares held As at Shares purchased Shares sold As at Private Selection Conservative 31 December 2017 during the year during the year 31 December 2018 ANIMA Star Bond - 146,800 - 146,800 ANIMA Star High Potential Global - 189,000 - 189,000 ANIMA Flexible Income - 146,800 - 146,800 ANIMA Star High Potential Europe - 220,400 - 220,400

Shares held Shares held As at Shares purchased Shares sold As at Private Selection Equity 31 December 2017 during the year during the year 31 December 2018 ANIMA Europe Equity - 5,100 - 5,100 ANIMA Global Equity - 7,600 - 7,600 ANIMA U.S. Equity - 7,600 - 7,600

Shares held Shares held As at Shares purchased Shares sold As at Private Selection Income 31 December 2017 during the year during the year 31 December 2018 ANIMA Europe Equity - 4,600 - 4,600 ANIMA Global Equity - 8,200 - 8,200 ANIMA Star High Potential Europe - 8,200 - 8,200 ANIMA U.S. Equity - 6,600 - 6,600

Transactions Involving Directors

There were no contracts or arrangements of any significance in relation to the business of the Company in which the Directors or Company Secretary had any interest (as defined in the Companies Act, 2014), at any time during the financial year or prior financial year.

Mr. Davide Sosio, is CFO and HR Director of ANIMA Holding S.p.A., the parent company of ANIMA SGR S.p.A., and a Director of ANIMA Asset Management Limited*. Mr. Sosio was the General Manager of ANIMA Asset Management Limited* until 30 September 2018.

Mr. Pierluigi Giverso is a Director of ANIMA Asset Management Limited*, Business Development Director of ANIMA Holding S.p.A. and also a Deputy General Manager of ANIMA SGR**.

Mr. Alessandro Melzi D'Eril was a Director of ANIMA Asset Management Limited* until 21 March 2019. He is a Director of ANIMA SGR** and also Co-General Manager at ANIMA SGR** and General Manager at ANIMA Holding S.p.A., the parent company of ANIMA SGR S.p.A..

Mr. Claudio Tosato was a Director of ANIMA Asset Management Limited* until 30 September 2018. Mr. Tosato is an executive of ANIMA SGR S.p.A.**.

Mr. Gary Palmer was a Director of ANIMA Asset Management Limited* until 21 March 2019.

Mr. Rory Mason is a Director and the Chairman of the Board of Directors of ANIMA Asset Management Limited*.

Mr. Andrew Bates is a Director of ANIMA Asset Management Limited*, and a partner in the Company’s legal advisors, Dillon Eustace, Solicitors. Dillon Eustace is considered to be a related party by virtue of the employment of Andrew Bates. Fees paid to the Company’s legal advisors, including Company Secretarial Fees during the year amounted to EUR 120,482 (December 2017: EUR 77,960).

Mr. Agostino Ricucci was appointed as Director and General Manager of ANIMA Asset Management Limited* effective from 1 October 2018.

*ANIMA Asset Management Limited acted as Investment Manager until 31 December 2018. **ANIMA SGR S.p.A. was appointed Manager of the Company from 1 January 2019.

ANIMA Funds Plc 453 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

18. Related Party Transactions (continued)

Collateral positions

The counterparties, JP Morgan and MPS Capital Services (“MPSCS”), and the Company have in place certain OTC derivatives transactions that form part of an Agreement signed between the Company and each of JP Morgan and MPSCS. Considering the exposure that the Company and the two counterparties have vis-a-vis each other, collateral is posted in order to hedge counterparty exposure. The following table reports the market value of the collateral provided by the Company to counterparties (negative signs represent collateral held by the Company).

Collateral Mark Collateral Mark to Market Value to Market Value As at As at 31 December 2018 31 December 2017 Counterparty EUR EUR ANIMA Short Term Corporate Bond UniCredit Bank AG 170,000 - ANIMA Europe Equity Morgan Stanley & Co. International Plc 10,000 - ANIMA Star Bond Unicredit Bank AG - (290,000) ANIMA Star Bond Banque Pictet Cie SA (340,000) - ANIMA Star Bond Nomura International (410,000) (220,000) ANIMA Star Bond Morgan Stanley & Co. International Plc 290,000 - ANIMA Star Bond Deutsche Bank AG 160,000 - ANIMA Star High Potential Europe Morgan Stanley & Co. International Plc 2,740,000 350,000 ANIMA Star High Potential Europe Goldman Sachs International 4,150,000 - ANIMA Star High Potential Europe JP Morgan Securities plc 310,000 - ANIMA Star High Potential Global Goldman Sachs International (70,000) - ANIMA Attiva Cedola Plus 2018 JP Morgan Securities Plc - 1,121,274 ANIMA Infrastructure Goldman Sachs International 350,000 - ANIMA Global Macro Deutsche Bank AG 270,000 - ANIMA Brightview 2023-I MPSCS 2,192,714 3,448,973 ANIMA Brightview 2023-II MPSCS (32,693,898) 37,404,000 ANIMA Brightview 2023-II JP Morgan Securities plc 3,605,480 5,366,000 ANIMA Brightview 2023-III MPSCS (12,932,274) 15,059,400 ANIMA Brightview 2023-IV MPSCS (14,563,866) 16,191,000 ANIMA Brightview 2023-IV JP Morgan Securities plc 1,044,215 - ANIMA Brightview 2024-I MPSCS (15,851,807) - ANIMA Brightview 2024-II MPSCS (22,879,837) - ANIMA Brightview 2024-II JP Morgan Securities plc 1,539,977 - ANIMA Brightview 2024-III MPSCS (23,243,390) - ANIMA Brightview 2024-III JP Morgan Securities plc 480,115 - ANIMA Brightview 2024-III Goldman Sachs International 850,000 - ANIMA Orizzonte Europa 2022 MPSCS (4,274,309) 4,679,100 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato MPSCS (5,514,874) 7,681,500 ANIMA Orizzonte Sostenibile 2023 MPSCS (58,898,767) - ANIMA Orizzonte Benessere 2023 MPSCS (68,195,853) - ANIMA Orizzonte Energia 2023 MPSCS (20,225,438) - ANIMA Zephyr Global Morgan Stanley & Co. International Plc (785,374) - ANIMA Zephyr Global JP Morgan Securities plc (966,135) -

The counterparty MPSCS as at 29 December 2017 was exposed to the Fund for EUR 3,469,186 as a result of a total return swap trade.

ANIMA Funds Plc 454 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

19. Auditor’s Remuneration

The remuneration for all work carried out by the statutory audit firm in respect of the financial periods under review was as follows:

Year ended Year ended 31 December 2018 31 December 2017 EUR EUR Statutory audit of the company financial statements 290,400 220,000 Tax Advisory Services -- –––––––––––– –––––––––––– 290,400 220,000 –––––––––––– ––––––––––––

The above amount reflects the audit fee agreed for the current financial statement year, however amounts disclosed in the Statement of Comprehensive Income and Note 6 are reflective of amounts accrued in the financial year.

20. Taxation

Under current Irish law and practice the Company qualifies as an investment undertaking under Section 739B of the Taxes Consolidation Act, 1997 and is not therefore chargeable to Irish tax on its relevant income or relevant gains. No stamp, transfer or registration tax is payable in Ireland on the issue, redemption or transfer of Shares in the Company. Distributions and interest on securities issued in countries other than Ireland may be subject to taxes including withholding taxes imposed by such countries. The Company may not be able to benefit from a reduction in the rate of withholding tax by virtue of the double taxation agreement in operation between Ireland and other countries. The Company may not, therefore, be able to reclaim withholding tax suffered by it in particular countries.

To the extent that a chargeable event arises in respect of a Shareholder, the Company may be required to deduct tax in connection with that chargeable event and pay the tax to the Irish Revenue Commissioners. A chargeable event can include dividend payments to Shareholders, appropriation, cancellation, redemption, repurchase or transfer of shares, or a deemed disposal of Shares every 8 years beginning from the date of acquisition of those Shares. Certain exemptions can apply. To the extent that Shareholders have appropriate tax declarations in place with the Company there may be no requirement to deduct tax.

21. Segregated Liability

The Company is structured as an open-ended umbrella investment company with segregated liability between its Funds. While the provisions of the Companies Act 2014 provide for segregated liability between Funds, these provisions have not been tested in foreign courts, in particular in satisfying local creditors’ claims. Accordingly it is not free from doubt that the assets of any Fund of the Company may not be exposed to the liabilities of other Funds of the Company.

ANIMA Funds Plc 455 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

22. Cross Investment between Funds

Under the Investment Funds, Companies and Miscellaneous Provisions Act 2005, the Company is permitted to engage in cross-investment between Funds within the umbrella structure.

Please refer to the Schedule of Investments of these Funds on pages 460 to 683 to view their holdings in the other Funds. The cross holdings are indicated with an asterix on the applicable Funds’ Schedule of Investments of these Funds. The cross holdings have the nominal amounts and market value disclosed on the Schedules of Investments. No distributions were paid out of the cross holding during the current or prior periods.

These holdings are removed from the company totals on the primary statements.

The management fees were waived on the cross holding portion of the Funds. Please refer to the table below which details the amounts of the management fees waived in relation to the cross holdings.

Year ended Year ended 31 December 2018 31 December 2017 EUR EUR

ANIMA Flex 501 1,132,606 2,408,561 ANIMA Attiva Cedola Plus 20181 11,433 8,962 ANIMA Tesoreria Imprese 4,256 3,473 ANIMA Active Selection 20,488 68,310 ANIMA Solution 2022-I 13,835 91,203 ANIMA Solution 2022-II 682 72,328 ANIMA Solution 2022-III 1,260 20,176 ANIMA Solution 2023-I 53,569 7,920

ANIMA Solution EM2 35,527 - ANIMA Defensive2 49,616 -

1 Please refer to note 24 to the financial statements for details of Fund terminations during the financial year. 2 This Fund launched during the financial year therefore there are no comparatives, see note 24 for further details.

23. Soft Commission Arrangements and Directed Brokerage

There were no soft commission arrangements or directed brokerage arrangements affecting the Company during the financial year or prior financial year.

24. Significant events during the financial year

From 1 October 2018, with the approval of the Central Bank of Ireland, the investment management functions related to all sub-funds of the Company were delegated by the Investment Manager to the Sub-investment Manager ANIMA SGR S.p.A., with the exception of the sub-funds ANIMA Asia/Pacific Equity and ANIMA Emerging Markets Equity, which were managed by Aletti Gestielle SGR S.p.A. until the merger of Aletti Gestielle SGR S.p.A. into ANIMA SGR S.p.A., which took place on 1 December 2018.

With effect from 1 January 2019, with the approval of the Central Bank of Ireland, ANIMA SGR S.p.A., the parent company of the Investment Manager, was appointed as Management Company of the Company.

ANIMA Funds Plc 456 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

24. Significant events during the financial year (continued)

New Funds and addenda approved by the Central Bank

First Addendum to the Prospectus was approved on 12 January 2018. Second Addendum to the Prospectus was approved on 26 February 2018. ANIMA Brightview 2024-II was approved on 7 March 2018. ANIMA High Yield Bond was approved on 9 March 2018. ANIMA International Bond was approved on 9 March 2018. ANIMA Infrastructure was approved on 15 March 2018. The updated Prospectus was issued on 20 March 2018. First Addendum to the Prospectus was approved on 26 March 2018. ANIMA Brightview 2024-III was approved on 16 April 2018. ANIMA Orizzonte Benessere 2023 was approved on 17 April 2018. ANIMA Smart Defensive Europe was approved on 2 May 2018. ANIMA Defensive was approved on 4 May 2018. ANIMA Zephyr Global was approved on 15 May 2018. ANIMA Brightview 2024-IV was approved on 29 June 2018. ANIMA Orizzonte Energia 2023 was approved on 4 July 2018. First Addendum to the Prospectus was approved on 22 August 2018. ANIMA Zephyr Real Assets was approved on 22 August 2018. ANIMA Orizzonte Consumi 2023 was approved on 20 September 2018. The updated Prospectus was issued on 1 October 2018. First Addendum to the Prospectus was approved on 12 October 2018. ANIMA Brightview 2024-V was approved on 13 November 2018. ANIMA Flexible Bond was approved on 23 November 2018. Second Addendum to the Prospectus was approved on 11 December 2018.

Funds revoked during the financial year

The following Funds, which were never launched, were revoked by the Central Bank on 31 July 2018:

ANIMA Cedola BRIC+A 2017; ANIMA Europa Crescita Plus 2019; ANIMA Crescita Attiva Plus 2019 1.

The following Funds were revoked by the Central Bank on 31 December 2018:

PRIMA Protetto 100 Cedola BRIC/2; ANIMA Traguardo III 2016; PRIMA Bond 2016 Multi Corporate; PRIMA Crescita Europa; America Latina Cedola Plus 2017; Cedola Paesi Scandinavi 2017; Cedola Italia 2017.

Change of names

ANIMA Smart Defensive Europe (not launched) changed its name to ANIMA EDP Europe on 22 August 2018. ANIMA Bond 2020 Opportunities changed its name to ANIMA Bond 2022 Opportunities on 12 October 2018.

Funds converted/merged during the financial year

ANIMA Traguardo 2017 Global Bonds was automatically converted into ANIMA Liquidity on 2 March 2018. PRIMA Bond 2017 Crescita Imprese was automatically converted into ANIMA Liquidity on 2 March 2018. ANIMA Cedola BRIC 2018 was automatically converted into ANIMA Liquidity on 12 March 2018.

ANIMA Funds Plc 457 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

24. Significant events during the financial year (continued)

Funds launched during the financial year

Fund Name Date launched (NAV Date) ANIMA Solution EM 7 February 2018 ANIMA Brightview 2024-II 14 March 2018 ANIMA High Yield Bond 13 April 2018 ANIMA Orizzonte Sostenibile 2023 8 May 2018 ANIMA Defensive 24 May 2018 ANIMA Brightview 2024-III 30 May 2018 ANIMA Zephyr Global 30 May 2018 ANIMA Infrastructure 11 June 2018 ANIMA Orizzonte Benessere 2023 24 July 2018 ANIMA Orizzonte Energia 2023 31 July 2018 ANIMA International Bond 10 August 2018 ANIMA Brightview 2024-IV 4 September 2018 ANIMA Zephyr Real Assets 12 September 2018 ANIMA Orizzonte Consumi 2023 17 October 2018 ANIMA Brightview 2024-V 21 November 2018 ANIMA Flexible Bond 5 December 2018

Funds terminated during the financial year

ANIMA Flex 50 was terminated on 7 December 2018 after its Shares were fully redeemed. ANIMA Attiva Cedola Plus 2018 was terminated on 17 December 2018 after its Shares were fully redeemed.

Benchmark change

ANIMA Italian Equity had a benchmark change from Comit Performance R in Euro - Gross Total Return to MSCI Italy Small Cap in EUR - Gross Total Return.

ANIMA Short Term Corporate Bond had a benchmark change from ICE BofAML Euro Treasury Bill in EUR - Gross Total Return to Bloomberg Barclays Euro Treasury Bills in EUR - Gross Total Return.

ANIMA Life Bond had a benchmark change from ICE BofAML Euro Treasury Bill in EUR - Gross Total Return to JP Morgan Euro Cash 3-Months in EUR - Gross Total Return.

ANIMA Global Currencies had a benchmark change from ICE BofAML U.S. Dollar 3M Deposit Bid Rate Constant Maturity in EUR (WMR) - Gross Total Return to JP Morgan USD Cash 3-Months in EUR (WMR) - Gross Total Return.

ANIMA Short Term Bond, ANIMA Medium Term Bond, ANIMA Bond Dollar and ANIMA Global Bond had a benchmark change from ICE BofAML Euro Currency Overnight Deposit Bid Rate in EUR - Gross Tot. Return to JP Morgan Euro Cash 1-Month in EUR - Gross Tot. Return.

ANIMA Hybrid Bond had a benchmark change from ICE BofAML Euro Treasury Bill in EUR - Gross Tot. Return to Bloomberg Barclays Euro Treasury Bills in EUR - Gross Tot. Return.

There have been no other significant events affecting the Company during the financial year.

ANIMA Funds Plc 458 ANIMA Funds Plc Notes to the Financial Statements for the financial year ended 31 December 2018 (continued)

25. Significant events after the financial year end

The Investment Management Agreement dated 6 February 2018 between the Company and the Investment Manager was terminated with effect from 1 January 2019. The Company appointed ANIMA SGR S.p.A. as its UCITS management company effective from 1 January 2019 upon a Management Agreement.

New Funds and addenda approved by the Central Bank

The updated Prospectus was issued on 2 January 2019 with effective date 18 January 2019. An amended Memorandum & Articles of Association of the Company was approved by the Company’s shareholders during an Extraordinary General Meeting held on 11 January 2019. First Addendum to the Prospectus was approved on 18 January 2019. ANIMA Brigthview 2027-I was approved on 15 February 2019 and launched on 10 February 2019. ANIMA Zephyr Global Allocation was approved on 6 March 2019 and launched on 10 April 2019. Second Addendum to the Prospectus was approved on 22 March 2019. The updated Prospectus was issued on 12 April 2019.

Dividends Paid

ANIMA Brightview 2023-I paid a dividend of EUR 0.10 per share on 24 January 2019. ANIMA Brightview 2024-I paid a dividend of EUR 0.156 per share on 24 January 2019. ANIMA Brightview 2024-II paid a dividend of EUR 0.104 per share on 25 April 2019.

There have been no other significant events affecting the company up to the date of approval of the financial statements.

26. Off Statement of Financial Position risk

Securities sold short and options written represent obligations of the Company to deliver the specified security at the contracted price and thereby create a liability to repurchase the security in the market at prevailing prices. Accordingly, these securities may result in off Statement of Financial Position risk as the Company’s satisfaction of the obligation may exceed the amount recognised in the Statement of Financial Position.

27. Prospectus Up-date

Please refer to the Company’s website www.animafunds.ie to obtain a copy of the Company’s most recent prospectus.

28. Approval of Financial Statements

The Financial Statements were approved by the Board of Directors on 29 April 2019.

ANIMA Funds Plc 459 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Liquidity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 89.09% (2017: 99.92%)

Italy: 44.64% (2017: 58.64%)

Government Bonds: 44.64% (2017: 58.64%) 32,703,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 32,706,270 6.86 31,365,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 31,369,956 6.58 13,008,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 13,003,694 2.73 31,348,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 31,332,326 6.57 14,017,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 14,007,665 2.94 32,329,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 32,287,360 6.77 7,524,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 7,511,962 1.58 26,942,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 26,871,681 5.64 10,757,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 10,722,814 2.25 13,036,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 12,989,670 2.72 –––––––––––– ––––––– Total Italy 212,803,398 44.64 –––––––––––– –––––––

Portugal: 10.58% (2017: 0.00%)

Government Bonds: 10.58% (2017: 0.00%) 21,106,000 Portugal Treasury Bill Zero Coupon 18/01/2019 21,110,390 4.43 15,361,000 Portugal Treasury Bill Zero Coupon 22/03/2019 15,374,518 3.22 13,933,000 Portugal Treasury Bill Zero Coupon 17/05/2019 13,951,531 2.93 –––––––––––– ––––––– Total Portugal 50,436,439 10.58 –––––––––––– –––––––

Spain: 32.87% (2017: 41.28%)

Government Bonds: 32.87% (2017: 41.28%) 22,559,000 Spain Letras del Tesoro Zero Coupon 18/01/2019 22,564,234 4.73 29,446,000 Spain Letras del Tesoro Zero Coupon 15/02/2019 29,464,993 6.18 24,035,000 Spain Letras del Tesoro Zero Coupon 08/03/2019 24,055,742 5.05 19,298,000 Spain Letras del Tesoro Zero Coupon 05/04/2019 19,318,880 4.05 3,942,000 Spain Letras del Tesoro Zero Coupon 10/05/2019 3,947,870 0.83 23,797,000 Spain Letras del Tesoro Zero Coupon 14/06/2019 23,841,881 5.00 12,671,000 Spain Letras del Tesoro Zero Coupon 12/07/2019 12,695,835 2.67 12,472,000 Spain Letras del Tesoro Zero Coupon 16/08/2019 12,500,823 2.62 8,279,000 Spain Letras del Tesoro Zero Coupon 11/10/2019 8,302,016 1.74 –––––––––––– ––––––– Total Spain 156,692,274 32.87 –––––––––––– ––––––– Total Bonds 419,932,111 88.09 –––––––––––– –––––––

Total Value of Investments (Cost: EUR 420,362,110) 419,932,111 88.09

Cash and Cash Equivalents 65,504,963 13.74

Other Net Liabilities (8,750,972) (1.83) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 476,686,102 100.00 –––––––––––– –––––––

ANIMA Funds Plc 460 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Liquidity (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 82.87 Other Assets 17.13 ––––––– 100.00 –––––––

ANIMA Funds Plc 461 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 97.69% (2017: 98.00%)

Austria: 2.62% (2017: 3.07%)

Government Bonds: 2.62% (2017: 3.07%) 2,000,000 Austria Government Bond 3.9% 15/07/2020 2,136,724 1.29 2,000,000 Austria Government Bond 3.5% 15/09/2021 2,219,132 1.33 –––––––––––– ––––––– Total Austria 4,355,856 2.62 –––––––––––– –––––––

Belgium: 2.94% (2017: 3.54%)

Government Bonds: 2.94% (2017: 3.54%) 2,440,000 Belgium Government Bond 3.75% 28/09/2020 2,623,705 1.58 2,000,000 Belgium Government Bond 4.25% 28/09/2021 2,257,246 1.36 –––––––––––– ––––––– Total Belgium 4,880,951 2.94 –––––––––––– –––––––

Finland: 1.50% (2017: 1.16%)

Government Bonds: 1.50% (2017: 1.16%) 1,165,000 Finland Government Bond 3.375% 15/04/2020 1,224,674 0.74 651,000 Finland Government Bond 0.375% 15/09/2020 661,235 0.40 550,000 Finland Government Bond 3.5% 15/04/2021 600,645 0.36 –––––––––––– ––––––– Total Finland 2,486,554 1.50 –––––––––––– –––––––

France: 22.48% (2017: 22.20%)

Government Bonds: 22.48% (2017: 22.20%) 2,851,000 France Government Bond OAT Zero Coupon 25/02/2020 2,869,743 1.73 2,840,000 France Government Bond OAT Zero Coupon 25/05/2020 2,862,649 1.72 4,665,000 France Government Bond OAT 3.5% 25/04/2020 4,914,442 2.96 4,380,000 France Government Bond OAT 2.5% 25/10/2020 4,623,528 2.78 3,300,000 France Government Bond OAT 0.25% 25/11/2020 3,348,546 2.02 3,825,000 France Government Bond OAT Zero Coupon 25/02/2021 3,863,736 2.33 5,000,000 France Government Bond OAT 3.75% 25/04/2021 5,491,525 3.31 3,714,000 France Government Bond OAT Zero Coupon 25/05/2021 3,754,412 2.26 5,070,000 France Government Bond OAT 3.25% 25/10/2021 5,595,779 3.37 –––––––––––– ––––––– Total France 37,324,360 22.48 –––––––––––– –––––––

Germany: 18.70% (2017: 18.49%)

Government Bonds: 18.70% (2017: 18.49%) 2,526,000 Bundesobligation 0.25% 16/10/2020 2,566,896 1.54 2,645,000 Bundesobligation Zero Coupon 17/04/2020 2,665,880 1.60 2,636,000 Bundesobligation Zero Coupon 09/04/2021 2,672,603 1.61 2,330,000 Bundesobligation Zero Coupon 08/10/2021 2,367,047 1.42 3,027,000 Bundesrepublik Deutschland 3.25% 04/01/2020 3,150,005 1.90 2,772,000 Bundesrepublik Deutschland 3% 04/07/2020 2,925,605 1.76 2,063,000 Bundesrepublik Deutschland 2.25% 04/09/2020 2,163,678 1.30 2,444,000 Bundesrepublik Deutschland 2.5% 04/01/2021 2,600,216 1.57 2,342,000 Bundesrepublik Deutschland 3.25% 04/07/2021 2,569,385 1.55 2,000,000 Bundesrepublik Deutschland 2.25% 04/09/2021 2,152,648 1.30

ANIMA Funds Plc 462 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 97.69% (2017: 98.00%

Germany (continued): 18.70% (2017: 18.49%)

Government Bonds (continued): 18.70% (2017: 18.49%) 1,349,000 Bundesschatzanweisungen Zero Coupon 13/03/2020 1,359,271 0.82 1,372,000 Bundesschatzanweisungen Zero Coupon 12/06/2020 1,385,076 0.83 1,439,000 Bundesschatzanweisungen Zero Coupon 11/09/2020 1,454,668 0.88 1,012,000 Bundesschatzanweisungen Zero Coupon 11/12/2020 1,024,043 0.62 –––––––––––– ––––––– Total Germany 31,057,021 18.70 –––––––––––– –––––––

Ireland: 1.44% (2017: 2.71%)

Government Bonds: 1.44% (2017: 2.71%) 1,220,000 Ireland Government Bond 4.5% 18/04/2020 1,298,385 0.78 1,000,000 Ireland Government Bond 5% 18/10/2020 1,099,130 0.66 –––––––––––– ––––––– Total Ireland 2,397,515 1.44 –––––––––––– –––––––

Italy: 29.52% (2017: 27.30%)

Government Bonds: 29.52% (2017: 27.30%) 6,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 6,000,948 3.61 2,730,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 2,850,999 1.72 3,233,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/03/2020 3,378,660 2.03 2,050,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 2,058,405 1.24 2,370,000 Italy Buoni Poliennali Del Tesoro 0.35% 15/06/2020 2,366,943 1.43 3,100,000 Italy Buoni Poliennali Del Tesoro 4% 01/09/2020 3,278,250 1.97 1,530,000 Italy Buoni Poliennali Del Tesoro 0.2% 15/10/2020 1,522,044 0.92 2,313,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 2,317,210 1.40 3,042,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/2021 3,238,157 1.95 1,676,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/04/2021 1,650,143 0.99 2,450,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 2,614,192 1.57 2,100,000 Italy Buoni Poliennali Del Tesoro 0.45% 01/06/2021 2,084,674 1.26 3,600,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 3,852,504 2.32 3,057,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 3,353,449 2.02 1,346,000 Italy Buoni Poliennali Del Tesoro 2.3% 15/10/2021 1,390,418 0.84 2,047,000 Italy Buoni Poliennali Del Tesoro 0.35% 01/11/2021 2,013,329 1.21 2,345,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 2,420,256 1.46 1,884,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 1,874,433 1.13 764,000 Italy Certificati di Credito del Tesoro Zero Coupon 27/11/2020 754,024 0.45 –––––––––––– ––––––– Total Italy 49,019,038 29.52 –––––––––––– –––––––

Netherlands: 3.99% (2017: 4.66%)

Government Bonds: 3.99% (2017: 4.66%) 2,060,000 Netherlands Government Bond 0.25% 15/01/2020 2,080,854 1.26 2,000,000 Netherlands Government Bond 3.5% 15/07/2020 2,129,534 1.28 2,193,000 Netherlands Government Bond 3.25% 15/07/2021 2,405,690 1.45 –––––––––––– ––––––– Total Netherlands 6,616,078 3.99 –––––––––––– –––––––

ANIMA Funds Plc 463 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 97.69% (2017: 98.00%)

Portugal: 2.24% (2017: 1.36%)

Government Bonds: 2.24% (2017: 1.36%) 1,330,000 Portugal Obrigacoes do Tesouro OT 4.8% 15/06/2020 1,429,614 0.86 2,100,000 Portugal Obrigacoes do Tesouro OT 3.85% 15/04/2021 2,294,286 1.38 –––––––––––– ––––––– Total Portugal 3,723,900 2.24 –––––––––––– –––––––

Spain: 12.26% (2017: 13.51%)

Government Bonds: 12.26% (2017: 13.51%) 2,810,000 Spain Government Bond 1.4% 31/01/2020 2,864,059 1.72 3,079,000 Spain Government Bond 4% 30/04/2020 3,258,198 1.96 2,395,000 Spain Government Bond 1.15% 30/07/2020 2,450,909 1.48 2,308,000 Spain Government Bond 4.85% 31/10/2020 2,522,457 1.52 2,425,000 Spain Government Bond 0.05% 31/01/2021 2,436,397 1.47 3,074,000 Spain Government Bond 5.5% 30/04/2021 3,479,916 2.09 2,791,000 Spain Government Bond 0.75% 30/07/2021 2,856,209 1.72 491,000 Spain Government Bond 0.05% 31/10/2021 492,366 0.30 –––––––––––– ––––––– Total Spain 20,360,511 12.26 –––––––––––– ––––––– Total Bonds 162,221,784 97.69 –––––––––––– ––––––– Total Value of Investments (Cost: EUR 165,130,133) 162,221,784 97.69

Cash and Cash Equivalents 1,974,281 1.19

Other Net Assets 1,869,782 1.12 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 166,065,847 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.13 Other Assets 4.87 ––––––– 100.00 –––––––

ANIMA Funds Plc 464 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 97.78% (2017: 97.25%)

Austria: 3.80% (2017: 3.54%)

Government Bonds: 3.80% (2017: 3.54%) 3,106,000 Austria Government Bond 3.9% 15/07/2020 3,318,332 0.68 1,990,000 Austria Government Bond 3.65% 20/04/2022 2,256,198 0.47 1,316,000 Austria Government Bond 3.4% 22/11/2022 1,508,170 0.31 695,000 Austria Government Bond 1.75% 20/10/2023 759,990 0.16 602,000 Austria Government Bond 1.65% 21/10/2024 660,569 0.13 1,000,000 Austria Government Bond 1.2% 20/10/2025 1,071,650 0.22 294,000 Austria Government Bond 4.85% 15/03/2026 392,031 0.08 1,410,000 Austria Government Bond 0.75% 20/10/2026 1,457,940 0.30 1,637,000 Austria Government Bond 6.25% 15/07/2027 2,447,806 0.50 1,400,000 Austria Government Bond 4.15% 15/03/2037 2,126,001 0.44 912,000 Austria Government Bond 3.15% 20/06/2044 1,297,046 0.27 475,000 Austria Government Bond 3.8% 26/01/2062 830,623 0.17 300,000 Austria Government Bond 2.1% 20/09/2117 346,794 0.07 –––––––––––– ––––––– Total Austria 18,473,150 3.80 –––––––––––– –––––––

Belgium: 5.56% (2017: 5.72%)

Government Bonds: 5.56% (2017: 5.72%) 1,414,000 Belgium Government Bond 3.75% 28/09/2020 1,520,459 0.31 1,215,000 Belgium Government Bond 4.25% 28/09/2021 1,371,277 0.28 845,000 Belgium Government Bond 4% 28/03/2022 965,117 0.20 1,167,209 Belgium Government Bond 4.25% 28/09/2022 1,366,116 0.28 1,168,000 Belgium Government Bond 2.25% 22/06/2023 1,293,885 0.27 971,000 Belgium Government Bond 0.2% 22/10/2023 981,624 0.20 1,339,000 Belgium Government Bond 2.6% 22/06/2024 1,521,779 0.31 1,638,000 Belgium Government Bond 0.8% 22/06/2025 1,692,175 0.35 651,000 Belgium Government Bond 1% 22/06/2026 675,903 0.14 1,470,000 Belgium Government Bond 0.8% 22/06/2027 1,489,532 0.31 2,825,000 Belgium Government Bond 5.5% 28/03/2028 4,032,473 0.83 1,084,000 Belgium Government Bond 1% 22/06/2031 1,074,678 0.22 654,000 Belgium Government Bond 4% 28/03/2032 887,538 0.18 1,880,269 Belgium Government Bond 5% 28/03/2035 2,889,898 0.59 1,834,000 Belgium Government Bond 4.25% 28/03/2041 2,748,454 0.57 1,128,000 Belgium Government Bond 3.75% 22/06/2045 1,623,438 0.33 889,000 Belgium Government Bond 2.15% 22/06/2066 901,378 0.19 –––––––––––– ––––––– Total Belgium 27,035,724 5.56 –––––––––––– –––––––

Finland: 1.38% (2017: 1.35%)

Government Bonds: 1.38% (2017: 1.35%) 871,000 Finland Government Bond 3.5% 15/04/2021 951,204 0.20 1,137,000 Finland Government Bond 1.625% 15/09/2022 1,219,603 0.25 800,000 Finland Government Bond 2% 15/04/2024 887,944 0.18 420,000 Finland Government Bond 4% 04/07/2025 526,961 0.11 1,430,000 Finland Government Bond 2.75% 04/07/2028 1,731,587 0.36 400,000 Finland Government Bond 0.75% 15/04/2031 400,520 0.08 564,000 Finland Government Bond 2.625% 04/07/2042 754,316 0.16 200,000 Finland Government Bond 1.375% 15/04/2047 211,418 0.04 –––––––––––– ––––––– Total Finland 6,683,553 1.38 –––––––––––– –––––––

ANIMA Funds Plc 465 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 97.78% (2017: 97.25%)

France: 23.00% (2017: 22.59%)

Government Bonds: 23.00% (2017: 22.59%) 1,750,000 France Government Bond OAT Zero Coupon 25/03/2023 1,760,495 0.36 123 France Government Bond OAT 3.75% 25/10/2019 127 0.00 4,050,753 France Government Bond OAT 3.5% 25/04/2020 4,267,351 0.88 2,900,000 France Government Bond OAT 25/05/2020 2,923,127 0.60 3,028,000 France Government Bond OAT 2.5% 25/10/2020 3,196,357 0.66 1,000,000 France Government Bond OAT 25/02/2021 1,010,127 0.21 4,173,000 France Government Bond OAT 3.75% 25/04/2021 4,583,226 0.95 2,650,000 France Government Bond OAT 25/05/2021 2,678,835 0.55 2,906,578 France Government Bond OAT 3.25% 25/10/2021 3,208,002 0.66 2,995,000 France Government Bond OAT 3% 25/04/2022 3,329,056 0.68 2,200,000 France Government Bond OAT 25/05/2022 2,222,876 0.46 2,681,000 France Government Bond OAT 2.25% 25/10/2022 2,936,700 0.60 905,500 France Government Bond OAT 8.5% 25/04/2023 1,245,588 0.26 2,742,000 France Government Bond OAT 1.75% 25/05/2023 2,972,095 0.61 3,745,775 France Government Bond OAT 4.25% 25/10/2023 4,531,451 0.93 3,070,000 France Government Bond OAT 2.25% 25/05/2024 3,437,943 0.71 2,737,000 France Government Bond OAT 1.75% 25/11/2024 3,000,182 0.62 4,192,000 France Government Bond OAT 0.5% 25/05/2025 4,266,890 0.88 2,472,000 France Government Bond OAT 6% 25/10/2025 3,432,006 0.71 1,237,000 France Government Bond OAT 1% 25/11/2025 1,297,987 0.27 2,177,000 France Government Bond OAT 3.5% 25/04/2026 2,682,778 0.55 2,500,000 France Government Bond OAT 0.5% 25/05/2026 2,526,252 0.52 2,275,000 France Government Bond OAT 0.25% 25/11/2026 2,242,602 0.46 2,300,000 France Government Bond OAT 1% 25/05/2027 2,391,149 0.49 2,708,000 France Government Bond OAT 2.75% 25/10/2027 3,227,524 0.66 4,868,000 France Government Bond OAT 0.75% 15/05/2028 4,911,763 1.01 2,870,000 France Government Bond OAT 5.5% 25/04/2029 4,243,008 0.87 1,686,000 France Government Bond OAT 2.5% 25/05/2030 1,989,750 0.41 3,077,000 France Government Bond OAT 1.5% 25/05/2031 3,278,371 0.67 3,096,798 France Government Bond OAT 5.75% 25/10/2032 5,009,226 1.03 1,642,716 France Government Bond OAT 4.75% 25/04/2035 2,536,380 0.52 1,765,000 France Government Bond OAT 1.25% 25/05/2036 1,764,647 0.36 2,285,025 France Government Bond OAT 4% 25/10/2038 3,375,896 0.69 4,122,000 France Government Bond OAT 4.5% 25/04/2041 6,595,476 1.36 2,180,000 France Government Bond OAT 3.25% 25/05/2045 2,996,859 0.62 906,000 France Government Bond OAT 2% 25/05/2048 984,019 0.20 1,322,000 France Government Bond OAT 4% 25/04/2055 2,129,771 0.44 1,041,000 France Government Bond OAT 4% 25/04/2060 1,717,896 0.35 948,000 France Government Bond OAT 1.75% 25/05/2066 915,416 0.19 –––––––––––– ––––––– Total France 111,819,204 23.00 –––––––––––– –––––––

Germany: 15.99% (2017: 16.02%)

Government Bonds: 15.99% (2017: 16.02%) 1,540,000 Bundesobligation 0.25% 16/10/2020 1,564,933 0.32 2,656,000 Bundesobligation Zero Coupon 17/04/2020 2,676,966 0.55 2,700,000 Bundesobligation Zero Coupon 08/10/2021 2,742,930 0.56 1,750,000 Bundesobligation Zero Coupon 08/04/2022 1,779,768 0.37 2,051,000 Bundesobligation Zero Coupon 13/10/2023 2,082,224 0.43 1,520,000 Bundesrepublik Deutschland Zero Coupon 15/08/2026 1,519,486 0.31 2,023,451 Bundesrepublik Deutschland 3.25% 04/01/2020 2,105,676 0.43

ANIMA Funds Plc 466 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued) 97.78% (2017: 97.25%)

Germany (continued): 15.99% (2017: 16.02%)

Government Bonds (continued): 15.99% (2017: 16.02%) 2,299,000 Bundesrepublik Deutschland 3% 04/07/2020 2,426,394 0.50 2,665,236 Bundesrepublik Deutschland 2.5% 04/01/2021 2,835,593 0.58 2,270,648 Bundesrepublik Deutschland 3.25% 04/07/2021 2,491,105 0.51 1,000,000 Bundesrepublik Deutschland 2.25% 04/09/2021 1,076,324 0.22 1,435,000 Bundesrepublik Deutschland 2% 04/01/2022 1,545,891 0.32 1,907,000 Bundesrepublik Deutschland 1.75% 04/07/2022 2,058,370 0.42 2,956,000 Bundesrepublik Deutschland 1.5% 04/09/2022 3,172,350 0.65 1,383,000 Bundesrepublik Deutschland 1.5% 15/02/2023 1,493,233 0.31 2,249,000 Bundesrepublik Deutschland 2% 15/08/2023 2,496,422 0.51 678,000 Bundesrepublik Deutschland 6.25% 04/01/2024 901,099 0.19 1,650,000 Bundesrepublik Deutschland 1.75% 15/02/2024 1,822,372 0.38 1,001,268 Bundesrepublik Deutschland 1.5% 15/05/2024 1,095,793 0.23 1,350,000 Bundesrepublik Deutschland 1% 15/08/2024 1,443,284 0.30 1,636,000 Bundesrepublik Deutschland 0.5% 15/02/2025 1,702,466 0.35 1,888,000 Bundesrepublik Deutschland 1% 15/08/2025 2,027,489 0.42 582,000 Bundesrepublik Deutschland 0.5% 15/02/2026 604,947 0.12 1,433,000 Bundesrepublik Deutschland 0.25% 15/02/2027 1,455,157 0.30 2,350,000 Bundesrepublik Deutschland 0.5% 15/08/2027 2,428,819 0.50 3,416,315 Bundesrepublik Deutschland 5.625% 04/01/2028 5,103,899 1.05 700,000 Bundesrepublik Deutschland 0.5% 15/02/2028 720,485 0.15 1,125,000 Bundesrepublik Deutschland 4.75% 04/07/2028 1,609,437 0.33 1,990,000 Bundesrepublik Deutschland 0.25% 15/08/2028 1,991,365 0.41 800,000 Bundesrepublik Deutschland 6.25% 04/01/2030 1,319,232 0.27 1,386,000 Bundesrepublik Deutschland 5.5% 04/01/2031 2,229,159 0.46 1,306,000 Bundesrepublik Deutschland 4.75% 04/07/2034 2,129,120 0.44 1,654,875 Bundesrepublik Deutschland 4% 04/01/2037 2,608,406 0.54 1,351,000 Bundesrepublik Deutschland 4.25% 04/07/2039 2,273,047 0.47 1,399,261 Bundesrepublik Deutschland 4.75% 04/07/2040 2,532,550 0.52 737,000 Bundesrepublik Deutschland 3.25% 04/07/2042 1,133,755 0.23 2,221,000 Bundesrepublik Deutschland 2.5% 04/07/2044 3,084,041 0.63 2,445,000 Bundesrepublik Deutschland 2.5% 15/08/2046 3,442,002 0.71 –––––––––––– ––––––– Total Germany 77,725,589 15.99 –––––––––––– –––––––

Ireland: 1.78% (2017: 1.72%)

Government Bonds: 1.78% (2017: 1.72%) 418 Ireland Government Bond 5.9% 18/10/2019 439 0.00 1,078,000 Ireland Government Bond 5% 18/10/2020 1,184,862 0.24 1,175,000 Ireland Government Bond 0.8% 15/03/2022 1,212,835 0.25 753,000 Ireland Government Bond 3.4% 18/03/2024 879,275 0.18 839,000 Ireland Government Bond 5.4% 13/03/2025 1,095,872 0.23 1,550,000 Ireland Government Bond 1% 15/05/2026 1,595,384 0.33 1,209,000 Ireland Government Bond 2.4% 15/05/2030 1,371,277 0.28 500,000 Ireland Government Bond 1.7% 15/05/2037 509,365 0.10 769,000 Ireland Government Bond 2% 18/02/2045 811,287 0.17 –––––––––––– ––––––– Total Ireland 8,660,596 1.78 –––––––––––– –––––––

ANIMA Funds Plc 467 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued) 97.78% (2017: 97.25%)

Italy: 24.85% (2017: 25.58%)

Government Bonds: 24.85% (2017: 25.58%) 17,000,000 Italy Buoni Ordinari del Tesoro BOT 31/01/2019 17,002,686 3.50 4,025,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/03/2020 4,206,342 0.87 1,540,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 1,546,314 0.32 3,735,000 Italy Buoni Poliennali Del Tesoro 4% 01/09/2020 3,949,763 0.81 1,100,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 1,102,002 0.23 2,453,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/2021 2,611,177 0.54 3,450,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 3,681,209 0.76 3,048,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 3,261,787 0.67 2,462,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 2,700,750 0.56 1,969,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 2,032,189 0.42 2,630,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2022 2,936,411 0.60 1,850,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 1,855,276 0.38 2,426,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/09/2022 2,779,391 0.57 1,500,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 1,501,524 0.31 1,861,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 2,134,366 0.44 1,250,000 Italy Buoni Poliennali Del Tesoro 0.95% 15/03/2023 1,218,463 0.25 1,942,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 2,173,117 0.45 4,697,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 5,330,109 1.10 893,000 Italy Buoni Poliennali Del Tesoro 9% 01/11/2023 1,190,548 0.24 2,594,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 2,916,087 0.60 1,500,000 Italy Buoni Poliennali Del Tesoro 1.85% 15/05/2024 1,492,686 0.31 2,153,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 2,346,779 0.48 1,950,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/12/2024 1,999,132 0.41 2,521,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2025 2,931,247 0.60 2,131,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/06/2025 2,046,101 0.42 526,000 Italy Buoni Poliennali Del Tesoro 2% 01/12/2025 517,685 0.11 467,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2026 533,382 0.11 1,337,000 Italy Buoni Poliennali Del Tesoro 1.6% 01/06/2026 1,275,514 0.26 1,251,000 Italy Buoni Poliennali Del Tesoro 7.25% 01/11/2026 1,679,362 0.35 2,000,000 Italy Buoni Poliennali Del Tesoro 2.2% 01/06/2027 1,951,920 0.40 2,978,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 3,896,004 0.80 5,023,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 5,932,052 1.22 2,323,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 2,844,709 0.59 1,574,000 Italy Buoni Poliennali Del Tesoro 3.5% 01/03/2030 1,669,699 0.34 2,189,000 Italy Buoni Poliennali Del Tesoro 6% 01/05/2031 2,870,304 0.59 1,900,000 Italy Buoni Poliennali Del Tesoro 1.65% 01/03/2032 1,644,803 0.34 1,521,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 1,972,923 0.41 1,000,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/09/2033 933,043 0.19 2,145,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2034 2,622,726 0.54 1,500,000 Italy Buoni Poliennali Del Tesoro 2.25% 01/09/2036 1,334,628 0.27 2,119,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 2,348,767 0.48 1,772,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 2,178,029 0.45 1,857,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 2,277,709 0.47 920,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 1,109,389 0.23 902,000 Italy Buoni Poliennali Del Tesoro 2.7% 01/03/2047 800,108 0.16 1,467,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 1,427,834 0.29 1,518,000 Italy Buoni Poliennali Del Tesoro 3.45% 01/03/2048 1,504,034 0.31 592,000 Italy Buoni Poliennali Del Tesoro 2.8% 01/03F/2067 506,461 0.10 –––––––––––– ––––––– Total Italy 120,776,541 24.85 –––––––––––– –––––––

ANIMA Funds Plc 468 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued) 97.78% (2017: 97.25%)

Netherlands: 4.90% (2017: 4.90%)

Government Bonds: 4.90% (2017: 4.90%) 1,642,817 Netherlands Government Bond 3.5% 15/07/2020 1,749,217 0.36 1,866,000 Netherlands Government Bond 3.25% 15/07/2021 2,046,976 0.42 2,226,000 Netherlands Government Bond 2.25% 15/07/2022 2,439,523 0.50 815,283 Netherlands Government Bond 3.75% 15/01/2023 952,494 0.20 1,550,000 Netherlands Government Bond 1.75% 15/07/2023 1,694,314 0.36 1,928,000 Netherlands Government Bond 2% 15/07/2024 2,153,734 0.44 1,212,000 Netherlands Government Bond 0.25% 15/07/2025 1,229,747 0.25 1,105,000 Netherlands Government Bond 0.5% 15/07/2026 1,134,364 0.23 2,528,368 Netherlands Government Bond 5.5% 15/01/2028 3,711,973 0.76 1,050,000 Netherlands Government Bond 2.5% 15/01/2033 1,312,553 0.27 1,259,000 Netherlands Government Bond 4% 15/01/2037 1,951,952 0.40 1,182,000 Netherlands Government Bond 3.75% 15/01/2042 1,911,294 0.39 1,060,000 Netherlands Government Bond 2.75% 15/01/2047 1,541,681 0.32 –––––––––––– ––––––– Total Netherlands 23,829,822 4.90 –––––––––––– –––––––

Portugal: 2.09% (2017: 1.96%)

Government Bonds: 2.09% (2017: 1.96%) 650,000 Portugal Obrigacoes do Tesouro OT 4.8% 15/06/2020 698,684 0.14 1,250,000 Portugal Obrigacoes do Tesouro OT 3.85% 15/04/2021 1,365,646 0.28 1,000,000 Portugal Obrigacoes do Tesouro OT 2.2% 17/10/2022 1,077,705 0.22 405,000 Portugal Obrigacoes do Tesouro OT 4.95% 25/10/2023 491,294 0.10 739,000 Portugal Obrigacoes do Tesouro OT 5.65% 15/02/2024 924,911 0.19 1,250,000 Portugal Obrigacoes do Tesouro OT 2.875% 15/10/2025 1,390,875 0.29 980,000 Portugal Obrigacoes do Tesouro OT 4.125% 14/04/2027 1,176,300 0.24 1,196,000 Portugal Obrigacoes do Tesouro OT 2.125% 17/10/2028 1,238,554 0.26 296,000 Portugal Obrigacoes do Tesouro OT 3.875% 15/02/2030 351,851 0.07 800,000 Portugal Obrigacoes do Tesouro OT 4.1% 15/04/2037 972,160 0.20 400,000 Portugal Obrigacoes do Tesouro OT 4.1% 15/02/2045 485,481 0.10 –––––––––––– ––––––– Total Portugal 10,173,461 2.09 –––––––––––– –––––––

Slovakia: 0.57% (2017: 0.65%)

Government Bonds: 0.57% (2017: 0.65%) 848,000 Slovakia Government Bond 4% 27/04/2020 898,469 0.19 214,000 Slovakia Government Bond 3.375% 15/11/2024 252,957 0.05 750,000 Slovakia Government Bond 4.35% 14/10/2025 979,023 0.20 488,000 Slovakia Government Bond 3.625% 16/01/2029 612,689 0.13 –––––––––––– ––––––– Total Slovakia 2,743,138 0.57 –––––––––––– –––––––

Slovenia: 0.47% (2017: 0.42%)

Government Bonds: 0.47% (2017: 0.42%) 750,000 Slovenia Government Bond 4.375% 18/01/2021 821,553 0.17 400,000 Slovenia Government Bond 2.125% 28/07/2025 442,273 0.09

ANIMA Funds Plc 469 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued) 97.78% (2017: 97.25%)

Slovenia (continued): 0.47% (2017: 0.42%)

Government Bonds (continued): 0.47% (2017: 0.42%) 500,000 Slovenia Government Bond 1.25% 22/03/2027 514,113 0.11 500,000 Slovenia Government Bond 1.75% 03/11/2040 496,704 0.10 –––––––––––– ––––––– Total Slovenia 2,274,643 0.47 –––––––––––– –––––––

Spain: 13.39% (2017: 12.80%)

Government Bonds: 13.39% (2017: 12.80%) 1,845,000 Spain Government Bond 4% 30/04/2020 1,952,379 0.40 2,060,000 Spain Government Bond 1.15% 30/07/2020 2,108,089 0.43 2,189,000 Spain Government Bond 4.85% 31/10/2020 2,392,400 0.49 2,786,000 Spain Government Bond 5.5% 30/04/2021 3,153,886 0.65 1,455,000 Spain Government Bond 0.75% 30/07/2021 1,488,995 0.31 1,200,000 Spain Government Bond 5.85% 31/01/2022 1,417,154 0.29 2,200,000 Spain Government Bond 0.4% 30/04/2022 2,229,592 0.46 2,110,000 Spain Government Bond 0.45% 31/10/2022 2,137,782 0.44 2,006,000 Spain Government Bond 5.4% 31/01/2023 2,429,653 0.50 494,000 Spain Government Bond 0.35% 30/07/2023 494,259 0.10 1,868,000 Spain Government Bond 4.4% 31/10/2023 2,222,985 0.46 1,500,000 Spain Government Bond 4.8% 31/01/2024 1,823,892 0.38 1,754,000 Spain Government Bond 3.8% 30/04/2024 2,051,177 0.42 1,248,000 Spain Government Bond 2.75% 31/10/2024 1,397,497 0.29 1,340,000 Spain Government Bond 1.6% 30/04/2025 1,411,084 0.29 1,823,000 Spain Government Bond 4.65% 30/07/2025 2,270,237 0.47 1,709,000 Spain Government Bond 2.15% 31/10/2025 1,852,182 0.38 2,391,000 Spain Government Bond 5.9% 30/07/2026 3,234,817 0.67 2,730,000 Spain Government Bond 1.3% 31/10/2026 2,773,724 0.57 492,000 Spain Government Bond 1.5% 30/04/2027 502,937 0.10 4,942,000 Spain Government Bond 1.45% 31/10/2027 5,011,267 1.03 1,650,000 Spain Government Bond 5.15% 31/10/2028 2,212,168 0.45 1,698,377 Spain Government Bond 6% 31/01/2029 2,423,414 0.50 1,769,000 Spain Government Bond 1.95% 30/07/2030 1,823,085 0.37 1,869,000 Spain Government Bond 5.75% 30/07/2032 2,761,821 0.57 1,020,000 Spain Government Bond 2.35% 30/07/2033 1,070,170 0.22 1,589,000 Spain Government Bond 4.2% 31/01/2037 2,084,922 0.43 1,544,000 Spain Government Bond 4.9% 30/07/2040 2,225,895 0.46 1,227,000 Spain Government Bond 4.7% 30/07/2041 1,732,058 0.36 929,000 Spain Government Bond 5.15% 31/10/2044 1,402,372 0.29 1,462,000 Spain Government Bond 2.9% 31/10/2046 1,565,071 0.32 1,251,000 Spain Government Bond 3.45% 30/07/2066 1,426,831 0.29 –––––––––––– ––––––– Total Spain 65,083,795 13.39 –––––––––––– ––––––– Total Bonds 475,279,216 97.78 –––––––––––– –––––––

ANIMA Funds Plc 470 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Medium Term Bond (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 470,638,482) 475,279,216 97.78

Cash and Cash Equivalents 7,813,783 1.61

Other Net Assets 2,996,115 0.61 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 486,089,114 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.50 Other Assets 4.50 ––––––– 100.00 –––––––

ANIMA Funds Plc 471 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond Dollar

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 98.89% (2017: 96.62%)

Italy: 3.16% (2017: 3.69%)

Government Bonds: 3.16% (2017: 3.69%) 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 4,000,632 3.16 –––––––––––– ––––––– Total Italy 4,000,632 3.16 –––––––––––– –––––––

United States: 95.73% (2017: 92.93%)

Government Bonds: 95.73% (2017: 92.93%) 400 United States Treasury Note/Bond 3.375% 15/11/2019 352 0.00 1,223,000 United States Treasury Note/Bond 1% 30/11/2019 1,054,096 0.83 1,170,000 United States Treasury Note/Bond 1.625% 31/12/2019 1,013,292 0.80 700,000 United States Treasury Note/Bond 1.875% 31/12/2019 607,894 0.48 1,375,000 United States Treasury Note/Bond 1.25% 31/01/2020 1,185,420 0.93 1,285,600 United States Treasury Note/Bond 3.625% 15/02/2020 1,136,806 0.90 970,000 United States Treasury Note/Bond 1.375% 29/02/2020 836,649 0.66 850,000 United States Treasury Note/Bond 1.125% 31/03/2020 730,609 0.58 800,000 United States Treasury Note/Bond 1.375% 31/03/2020 689,518 0.54 1,298,000 United States Treasury Note/Bond 1.125% 30/04/2020 1,114,027 0.88 930,000 United States Treasury Note/Bond 1.375% 30/04/2020 800,982 0.63 800,000 United States Treasury Note/Bond 1.5% 15/05/2020 689,832 0.54 1,074,000 United States Treasury Note/Bond 3.5% 15/05/2020 951,164 0.75 1,525,000 United States Treasury Note/Bond 1.5% 31/05/2020 1,314,355 1.04 765,000 United States Treasury Note/Bond 1.625% 30/06/2020 660,105 0.52 962,000 United States Treasury Note/Bond 1.875% 30/06/2020 833,117 0.66 880,000 United States Treasury Note/Bond 1.625% 31/07/2020 758,811 0.60 1,145,000 United States Treasury Note/Bond 2% 31/07/2020 993,264 0.78 1,163,500 United States Treasury Note/Bond 2.625% 15/08/2020 1,019,122 0.80 1,167,200 United States Treasury Note/Bond 8.75% 15/08/2020 1,120,112 0.88 1,639,000 United States Treasury Note/Bond 1.375% 31/08/2020 1,406,538 1.11 1,185,000 United States Treasury Note/Bond 1.375% 30/09/2020 1,016,098 0.80 1,204,000 United States Treasury Note/Bond 1.375% 31/10/2020 1,031,666 0.81 1,194,000 United States Treasury Note/Bond 2.625% 15/11/2020 1,046,216 0.83 850,000 United States Treasury Note/Bond 1.625% 30/11/2020 731,164 0.58 645,500 United States Treasury Note/Bond 2% 30/11/2020 559,335 0.44 1,141,000 United States Treasury Note/Bond 1.75% 31/12/2020 983,680 0.78 1,250,000 United States Treasury Note/Bond 1.375% 31/01/2021 1,068,178 0.84 1,336,000 United States Treasury Note/Bond 3.625% 15/02/2021 1,195,491 0.94 1,115,000 United States Treasury Note/Bond 1.125% 28/02/2021 947,032 0.75 1,102,000 United States Treasury Note/Bond 1.25% 31/03/2021 938,222 0.74 730,000 United States Treasury Note/Bond 2.375% 15/04/2021 636,876 0.50 1,100,000 United States Treasury Note/Bond 1.375% 30/04/2021 938,333 0.74 650,000 United States Treasury Note/Bond 2.25% 30/04/2021 565,841 0.45 1,412,900 United States Treasury Note/Bond 3.125% 15/05/2021 1,254,108 0.99 732,000 United States Treasury Note/Bond 1.375% 31/05/2021 623,776 0.49 835,000 United States Treasury Note/Bond 2% 31/05/2021 722,218 0.57 1,140,000 United States Treasury Note/Bond 1.125% 30/06/2021 965,041 0.76 565,000 United States Treasury Note/Bond 1.125% 31/07/2021 477,485 0.38 935,000 United States Treasury Note/Bond 2.25% 31/07/2021 813,272 0.64 1,368,000 United States Treasury Note/Bond 2.125% 15/08/2021 1,185,655 0.93 1,000,000 United States Treasury Note/Bond 1.125% 31/08/2021 844,266 0.67 473,000 United States Treasury Note/Bond 2% 31/08/2021 408,582 0.32 900,000 United States Treasury Note/Bond 1.125% 30/09/2021 759,268 0.60 1,029,000 United States Treasury Note/Bond 2% 31/10/2021 888,507 0.70

ANIMA Funds Plc 472 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond Dollar (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 98.89% (2017: 96.62%)

United States (continued): 95.73% (2017: 92.93%)

Government Bonds (continued): 95.73% (2017: 92.93%) 773,000 United States Treasury Note/Bond 2% 15/11/2021 667,413 0.53 1,231,000 United States Treasury Note/Bond 2.875% 15/11/2021 1,088,764 0.86 515,000 United States Treasury Note/Bond 8% 15/11/2021 518,598 0.41 417,000 United States Treasury Note/Bond 1.75% 30/11/2021 357,408 0.28 755,000 United States Treasury Note/Bond 2% 31/12/2021 651,402 0.51 635,000 United States Treasury Note/Bond 2.125% 31/12/2021 549,994 0.43 476,000 United States Treasury Note/Bond 1.5% 31/01/2022 404,490 0.32 625,000 United States Treasury Note/Bond 1.875% 31/01/2022 536,979 0.42 756,000 United States Treasury Note/Bond 2% 15/02/2022 652,012 0.51 580,000 United States Treasury Note/Bond 1.875% 28/02/2022 498,141 0.39 800,000 United States Treasury Note/Bond 1.75% 31/03/2022 684,115 0.54 570,000 United States Treasury Note/Bond 1.875% 30/04/2022 489,071 0.39 1,114,000 United States Treasury Note/Bond 1.75% 15/05/2022 951,612 0.75 690,000 United States Treasury Note/Bond 1.75% 31/05/2022 589,256 0.46 715,000 United States Treasury Note/Bond 1.875% 31/05/2022 613,146 0.48 542,000 United States Treasury Note/Bond 2.125% 30/06/2022 468,498 0.37 500,000 United States Treasury Note/Bond 1.875% 31/07/2022 428,319 0.34 700,000 United States Treasury Note/Bond 2% 31/07/2022 602,253 0.47 901,000 United States Treasury Note/Bond 1.625% 15/08/2022 764,690 0.60 378,500 United States Treasury Note/Bond 7.25% 15/08/2022 385,118 0.30 1,092,000 United States Treasury Note/Bond 1.625% 31/08/2022 926,611 0.73 500,000 United States Treasury Note/Bond 1.875% 31/08/2022 428,031 0.34 540,000 United States Treasury Note/Bond 1.75% 30/09/2022 459,916 0.36 414,000 United States Treasury Note/Bond 1.875% 31/10/2022 354,076 0.28 1,041,000 United States Treasury Note/Bond 1.625% 15/11/2022 881,611 0.70 973,000 United States Treasury Note/Bond 2% 30/11/2022 835,692 0.66 890,000 United States Treasury Note/Bond 2.125% 31/12/2022 767,604 0.61 685,000 United States Treasury Note/Bond 1.75% 31/01/2023 581,900 0.46 700,000 United States Treasury Note/Bond 2.375% 31/01/2023 609,544 0.48 929,000 United States Treasury Note/Bond 2% 15/02/2023 796,854 0.63 651,000 United States Treasury Note/Bond 1.5% 28/02/2023 547,140 0.43 500,000 United States Treasury Note/Bond 2.625% 28/02/2023 439,623 0.35 825,000 United States Treasury Note/Bond 1.5% 31/03/2023 692,782 0.55 600,000 United States Treasury Note/Bond 2.5% 31/03/2023 524,939 0.41 862,000 United States Treasury Note/Bond 1.625% 30/04/2023 727,115 0.57 360,000 United States Treasury Note/Bond 2.75% 30/04/2023 318,159 0.25 1,018,000 United States Treasury Note/Bond 1.75% 15/05/2023 862,909 0.68 584,000 United States Treasury Note/Bond 1.625% 31/05/2023 492,172 0.39 454,000 United States Treasury Note/Bond 1.375% 30/06/2023 378,126 0.30 1,005,000 United States Treasury Note/Bond 1.25% 31/07/2023 831,435 0.66 500,000 United States Treasury Note/Bond 2.75% 31/07/2023 442,045 0.35 912,000 United States Treasury Note/Bond 2.5% 15/08/2023 797,529 0.63 551,000 United States Treasury Note/Bond 6.25% 15/08/2023 559,864 0.44 500,000 United States Treasury Note/Bond 2.75% 31/08/2023 442,280 0.35 805,000 United States Treasury Note/Bond 1.375% 30/09/2023 668,546 0.53 1,021,000 United States Treasury Note/Bond 2.75% 15/11/2023 902,866 0.71 661,000 United States Treasury Note/Bond 2.125% 30/11/2023 567,757 0.45 1,045,000 United States Treasury Note/Bond 2.875% 30/11/2023 930,011 0.73 664,000 United States Treasury Note/Bond 2.25% 31/12/2023 573,459 0.45 1,011,000 United States Treasury Note/Bond 2.75% 15/02/2024 893,819 0.70 530,000 United States Treasury Note/Bond 2.125% 29/02/2024 454,718 0.36 600,000 United States Treasury Note/Bond 2.125% 31/03/2024 514,495 0.41 550,000 United States Treasury Note/Bond 2% 30/04/2024 468,413 0.37

ANIMA Funds Plc 473 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond Dollar (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 98.89% (2017: 96.62%)

United States (continued): 95.73% (2017: 92.93%)

Government Bonds (continued): 95.73% (2017: 92.93%) 957,000 United States Treasury Note/Bond 2.5% 15/05/2024 835,614 0.66 715,000 United States Treasury Note/Bond 2% 31/05/2024 608,555 0.48 685,000 United States Treasury Note/Bond 2% 30/06/2024 582,702 0.46 637,000 United States Treasury Note/Bond 2.125% 31/07/2024 545,122 0.43 509,000 United States Treasury Note/Bond 2.375% 15/08/2024 441,188 0.35 610,000 United States Treasury Note/Bond 1.875% 31/08/2024 514,979 0.41 470,000 United States Treasury Note/Bond 2.125% 30/09/2024 401,788 0.32 400,000 United States Treasury Note/Bond 2.25% 31/10/2024 344,099 0.27 752,000 United States Treasury Note/Bond 2.25% 15/11/2024 646,552 0.51 400,000 United States Treasury Note/Bond 2.125% 30/11/2024 341,562 0.27 376,000 United States Treasury Note/Bond 2.25% 31/12/2024 323,195 0.25 2,000 United States Treasury Note/Bond 2.5% 31/01/2025 1,743 0.00 859,000 United States Treasury Note/Bond 2% 15/02/2025 726,976 0.57 274,000 United States Treasury Note/Bond 7.625% 15/02/2025 307,845 0.24 770,000 United States Treasury Note/Bond 2.75% 28/02/2025 680,503 0.54 550,000 United States Treasury Note/Bond 2.625% 31/03/2025 482,649 0.38 1,157,000 United States Treasury Note/Bond 2.125% 15/05/2025 985,156 0.78 650,000 United States Treasury Note/Bond 2.875% 31/05/2025 578,548 0.46 2,002,000 United States Treasury Note/Bond 2% 15/08/2025 1,688,948 1.33 1,159,000 United States Treasury Note/Bond 6.875% 15/08/2025 1,277,193 1.01 1,204,000 United States Treasury Note/Bond 2.25% 15/11/2025 1,030,448 0.81 541,000 United States Treasury Note/Bond 2.875% 30/11/2025 481,960 0.38 863,000 United States Treasury Note/Bond 1.625% 15/02/2026 707,069 0.56 283,000 United States Treasury Note/Bond 6% 15/02/2026 302,172 0.24 1,122,000 United States Treasury Note/Bond 1.625% 15/05/2026 917,100 0.72 940,000 United States Treasury Note/Bond 1.5% 15/08/2026 759,066 0.60 1,049,000 United States Treasury Note/Bond 2% 15/11/2026 876,580 0.69 890,000 United States Treasury Note/Bond 2.25% 15/02/2027 756,549 0.60 250,000 United States Treasury Note/Bond 6.625% 15/02/2027 282,517 0.22 666,000 United States Treasury Note/Bond 2.375% 15/05/2027 570,831 0.45 1,095,000 United States Treasury Note/Bond 2.25% 15/08/2027 927,715 0.73 300,000 United States Treasury Note/Bond 6.375% 15/08/2027 337,434 0.27 900,000 United States Treasury Note/Bond 2.25% 15/11/2027 761,094 0.60 275,000 United States Treasury Note/Bond 6.125% 15/11/2027 305,847 0.24 1,075,000 United States Treasury Note/Bond 2.75% 15/02/2028 945,936 0.75 1,035,000 United States Treasury Note/Bond 2.875% 15/05/2028 919,954 0.73 406,000 United States Treasury Note/Bond 5.5% 15/08/2028 439,042 0.35 1,382,000 United States Treasury Note/Bond 3.125% 15/11/2028 1,254,825 0.99 180,000 United States Treasury Note/Bond 5.25% 15/11/2028 191,900 0.15 192,300 United States Treasury Note/Bond 5.25% 15/02/2029 205,739 0.16 205,000 United States Treasury Note/Bond 6.125% 15/08/2029 235,351 0.19 175,000 United States Treasury Note/Bond 6.25% 15/05/2030 205,410 0.16 183,200 United States Treasury Note/Bond 5.375% 15/02/2031 203,701 0.16 366,500 United States Treasury Note/Bond 4.5% 15/02/2036 395,509 0.31 260,000 United States Treasury Note/Bond 4.75% 15/02/2037 290,162 0.23 285,500 United States Treasury Note/Bond 5% 15/05/2037 328,131 0.26 330,000 United States Treasury Note/Bond 4.375% 15/02/2038 354,029 0.28 322,000 United States Treasury Note/Bond 4.5% 15/05/2038 351,031 0.28 305,000 United States Treasury Note/Bond 3.5% 15/02/2039 292,228 0.23 581,000 United States Treasury Note/Bond 4.25% 15/05/2039 613,955 0.48 590,000 United States Treasury Note/Bond 4.5% 15/08/2039 644,048 0.51 616,000 United States Treasury Note/Bond 4.375% 15/11/2039 661,579 0.52 572,000 United States Treasury Note/Bond 4.625% 15/02/2040 635,040 0.50

ANIMA Funds Plc 474 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond Dollar (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 98.89% (2017: 96.62%)

United States (continued): 95.73% (2017: 92.93%)

Government Bonds (continued): 95.73% (2017: 92.93%) 580,000 United States Treasury Note/Bond 4.375% 15/05/2040 623,741 0.49 633,000 United States Treasury Note/Bond 3.875% 15/08/2040 636,825 0.50 595,000 United States Treasury Note/Bond 4.25% 15/11/2040 629,932 0.50 617,000 United States Treasury Note/Bond 4.75% 15/02/2041 698,509 0.55 551,000 United States Treasury Note/Bond 4.375% 15/05/2041 594,154 0.47 547,000 United States Treasury Note/Bond 3.75% 15/08/2041 540,679 0.43 600,200 United States Treasury Note/Bond 3.125% 15/11/2041 538,478 0.42 671,000 United States Treasury Note/Bond 3.125% 15/02/2042 601,892 0.47 606,000 United States Treasury Note/Bond 3% 15/05/2042 531,612 0.42 539,000 United States Treasury Note/Bond 2.75% 15/08/2042 452,155 0.36 640,000 United States Treasury Note/Bond 2.75% 15/11/2042 536,254 0.42 575,000 United States Treasury Note/Bond 3.125% 15/02/2043 513,976 0.41 561,000 United States Treasury Note/Bond 2.875% 15/05/2043 479,933 0.38 587,000 United States Treasury Note/Bond 3.625% 15/08/2043 569,372 0.45 631,000 United States Treasury Note/Bond 3.75% 15/11/2043 624,490 0.49 565,000 United States Treasury Note/Bond 3.625% 15/02/2044 548,446 0.43 625,000 United States Treasury Note/Bond 3.375% 15/05/2044 583,343 0.46 546,000 United States Treasury Note/Bond 3.125% 15/08/2044 488,447 0.39 635,000 United States Treasury Note/Bond 3% 15/11/2044 555,642 0.44 676,000 United States Treasury Note/Bond 2.5% 15/02/2045 536,916 0.42 590,000 United States Treasury Note/Bond 3% 15/05/2045 516,063 0.41 623,000 United States Treasury Note/Bond 2.875% 15/08/2045 531,776 0.42 468,000 United States Treasury Note/Bond 3% 15/11/2045 409,287 0.32 583,000 United States Treasury Note/Bond 2.5% 15/02/2046 461,291 0.36 610,000 United States Treasury Note/Bond 2.5% 15/05/2046 482,130 0.38 530,000 United States Treasury Note/Bond 2.25% 15/08/2046 396,994 0.31 598,000 United States Treasury Note/Bond 2.875% 15/11/2046 509,546 0.40 565,000 United States Treasury Note/Bond 3% 15/02/2047 493,737 0.39 600,000 United States Treasury Note/Bond 3% 15/05/2047 523,538 0.41 600,000 United States Treasury Note/Bond 2.75% 15/08/2047 497,978 0.39 530,000 United States Treasury Note/Bond 2.75% 15/11/2047 439,478 0.35 640,000 United States Treasury Note/Bond 3% 15/02/2048 557,834 0.44 525,000 United States Treasury Note/Bond 3.125% 15/05/2048 468,783 0.37 893,000 United States Treasury Note/Bond 3% 15/08/2048 778,827 0.61 487,000 United States Treasury Note/Bond 3.375% 15/11/2048 456,335 0.36 –––––––––––– ––––––– Total United States 121,396,957 95.73 –––––––––––– ––––––– Total Bonds 125,397,589 98.89 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 124,506,698) 125,397,589 98.89

Cash and Cash Equivalents 1,732,344 1.37

Other Net Liabilities (321,468) (0.26) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 126,808,465 100.00 –––––––––––– –––––––

ANIMA Funds Plc 475 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond Dollar (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 96.74 Other Assets 3.26 ––––––– 100.00 –––––––

ANIMA Funds Plc 476 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 96.37% (2017: 98.00%)

Australia: 1.09% (2017: 1.34%)

Government Bonds: 1.09% (2017: 1.34%) 262,000 Australia Government Bond 1.75% 21/11/2020 160,883 0.21 40,000 Australia Government Bond 5.75% 15/05/2021 26,840 0.04 171,000 Australia Government Bond 5.5% 21/04/2023 120,808 0.16 100,000 Australia Government Bond 2.75% 21/04/2024 63,806 0.08 177,000 Australia Government Bond 4.75% 21/04/2027 129,429 0.17 150,000 Australia Government Bond 2.75% 21/11/2027 95,693 0.13 187,000 Australia Government Bond 3.25% 21/04/2029 124,810 0.16 150,000 Australia Government Bond 3.75% 21/04/2037 107,265 0.14 –––––––––––– ––––––– Total Australia 829,534 1.09 –––––––––––– –––––––

Austria: 0.90% (2017: 1.05%)

Government Bonds: 0.90% (2017: 1.05%) 41,000 Austria Government Bond 3.9% 15/07/2020 43,803 0.06 76,000 Austria Government Bond 3.5% 15/09/2021 84,327 0.11 122,000 Austria Government Bond 3.4% 22/11/2022 139,815 0.18 34,000 Austria Government Bond 1.65% 21/10/2024 37,308 0.05 127,000 Austria Government Bond 6.25% 15/07/2027 189,903 0.25 57,000 Austria Government Bond 4.15% 15/03/2037 86,559 0.11 59,000 Austria Government Bond 3.8% 26/01/2062 103,172 0.14 –––––––––––– ––––––– Total Austria 684,887 0.90 –––––––––––– –––––––

Belgium: 1.45% (2017: 1.61%)

Government Bonds: 1.45% (2017: 1.61%) 75,000 Belgium Government Bond 3.75% 28/09/2020 80,647 0.11 62,000 Belgium Government Bond 4% 28/03/2022 70,813 0.09 116,000 Belgium Government Bond 0.2% 22/10/2023 117,269 0.15 43,000 Belgium Government Bond 2.6% 22/06/2024 48,870 0.06 60,000 Belgium Government Bond 0.8% 22/06/2025 61,984 0.08 207,000 Belgium Government Bond 5.5% 28/03/2028 295,477 0.39 49,200 Belgium Government Bond 4% 28/03/2032 66,769 0.09 100,000 Belgium Government Bond 5% 28/03/2035 153,696 0.20 56,000 Belgium Government Bond 4.25% 28/03/2041 83,922 0.11 91,000 Belgium Government Bond 3.75% 22/06/2045 130,969 0.17 –––––––––––– ––––––– Total Belgium 1,110,416 1.45 –––––––––––– –––––––

Canada: 0.92% (2017: 1.26%)

Government Bonds: 0.92% (2017: 1.26%) 139,000 Canadian Government Bond 3.25% 01/06/2021 91,903 0.12 222,000 Canadian Government Bond 2.75% 01/06/2022 146,257 0.19 175,000 Canadian Government Bond 2.5% 01/06/2024 115,502 0.15 67,000 Canadian Government Bond 5.75% 01/06/2029 57,961 0.08 100,000 Canadian Government Bond 1.5% 01/06/2026 62,120 0.08 71,000 Canadian Government Bond 5.75% 01/06/2033 66,187 0.09

ANIMA Funds Plc 477 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

Canada (continued): 0.92% (2017: 1.26%)

Government Bonds: 0.92% (2017: 1.26%) 100,000 Canadian Government Bond 4% 01/06/2041 84,476 0.11 99,000 Canadian Government Bond 3.5% 01/12/2045 80,148 0.10 –––––––––––– ––––––– Total Canada 704,554 0.92 –––––––––––– –––––––

Denmark: 0.38% (2017: 0.39%)

Government Bonds: 0.38% (2017: 0.39%) 437,000 Denmark Government Bond 3% 15/11/2021 64,467 0.09 226,000 Denmark Government Bond 1.5% 15/11/2023 32,859 0.04 553,000 Denmark Government Bond 0.5% 15/11/2027 75,928 0.10 493,000 Denmark Government Bond 4.5% 15/11/2039 114,898 0.15 –––––––––––– ––––––– Total Denmark 288,152 0.38 –––––––––––– –––––––

Finland: 0.30% (2017: 0.48%)

Government Bonds: 0.30% (2017: 0.48%) 75,000 Finland Government Bond 3.5% 15/04/2021 81,906 0.11 118,000 Finland Government Bond 4% 04/07/2025 148,051 0.19 –––––––––––– ––––––– Total Finland 229,957 0.30 –––––––––––– –––––––

France: 6.20% (2017: 6.13%)

Government Bonds: 6.20% (2017: 6.13%) 200,000 France Government Bond OAT Zero Coupon 25/05/2020 201,595 0.26 257,000 France Government Bond OAT 3.5% 25/04/2020 270,742 0.35 152,000 France Government Bond OAT 2.5% 25/10/2020 160,451 0.21 342,000 France Government Bond OAT 0.25% 25/11/2020 347,031 0.46 85,500 France Government Bond OAT 3.25% 25/10/2021 94,367 0.12 297,500 France Government Bond OAT 3% 25/04/2022 330,683 0.43 326,900 France Government Bond OAT 1.75% 25/05/2023 354,332 0.46 92,000 France Government Bond OAT 4.25% 25/10/2023 111,297 0.15 124,600 France Government Bond OAT 2.25% 25/05/2024 139,534 0.18 100,000 France Government Bond OAT 1.75% 25/11/2024 109,616 0.14 416,000 French Government Bond OAT 0.5% 25/05/2025 423,432 0.56 140,000 France Government Bond OAT 3.5% 25/04/2026 172,526 0.23 134,100 France Government Bond OAT 0.5% 25/05/2026 135,508 0.18 344,000 France Government Bond OAT 2.75% 25/10/2027 409,996 0.54 135,000 France Government Bond OAT 5.5% 25/04/2029 199,584 0.26 41,700 France Government Bond OAT 2.5% 25/05/2030 49,212 0.06 290,100 France Government Bond OAT 1.5% 25/05/2031 309,085 0.41 150,312 France Government Bond OAT 4.75% 25/04/2035 232,084 0.30 212,755 France Government Bond OAT 4.5% 25/04/2041 340,422 0.45 65,700 France Government Bond OAT 3.25% 25/05/2045 90,318 0.12 153,000 France Government Bond OAT 4% 25/04/2060 252,486 0.33 –––––––––––– ––––––– Total France 4,734,301 6.20 –––––––––––– –––––––

ANIMA Funds Plc 478 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

Germany: 4.24% (2017: 4.34%)

Government Bonds: 4.24% (2017: 4.34%) 208,500 Bundesobligation Zero Coupon 09/04/2021 211,395 0.28 121,000 Bundesrepublik Deutschland 3.25% 04/01/2020 125,917 0.17 398,000 Bundesrepublik Deutschland 3% 04/07/2020 420,054 0.55 201,000 Bundesrepublik Deutschland 2% 04/01/2022 216,533 0.28 160,000 Bundesrepublik Deutschland 1.5% 04/09/2022 171,710 0.22 156,100 Bundesrepublik Deutschland 1.5% 15/02/2023 168,542 0.22 150,000 Bundesrepublik Deutschland 1.75% 15/02/2024 165,670 0.22 206,600 Bundesrepublik Deutschland 1% 15/08/2024 220,876 0.29 59,100 Bundesrepublik Deutschland 0.5% 15/02/2026 61,430 0.08 123,000 Bundesrepublik Deutschland 6.5% 04/07/2027 190,297 0.25 369,000 Bundesrepublik Deutschland 0.25% 15/08/2028 369,253 0.48 117,600 Bundesrepublik Deutschland 5.5% 04/01/2031 189,141 0.25 98,000 Bundesrepublik Deutschland 4.75% 04/07/2034 159,766 0.21 98,900 Bundesrepublik Deutschland 4.25% 04/07/2039 166,399 0.22 74,000 Bundesrepublik Deutschland 4.75% 04/07/2040 133,934 0.18 100,000 Bundesrepublik Deutschland 2.5% 04/07/2044 138,858 0.18 87,000 Bundesrepublik Deutschland 2.5% 15/08/2046 122,476 0.16 –––––––––––– ––––––– Total Germany 3,232,251 4.24 –––––––––––– –––––––

Ireland: 0.41% (2017: 0.48%)

Government Bonds: 0.41% (2017: 0.48%) 1,000 Ireland Government Bond 5% 18/10/2020 1,099 0.00 108,000 Ireland Government Bond 5.4% 13/03/2025 141,066 0.19 100,000 Ireland Government Bond 1% 15/05/2026 102,928 0.13 60,000 Ireland Government Bond 2.4% 15/05/2030 68,053 0.09 –––––––––––– ––––––– Total Ireland 313,146 0.41 –––––––––––– –––––––

Italy: 7.76% (2017: 9.58%)

Government Bonds: 7.76% (2017: 9.58%) 1,665,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,665,263 2.18 190,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 198,421 0.26 132,000 Italy Buoni Poliennali Del Tesoro 4% 01/09/2020 139,590 0.18 184,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 184,335 0.24 93,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 99,233 0.13 230,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 246,132 0.32 100,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 109,697 0.14 103,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 106,306 0.14 234,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/09/2022 268,086 0.35 98,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 112,395 0.15 425,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 482,286 0.63 61,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 68,574 0.09 117,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 127,531 0.17 176,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/12/2024 180,435 0.24 136,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2025 158,132 0.21 190,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2026 217,008 0.29

ANIMA Funds Plc 479 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

Italy (continued): 7.76% (2017: 9.58%)

Government Bonds (continued): 7.76% (2017: 9.58%) 225,000 Italy Buoni Poliennali Del Tesoro 2.2% 01/06/2027 219,591 0.29 142,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 185,773 0.24 37,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 43,696 0.06 75,500 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 92,456 0.12 220,000 Italy Buoni Poliennali Del Tesoro 6% 01/05/2031 288,473 0.38 60,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 77,827 0.10 133,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 163,475 0.21 210,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 257,576 0.34 104,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 125,409 0.16 107,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 104,143 0.14 –––––––––––– ––––––– Total Italy 5,921,843 7.76 –––––––––––– ––––––– Japan: 27.45% (2017: 26.14%)

Government Bonds: 27.45% (2017: 26.14%) 40,850,000 Japan Government Five Year Bond 0.1% 20/03/2020 326,684 0.43 45,000,000 Japan Government Five Year Bond 0.1% 20/03/2021 360,716 0.47 60,000,000 Japan Government Five Year Bond 0.1% 20/06/2021 481,294 0.63 57,100,000 Japan Government Five Year Bond 0.1% 20/03/2023 460,003 0.60 37,750,000 Japan Government Forty Year Bond 2.2% 20/03/2051 424,371 0.56 65,150,000 Japan Government Forty Year Bond 1.7% 20/03/2054 662,306 0.87 50,000,000 Japan Government Ten Year Bond 1.4% 20/03/2020 406,121 0.53 100,800,000 Japan Government Ten Year Bond 1.1% 20/06/2020 818,298 1.07 19,350,000 Japan Government Ten Year Bond 0.8% 20/09/2020 156,746 0.21 45,350,000 Japan Government Ten Year Bond 1.2% 20/12/2020 371,049 0.49 58,300,000 Japan Government Ten Year Bond 1.3% 20/03/2021 479,589 0.63 19,150,000 Japan Government Ten Year Bond 1% 20/09/2021 157,397 0.21 64,750,000 Japan Government Ten Year Bond 1% 20/12/2021 533,692 0.70 82,450,000 Japan Government Ten Year Bond 0.9% 20/06/2022 681,040 0.89 45,000,000 Japan Government Ten Year Bond 0.8% 20/09/2022 371,307 0.49 44,800,000 Japan Government Ten Year Bond 0.8% 20/12/2022 370,500 0.49 59,400,000 Japan Government Ten Year Bond 0.6% 20/03/2023 488,316 0.64 61,800,000 Japan Government Ten Year Bond 0.8% 20/09/2023 514,639 0.67 39,700,000 Japan Government Ten Year Bond 0.6% 20/03/2024 328,753 0.43 33,000,000 Japan Government Ten Year Bond 0.6% 20/06/2024 273,779 0.36 35,950,000 Japan Government Ten Year Bond 0.5% 20/09/2024 297,143 0.39 33,350,000 Japan Government Ten Year Bond 0.3% 20/12/2024 272,859 0.36 11,650,000 Japan Government Ten Year Bond 0.4% 20/06/2025 96,127 0.13 25,000,000 Japan Government Ten Year Bond 0.4% 20/09/2025 206,485 0.27 51,900,000 Japan Government Ten Year Bond 0.3% 20/12/2025 426,251 0.56 88,300,000 Japan Government Ten Year Bond 0.1% 20/06/2027 715,006 0.94 33,250,000 Japan Government Ten Year Bond 0.1% 20/12/2027 268,806 0.35 59,450,000 Japan Government Ten Year Bond 0.1% 20/03/2028 479,916 0.63 4,400,000 Japan Government Thirty Year Bond 1.1% 20/03/2033 39,262 0.05 58,850,000 Japan Government Thirty Year Bond 2.4% 20/09/2038 635,170 0.83 41,850,000 Japan Government Thirty Year Bond 2% 20/09/2040 431,064 0.56 41,100,000 Japan Government Thirty Year Bond 2% 20/09/2041 425,557 0.56 26,000,000 Japan Government Thirty Year Bond 2% 20/03/2042 269,910 0.35 11,300,000 Japan Government Thirty Year Bond 1.9% 20/09/2042 115,644 0.15

ANIMA Funds Plc 480 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

Japan (continued): 27.45% (2017: 26.14%)

Government Bonds (continued): 27.45% (2017: 26.14%) 35,550,000 Japan Government Thirty Year Bond 1.5% 20/12/2044 340,390 0.45 41,500,000 Japan Government Thirty Year Bond 0.8% 20/03/2046 340,337 0.45 22,500,000 Japan Government Thirty Year Bond 0.8% 20/03/2048 183,182 0.24 49,800,000 Japan Government Twenty Year Bond 0.8% 20/06/2023 413,685 0.54 30,150,000 Japan Government Twenty Year Bond 2.1% 20/03/2025 273,990 0.36 30,200,000 Japan Government Twenty Year Bond 2.1% 20/03/2026 279,610 0.37 61,700,000 Japan Government Twenty Year Bond 2.1% 20/12/2026 578,659 0.76 47,600,000 Japan Government Twenty Year Bond 2.1% 20/12/2027 452,926 0.59 42,050,000 Japan Government Twenty Year Bond 2.1% 20/09/2028 403,419 0.53 77,000,000 Japan Government Twenty Year Bond 2.1% 20/09/2029 747,532 0.98 40,050,000 Japan Government Twenty Year Bond 1.9% 20/09/2030 385,537 0.50 35,500,000 Japan Government Twenty Year Bond 2.1% 20/12/2030 349,326 0.46 9,000,000 Japan Government Twenty Year Bond 1.8% 20/09/2031 86,470 0.11 32,450,000 Japan Government Twenty Year Bond 1.7% 20/12/2032 311,083 0.41 18,000,000 Japan Government Twenty Year Bond 1.7% 20/09/2033 173,305 0.23 55,400,000 Japan Government Twenty Year Bond 1.6% 20/12/2033 526,991 0.69 43,300,000 Japan Government Twenty Year Bond 1.5% 20/06/2034 407,319 0.53 54,250,000 Japan Government Twenty Year Bond 1.2% 20/09/2035 490,622 0.64 48,800,000 Japan Government Twenty Year Bond 1% 20/12/2035 428,237 0.56 53,000,000 Japan Government Twenty Year Bond 0.4% 20/03/2036 422,730 0.55 –––––––––––– ––––––– Total Japan 20,941,150 27.45 –––––––––––– –––––––

Netherlands: 1.38% (2017: 1.32%)

Government Bonds: 1.38% (2017: 1.32%) 70,500 Netherlands Government Bond Zero Coupon 15/01/2022 71,555 0.09 172,000 Netherlands Government Bond 3.5% 15/07/2020 183,140 0.24 141,500 Netherlands Government Bond 1.75% 15/07/2023 154,675 0.20 139,000 Netherlands Government Bond 2% 15/07/2024 155,274 0.20 150,000 Netherlands Government Bond 0.5% 15/07/2026 153,986 0.20 46,000 Netherlands Government Bond 5.5% 15/01/2028 67,534 0.09 39,800 Netherlands Government Bond 2.5% 15/01/2033 49,752 0.07 40,000 Netherlands Government Bond 4% 15/01/2037 62,016 0.08 59,000 Netherlands Government Bond 3.75% 15/01/2042 95,403 0.13 41,000 Netherlands Government Bond 2.75% 15/01/2047 59,631 0.08 –––––––––––– ––––––– Total Netherlands 1,052,966 1.38 –––––––––––– –––––––

Portugal: 0.51% (2017: 0.55%)

Government Bonds: 0.51% (2017: 0.55%) 50,000 Portugal Obrigacoes do Tesouro OT 3.85% 15/04/2021 54,626 0.07 100,000 Portugal Obrigacoes do Tesouro OT 5.65% 15/02/2024 125,157 0.16 99,000 Portugal Obrigacoes do Tesouro OT 2.875% 15/10/2025 110,157 0.15 93,000 Portugal Obrigacoes do Tesouro OT 2.125% 17/10/2028 96,309 0.13 –––––––––––– ––––––– Total Portugal 386,249 0.51 –––––––––––– –––––––

ANIMA Funds Plc 481 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

Slovakia: 0.15% (2017: 0.14%)

Government Bonds: 0.15% (2017: 0.14%) 106,000 Slovakia Government Bond 4% 27/04/2020 112,309 0.15 –––––––––––– ––––––– Total Slovakia 112,309 0.15 –––––––––––– –––––––

Spain: 3.52% (2017: 3.47%)

Government Bonds: 3.52% (2017: 3.47%) 92,000 Spain Government Bond 4% 30/04/2020 97,354 0.13 100,000 Spain Government Bond 4.85% 31/10/2020 109,292 0.14 167,000 Spain Government Bond 5.5% 30/04/2021 189,052 0.25 91,000 Spain Government Bond 0.75% 30/07/2021 93,126 0.12 100,000 Spain Government Bond 0.4% 30/04/2022 101,345 0.13 233,000 Spain Government Bond 5.4% 31/01/2023 282,208 0.37 167,000 Spain Government Bond 3.8% 30/04/2024 195,295 0.26 185,000 Spain Government Bond 2.75% 31/10/2024 207,161 0.27 100,000 Spain Government Bond 2.15% 31/10/2025 108,378 0.14 256,000 Spain Government Bond 1.5% 30/04/2027 261,691 0.34 150,000 Spain Government Bond 1.4% 30/04/2028 150,611 0.20 99,000 Spain Government Bond 5.15% 31/10/2028 132,730 0.18 43,000 Spain Government Bond 6% 31/01/2029 61,357 0.08 177,000 Spain Government Bond 5.75% 30/07/2032 261,553 0.34 101,000 Spain Government Bond 4.2% 31/01/2037 132,522 0.17 85,000 Spain Government Bond 4.9% 30/07/2040 122,539 0.16 172,000 Spain Government Bond 2.9% 31/10/2046 184,126 0.24 –––––––––––– ––––––– Total Spain 2,690,340 3.52 –––––––––––– –––––––

Sweden: 0.27% (2017: 0.27%)

Government Bonds: 0.27% (2017: 0.27%) 1,890,000 Sweden Government Bond 3.5% 01/06/2022 210,144 0.27 –––––––––––– ––––––– Total Sweden 210,144 0.27 –––––––––––– –––––––

Switzerland: 0.29% (2017: 0.31%)

Government Bonds: 0.29% (2017: 0.31%) 52,000 Switzerland Government Bond 2.25% 06/07/2020 48,266 0.06 64,000 Switzerland Government Bond 1.25% 11/06/2024 62,381 0.08 29,000 Switzerland Government Bond 2.5% 08/03/2036 35,631 0.05 40,000 Switzerland Government Bond 4% 06/01/2049 72,179 0.10 –––––––––––– ––––––– Total Switzerland 218,457 0.29 –––––––––––– –––––––

United Kingdom: 5.79% (2017: 6.35%)

Government Bonds: 5.79% (2017: 6.35%) 98,000 United Kingdom Gilt 4.75% 07/03/2020 114,239 0.15 98,000 United Kingdom Gilt 3.75% 07/09/2020 114,587 0.15 98,500 United Kingdom Gilt 1.5% 22/01/2021 111,386 0.15

ANIMA Funds Plc 482 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

United Kingdom (continued): 5.79% (2017: 6.35%)

Government Bonds (continued): 5.79% (2017: 6.35%) 248,000 United Kingdom Gilt 3.75% 07/09/2021 298,138 0.39 167,000 United Kingdom Gilt 4% 07/03/2022 204,671 0.27 150,500 United Kingdom Gilt 1.75% 07/09/2022 173,193 0.23 143,900 United Kingdom Gilt 2.25% 07/09/2023 170,155 0.22 105,700 United Kingdom Gilt 2.75% 07/09/2024 129,334 0.17 121,000 United Kingdom Gilt 5% 07/03/2025 166,985 0.22 187,600 United Kingdom Gilt 1.5% 22/07/2026 215,271 0.28 176,000 United Kingdom Gilt 4.25% 07/12/2027 247,259 0.32 103,000 United Kingdom Gilt 4.75% 07/12/2030 156,804 0.20 165,000 United Kingdom Gilt 4.25% 07/06/2032 244,611 0.32 72,900 United Kingdom Gilt 4.5% 07/09/2034 113,335 0.15 132,100 United Kingdom Gilt 4.25% 07/03/2036 203,167 0.27 90,000 United Kingdom Gilt 4.25% 07/09/2039 142,982 0.19 226,000 United Kingdom Gilt 4.5% 07/12/2042 382,507 0.50 105,000 United Kingdom Gilt 3.25% 22/01/2044 149,524 0.20 175,000 United Kingdom Gilt 4.25% 07/12/2049 306,765 0.40 135,300 United Kingdom Gilt 3.75% 22/07/2052 225,817 0.30 112,800 United Kingdom Gilt 4.25% 07/12/2055 210,484 0.27 191,000 United Kingdom Gilt 3.5% 22/07/2068 336,552 0.44 –––––––––––– ––––––– Total United Kingdom 4,417,766 5.79 –––––––––––– –––––––

United States: 33.36% (2017: 32.79%)

Government Bonds: 33.36% (2017: 32.79%) 78,500 United States Treasury Note/Bond 1.375% 31/01/2020 67,771 0.09 151,000 United States Treasury Note/Bond 3.625% 15/02/2020 133,523 0.17 409,000 United States Treasury Note/Bond 1.25% 29/02/2020 352,269 0.46 395,500 United States Treasury Note/Bond 1.375% 29/02/2020 341,128 0.45 406,100 United States Treasury Note/Bond 1.125% 31/03/2020 349,059 0.46 369,000 United States Treasury Note/Bond 1.125% 30/04/2020 316,699 0.41 957,400 United States Treasury Note/Bond 3.5% 15/05/2020 847,900 1.11 300,000 United States Treasury Note/Bond 1.5% 31/05/2020 258,562 0.34 942,000 United States Treasury Note/Bond 2.625% 15/08/2020 825,108 1.08 1,027,000 United States Treasury Note/Bond 1.375% 31/10/2020 880,001 1.15 736,000 United States Treasury Note/Bond 2.625% 15/11/2020 644,904 0.85 621,000 United States Treasury Note/Bond 3.625% 15/02/2021 555,689 0.73 894,000 United States Treasury Note/Bond 1.375% 30/04/2021 762,609 1.00 647,000 United States Treasury Note/Bond 3.125% 15/05/2021 574,286 0.75 869,000 United States Treasury Note/Bond 2% 31/05/2021 751,626 0.98 210,000 United States Treasury Note/Bond 2.125% 15/08/2021 182,008 0.24 300,000 United States Treasury Note/Bond 1.125% 30/09/2021 253,089 0.33 398,000 United States Treasury Note/Bond 2% 15/11/2021 343,636 0.45 382,000 United States Treasury Note/Bond 2% 15/02/2022 329,456 0.43 407,000 United States Treasury Note/Bond 1.75% 31/03/2022 348,044 0.46 419,000 United States Treasury Note/Bond 1.75% 30/04/2022 358,036 0.47 631,300 United States Treasury Note/Bond 1.75% 15/05/2022 539,275 0.71 612,000 United States Treasury Note/Bond 1.625% 15/08/2022 519,412 0.68 500,000 United States Treasury Note/Bond 1.875% 31/10/2022 427,628 0.56 249,500 United States Treasury Note/Bond 1.625% 15/11/2022 211,299 0.28 586,700 United States Treasury Note/Bond 1.75% 31/01/2023 498,395 0.65 500,000 United States Treasury Note/Bond 1.75% 15/05/2023 423,826 0.56 1,403,000 United States Treasury Note/Bond 1.25% 31/07/2023 1,160,700 1.52

ANIMA Funds Plc 483 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.37% (2017: 98.00%)

United States (continued): 33.36% (2017: 32.79%)

Government Bonds (continued): 33.36% (2017: 32.79%) 996,000 United States Treasury Note/Bond 6.25% 15/08/2023 1,012,022 1.33 440,000 United States Treasury Note/Bond 2.75% 15/02/2024 389,001 0.51 430,000 United States Treasury Note/Bond 2.5% 15/05/2024 375,459 0.49 800,000 United States Treasury Note/Bond 2.375% 15/08/2024 693,419 0.91 712,400 United States Treasury Note/Bond 2.25% 15/11/2024 612,505 0.80 470,100 United States Treasury Note/Bond 2% 15/02/2025 397,848 0.52 699,000 United States Treasury Note/Bond 2% 15/08/2025 589,697 0.77 154,000 United States Treasury Note/Bond 2.25% 15/11/2025 131,801 0.17 363,000 United States Treasury Note/Bond 2.875% 30/11/2025 323,386 0.42 118,000 United States Treasury Note/Bond 6% 15/02/2026 125,994 0.17 465,000 United States Treasury Note/Bond 2.25% 15/02/2027 395,276 0.52 630,000 United States Treasury Note/Bond 2.25% 15/08/2027 533,754 0.70 541,000 United States Treasury Note/Bond 6.125% 15/11/2027 601,684 0.79 848,000 United States Treasury Note/Bond 2.875% 15/05/2028 753,740 0.99 111,700 United States Treasury Note/Bond 5.25% 15/02/2029 119,506 0.16 78,000 United States Treasury Note/Bond 5.375% 15/02/2031 86,728 0.11 337,000 United States Treasury Note/Bond 4.5% 15/02/2036 363,674 0.48 533,200 United States Treasury Note/Bond 3.5% 15/02/2039 510,872 0.67 213,000 United States Treasury Note/Bond 4.5% 15/08/2039 232,512 0.30 259,000 United States Treasury Note/Bond 3.875% 15/08/2040 260,565 0.34 164,700 United States Treasury Note/Bond 4.375% 15/05/2041 177,599 0.23 373,600 United States Treasury Note/Bond 3.75% 15/08/2041 369,283 0.48 295,100 United States Treasury Note/Bond 3.125% 15/02/2042 264,707 0.35 219,300 United States Treasury Note/Bond 2.75% 15/08/2042 183,966 0.24 315,600 United States Treasury Note/Bond 2.75% 15/11/2042 264,440 0.35 255,000 United States Treasury Note/Bond 2.875% 15/05/2043 218,152 0.29 96,000 United States Treasury Note/Bond 3.625% 15/02/2044 93,187 0.12 135,000 United States Treasury Note/Bond 3.375% 15/05/2044 126,002 0.17 450,000 United States Treasury Note/Bond 2.5% 15/02/2045 357,414 0.47 357,000 United States Treasury Note/Bond 2.5% 15/02/2046 282,471 0.37 639,000 United States Treasury Note/Bond 3% 15/02/2047 558,404 0.73 952,000 United States Treasury Note/Bond 2.75% 15/08/2047 790,126 1.04 –––––––––––– ––––––– Total United States 25,451,132 33.36 –––––––––––– ––––––– Total Bonds 73,529,554 96.37 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 73,193,250) 73,529,554 96.37

Cash and Cash Equivalents 2,112,665 2.77

Other Net Assets 657,025 0.86 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 76,299,244 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 93.94 Other Assets 6.06 ––––––– 100.00 –––––––

ANIMA Funds Plc 484 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Life Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 95.96% (2017: 98.48%)

Australia: 0.63% (2017: 0.41%)

Corporate Bonds: 0.63% (2017: 0.41%) 1,500,000 BHP Billiton Finance Ltd 0.75% 28/10/2022 1,514,964 0.63 –––––––––––– ––––––– Total Australia 1,514,964 0.63 –––––––––––– –––––––

Austria: 0.67% (2017: 0.68%)

Corporate Bonds: 0.67% (2017: 0.68%) 1,500,000 Telekom Finanzmanagement GmbH 3.125% 03/12/2021 1,619,703 0.67 –––––––––––– ––––––– Total Austria 1,619,703 0.67 –––––––––––– –––––––

Belgium: 1.08% (2017: 1.07%)

Corporate Bonds: 1.08% (2017: 1.07%) 2,500,000 Solvay SA 1.625% 02/12/2022 2,598,825 1.08 –––––––––––– ––––––– Total Belgium 2,598,825 1.08 –––––––––––– –––––––

Denmark: 1.13% (2017: 1.14%)

Corporate Bonds: 1.13% (2017: 1.14%) 500,000 Orsted A/S 4.875% 16/12/2021 568,980 0.23 2,000,000 Orsted A/S 2.625% 19/09/2022 2,166,142 0.90 –––––––––––– ––––––– Total Denmark 2,735,122 1.13 –––––––––––– –––––––

Finland: 0.91% (2017: 0.00%)

Corporate Bonds: 0.91% (2017: 0.00%) 2,000,000 Nordea Bank AB 3.25% 05/07/2022 2,198,238 0.91 –––––––––––– ––––––– Total Finland 2,198,238 0.91 –––––––––––– –––––––

France: 2.61% (2017: 2.64%)

Corporate Bonds: 2.61% (2017: 2.64%) 1,000,000 Auchan Holding SA 6% 15/04/2019 1,016,776 0.42 1,000,000 Carrefour SA 1.75% 15/07/2022 1,028,644 0.43 1,000,000 Danone SA 1.125% 14/01/2025 1,005,208 0.42 1,000,000 Orange SA 3.875% 09/04/2020 1,048,673 0.43 1,000,000 Orange SA 3% 15/06/2022 1,089,815 0.45 1,000,000 Total Capital International SA 2.5% 25/03/2026 1,104,931 0.46 –––––––––––– ––––––– Total France 6,294,047 2.61 –––––––––––– –––––––

ANIMA Funds Plc 485 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Life Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 95.96% (2017: 98.48%)

Germany: 0.67% (2017: 0.66%)

Corporate Bonds: 0.67% (2017: 0.66%) 1,500,000 Linde AG 2% 18/04/2023 1,608,363 0.67 –––––––––––– ––––––– Total Germany 1,608,363 0.67 –––––––––––– –––––––

Ireland: 2.61% (2017: 0.00%)

Government Bonds: 2.61% (2017: 0.00%) 6,000,000 Ireland Government Bond 5.9% 18/10/2019 6,299,040 2.61 –––––––––––– ––––––– Total Ireland 6,299,040 2.61 –––––––––––– –––––––

Italy: 71.69% (2017: 75.23%)

Corporate Bonds: 3.58% (2017: 5.05%) 1,500,000 Autostrade per l'Italia SpA 5.875% 09/06/2024 1,659,443 0.69 2,000,000 Intesa Sanpaolo SpA 2% 18/06/2021 2,029,260 0.84 1,000,000 Societa Iniziative Autostradali e Servizi SpA 4.5% 26/10/2020 1,062,186 0.44 1,500,000 Terna Rete Elettrica Nazionale SpA 4.9% 28/10/2024 1,803,297 0.75 2,000,000 UniCredit SpA 4.375% 29/01/2020 2,085,512 0.86 Government Bonds: 68.11% (2017: 70.18%) 35,700,000 Italy Buoni Poliennali Del Tesoro 1.05% 01/12/2019 35,923,839 14.88 30,000,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 30,123,000 12.48 24,000,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 24,043,680 9.96 11,500,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/2021 12,241,554 5.07 18,000,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 19,206,306 7.95 7,500,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 7,521,390 3.11 10,000,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 11,468,920 4.75 12,000,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 13,080,048 5.42 11,300,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/06/2025 10,849,808 4.49 –––––––––––– ––––––– Total Italy 173,098,243 71.69 –––––––––––– –––––––

Mexico: 1.42% (2017: 1.32%)

Corporate Bonds: 1.42% (2017: 1.32%) 1,800,000 America Movil SAB de CV 3% 12/07/2021 1,919,574 0.79 1,500,000 Petroleos Mexicanos 3.125% 27/11/2020 1,522,318 0.63 –––––––––––– ––––––– Total Mexico 3,441,892 1.42 –––––––––––– –––––––

Netherlands: 3.06% (2017: 3.83%)

Corporate Bonds: 3.06% (2017: 3.83%) 1,500,000 Bayer Capital Corp BV 1.25% 13/11/2023 1,536,371 0.64 1,000,000 BMW Finance NV 3.25% 14/01/2019 1,001,060 0.41 1,500,000 innogy Finance BV 6.5% 10/08/2021 1,743,285 0.72 1,500,000 Siemens Financieringsmaatschappij NV 1.75% 12/03/2021 1,557,864 0.64 1,500,000 TenneT Holding BV 2.125% 01/11/2020 1,558,207 0.65 –––––––––––– ––––––– Total Netherlands 7,396,787 3.06 –––––––––––– –––––––

ANIMA Funds Plc 486 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Life Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 95.96% (2017: 98.48%)

Spain: 0.00% (2017: 0.96%)

Corporate Bonds: 0.00% (2017: 0.96%)

Sweden: 0.93% (2017: 1.87%)

Corporate Bonds: 0.93% (2017: 1.87%) 2,000,000 Telia Co AB 4.75% 16/11/2021 2,246,960 0.93 –––––––––––– ––––––– Total Sweden 2,246,960 0.93 –––––––––––– –––––––

United Kingdom: 3.35% (2017: 3.44%)

Corporate Bonds: 3.35% (2017: 3.44%) 2,500,000 BP Capital Markets Plc 1.526% 26/09/2022 2,591,355 1.07 1,700,000 British Telecommunications Plc 1.75% 10/03/2026 1,680,739 0.70 2,000,000 Imperial Brands Finance Plc 5% 02/12/2019 2,089,156 0.86 1,700,000 Vodafone Group Plc 1.25% 25/08/2021 1,737,363 0.72 –––––––––––– ––––––– Total United Kingdom 8,098,613 3.35 –––––––––––– –––––––

United States: 5.20% (2017: 5.23%)

Corporate Bonds: 5.20% (2017: 5.23%) 2,000,000 Bank of America Corp 2.375% 19/06/2024 2,127,220 0.88 1,500,000 Citigroup Inc 5% 02/08/2019 1,543,524 0.64 2,250,000 International Business Machines Corp 0.5% 07/09/2021 2,266,519 0.94 2,750,000 International Business Machines Corp 0.95% 23/05/2025 2,732,158 1.13 2,000,000 JPMorgan Chase & Co 2.75% 01/02/2023 2,166,048 0.90 1,500,000 Pfizer Inc 5.75% 03/06/2021 1,714,380 0.71 –––––––––––– ––––––– Total United States 12,549,849 5.20 –––––––––––– ––––––– Total Bonds 231,700,646 95.96 –––––––––––– ––––––– Total Value of Investments (Cost: EUR 236,939,457) 231,700,646 95.96

Cash and Cash Equivalents 8,574,720 3.55

Other Net Assets 1,176,448 0.49 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 241,451,814 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.86 Other Assets 4.14 ––––––– 100.00 –––––––

ANIMA Funds Plc 487 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Corporate Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 72.78% (2017: 93.95%)

Australia: 0.63% (2017: 0.67%)

Corporate Bonds: 0.63% (2017: 0.67%) 2,000,000 Origin Energy Finance Ltd 4% 16/09/2074 2,021,000 0.63 –––––––––––– ––––––– Total Australia 2,021,000 0.63 –––––––––––– –––––––

Austria: 0.60% (2017: 1.46%)

Corporate Bonds: 0.60% (2017: 1.46%) 1,800,000 Telekom Finanzmanagement GmbH 3.125% 03/12/2021 1,943,644 0.60 –––––––––––– ––––––– Total Austria 1,943,644 0.60 –––––––––––– –––––––

Belgium: 0.17% (2017: 0.72%)

Corporate Bonds: 0.17% (2017: 0.72%) 500,000 Solvay SA 2.75% 02/12/2027 539,221 0.17 –––––––––––– ––––––– Total Belgium 539,221 0.17 –––––––––––– –––––––

Cayman Islands: 0.00% (2017: 0.49%)

Corporate Bonds: 0.00% (2017: 0.49%)

Czech Republic: 0.00% (2017: 0.49%)

Corporate Bonds: 0.00% (2017: 0.49%)

Denmark: 0.00% (2017: 0.33%)

Corporate Bonds: 0.00% (2017: 0.33%)

France: 3.00% (2017: 11.38%)

Corporate Bonds: 3.00% (2017: 11.38%) 1,000,000 Alstom SA 3% 08/07/2019 1,013,737 0.32 200,000 Arkema SA 4.75% 29/10/2049 207,500 0.06 500,000 Electricite de France SA 4.125% 29/01/2049 509,150 0.16 4,500,000 Italcementi Finance SA 5.375% 19/03/2020 4,747,027 1.47 500,000 Orange SA 3.875% 09/04/2020 524,337 0.16 1,000,000 Orange SA 4.25% 31/12/2049 1,026,064 0.32 500,000 Solvay Finance SA 5.869% 29/12/2049 540,000 0.17 1,000,000 Total Capital SA 3.125% 16/09/2022 1,100,016 0.34 –––––––––––– ––––––– Total France 9,667,831 3.00 –––––––––––– –––––––

Germany: 5.50% (2017: 3.28%)

Corporate Bonds: 5.50% (2017: 3.28%) 5,300,000 Bayer AG 3% 01/07/2075 5,270,373 1.63 6,000,000 Commerzbank AG 6.375% 22/03/2019 6,077,640 1.89 3,900,000 Commerzbank AG 7.75% 16/03/2021 4,424,671 1.37

ANIMA Funds Plc 488 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Corporate Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 72.78% (2017: 93.95%)

Germany (continued): 5.50% (2017: 3.28%)

Corporate Bonds (continued): 5.50% (2017: 3.28%) 900,000 Deutsche Boerse AG 2.75% 05/02/2041 924,174 0.29 500,000 Merck KGaA 2.625% 12/12/2074 510,779 0.16 500,000 ThyssenKrupp AG 2.75% 08/03/2021 510,628 0.16 –––––––––––– ––––––– Total Germany 17,718,265 5.50 –––––––––––– –––––––

Hong Kong: 0.13% (2017: 0.13%)

Corporate Bonds: 0.13% (2017: 0.13%) 500,000 CNAC HK Finbridge Co 3% 19/07/2020 431,620 0.13 –––––––––––– ––––––– Total Hong Kong 431,620 0.13 –––––––––––– –––––––

Ireland: 2.81% (2017: 2.34%)

Corporate Bonds: 2.81% (2017: 2.34%) 7,000,000 Allied Irish Banks Plc 2.75% 16/04/2019 7,056,252 2.19 2,000,000 Bank of Ireland 3.25% 15/01/2019 2,002,220 0.62 –––––––––––– ––––––– Total Ireland 9,058,472 2.81 –––––––––––– –––––––

Italy: 36.53% (2017: 38.98%)

Corporate Bonds: 28.04% (2017: 32.93%) 2,000,000 A2A SpA 4.5% 28/11/2019 2,080,040 0.65 500,000 Assicurazioni Generali SpA 7.75% 12/12/2042 581,247 0.18 2,300,000 Autostrada Brescia Verona Vicenza Padova SpA 2.375% 20/03/2020 2,305,605 0.71 2,000,000 Banca IFIS SpA 1.75% 26/05/2020 1,951,192 0.61 6,900,000 Banca Monte dei Paschi di Siena SpA 2.875% 16/04/2059 7,156,777 2.22 500,000 Banco BPM SpA 3.5% 14/03/2019 502,403 0.16 500,000 Banco BPM SpA 2.75% 27/07/2020 504,915 0.16 2,000,000 Banco BPM SpA 6% 05/11/2020 2,067,680 0.64 500,000 Banco BPM SpA 7.125% 01/03/2021 529,862 0.16 2,000,000 Enel SpA 6.25% 20/06/2019 2,273,496 0.71 6,000,000 Enel SpA 6.5% 10/01/2074 6,331,824 1.96 1,000,000 Eni SpA 4.25% 03/02/2020 1,045,126 0.32 3,000,000 Intesa Sanpaolo SpA 5% 23/09/2019 3,085,218 0.96 1,400,000 Intesa Sanpaolo SpA 4.375% 15/10/2019 1,442,106 0.45 500,000 Intesa Sanpaolo SpA 2.75% 20/03/2020 511,702 0.16 1,500,000 Intesa Sanpaolo SpA 4.125% 14/04/2020 1,563,883 0.48 1,000,000 Intesa Sanpaolo SpA 6.5% 24/02/2021 896,774 0.28 400,000 Iren SpA 2.75% 02/11/2022 425,783 0.13 1,000,000 Kedrion SpA 3% 12/07/2022 753,630 0.23 3,700,000 Mediobanca Banca di Credito Finanziario SpA 2.25% 18/03/2019 3,714,793 1.15 3,000,000 Mediobanca Banca di Credito Finanziario SpA 0.75% 17/02/2020 2,993,478 0.93 9,300,000 Poste Vita SpA 2.875% 30/05/2019 9,313,987 2.89 5,000,000 Telecom Italia SpA 5.375% 29/01/2019 5,016,300 1.56 3,900,000 Telecom Italia SpA 6.375% 24/06/2019 4,416,783 1.37 7,900,000 Telecom Italia SpA 4.5% 25/01/2021 8,348,278 2.59 900,000 UniCredit SpA 3.625% 24/01/2019 901,762 0.28 1,900,000 UniCredit SpA 6.125% 19/04/2021 2,019,206 0.63

ANIMA Funds Plc 489 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Corporate Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 72.78% (2017: 93.95%)

Italy (continued): 36.53% (2017: 38.98%)

Corporate Bonds (continued): 28.04% (2017: 32.93%) 2,000,000 UniCredit SpA 5.75% 28/10/2025 2,061,556 0.64 2,000,000 UniCredit SpA 9.375% 29/07/2049 2,133,420 0.66 7,748,000 Unione di Banche Italiane SpA 2.875% 18/02/2019 7,771,120 2.41 500,000 Unione di Banche Italiane SpA 4.25% 05/05/2026 487,875 0.15 4,981,000 Unipol Gruppo SpA 4.375% 05/03/2021 5,180,170 1.61 Government Bonds: 8.49% (2017: 6.05%) 10,000,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/04/2019 9,996,000 3.10 4,000,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/08/2019 4,024,912 1.25 2,000,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2019 2,342,012 0.73 3,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 3,132,966 0.97 2,000,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 2,008,200 0.62 5,000,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 5,871,040 1.82 –––––––––––– ––––––– Total Italy 117,743,121 36.53 –––––––––––– –––––––

Japan: 1.24% (2017: 0.00%)

Corporate Bonds: 1.24% (2017: 0.00%) 2,000,000 Takeda Pharmaceutical Co Ltd FRN 21/11/2020 1,997,028 0.62 2,000,000 Takeda Pharmaceutical Co Ltd 0.375% 21/11/2020 1,999,944 0.62 –––––––––––– ––––––– Total Japan 3,996,972 1.24 –––––––––––– –––––––

Luxembourg: 0.64% (2017: 2.25%)

Corporate Bonds: 0.64% (2017: 2.25%) 1,000,000 CNH Industrial Finance Europe SA 2.75% 18/03/2019 1,004,768 0.31 500,000 Fiat Chrysler Finance Europe SA 4.75% 22/03/2021 533,875 0.17 500,000 UniCredit International Bank Luxembourg SA 8.125% 29/12/2049 518,920 0.16 –––––––––––– ––––––– Total Luxembourg 2,057,563 0.64 –––––––––––– –––––––

Mexico: 2.25% (2017: 2.39%)

Corporate Bonds: 2.25% (2017: 2.39%) 5,000,000 Petroleos Mexicanos 3.125% 27/11/2020 5,074,395 1.57 2,500,000 Petroleos Mexicanos 5.5% 21/01/2021 2,177,667 0.68 –––––––––––– ––––––– Total Mexico 7,252,062 2.25 –––––––––––– –––––––

Netherlands: 5.64% (2017: 7.58%)

Corporate Bonds: 5.64% (2017: 7.58%) 1,000,000 ABN AMRO Bank NV 4.875% 16/01/2019 1,115,549 0.35 7,150,000 Cooperatieve Rabobank UA 11% 29/12/2049 6,457,925 2.00 3,000,000 General Motors Financial International BV 1.875% 15/10/2019 3,042,720 0.94 3,500,000 Schaeffler Finance BV 3.5% 15/05/2022 3,512,005 1.09 1,000,000 Telefonica Europe BV 7.625% 29/09/2049 1,137,170 0.35

ANIMA Funds Plc 490 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Corporate Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 72.78% (2017: 93.95%)

Netherlands (continued): 5.64% (2017: 7.58%)

Corporate Bonds (continued): 5.64% (2017: 7.58%) 3,000,000 Teva Pharmaceutical Finance Netherlands II BV 0.375% 25/07/2020 2,917,389 0.91 –––––––––––– ––––––– Total Netherlands 18,182,758 5.64 –––––––––––– –––––––

Spain: 1.60% (2017: 1.82%)

Corporate Bonds: 1.60% (2017: 1.82%) 2,000,000 Banco Santander SA 6.25% 12/03/2049 1,901,240 0.59 3,000,000 Telefonica Emisiones SAU 3.961% 26/03/2021 3,251,682 1.01 –––––––––––– ––––––– Total Spain 5,152,922 1.60 –––––––––––– –––––––

United Kingdom: 8.76% (2017: 11.85%)

Corporate Bonds: 8.76% (2017: 11.85%) 2,100,000 Barclays Bank Plc 10% 21/05/2021 2,692,007 0.84 1,000,000 HSBC Holdings Plc 6% 10/06/2019 1,025,552 0.32 2,000,000 HSBC Holdings Plc 3.375% 10/01/2024 2,001,228 0.62 4,000,000 Imperial Brands Finance Plc 2.25% 26/02/2021 4,129,948 1.28 700,000 International Game Technology Plc 4.125% 15/02/2020 718,368 0.22 500,000 International Game Technology Plc 4.75% 15/02/2023 531,230 0.16 4,500,000 Lloyds Bank Plc 6.5% 24/03/2020 4,796,253 1.49 2,500,000 Natwest Markets Plc FRN 27/09/2021 2,463,400 0.76 1,000,000 Royal Bank of Scotland Group Plc 6.4% 21/10/2019 893,060 0.28 4,000,000 Royal Bank of Scotland Plc 6.375% 16/08/2019 4,574,224 1.42 4,300,000 Sky Plc 1.5% 15/09/2021 4,408,575 1.37 –––––––––––– ––––––– Total United Kingdom 28,233,845 8.76 –––––––––––– –––––––

United States: 3.28% (2017: 6.82%)

Corporate Bonds: 3.28% (2017: 6.82%) 5,500,000 Bank of America Corp FRN 06/05/2019 5,511,501 1.71 2,000,000 General Motors Financial Co Inc 4.375% 25/09/2021 1,756,637 0.54 1,000,000 Goldman Sachs Group Inc 4.75% 12/10/2021 1,090,881 0.34 2,500,000 Morgan Stanley 7.3% 13/05/2019 2,220,141 0.69 –––––––––––– ––––––– Total United States 10,579,160 3.28 –––––––––––– ––––––– Virgin Islands: 0.00% (2017: 0.97%)

Corporate Bonds: 0.00% (2017: 0.97%)

Total Bonds 234,578,456 72.78 –––––––––––– –––––––

ANIMA Funds Plc 491 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Short Term Corporate Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts: 0.09% (2017: 0.17%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Nomura EUR 30,616,619 USD 35,000,000 07/03/2019 160,697 0.05 Unicredit Bank EUR 23,485,992 GBP 21,000,000 07/03/2019 140,998 0.04 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 301,695 0.09 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Forward Currency Contracts 301,695 0.09

Total Value of Investments (Cost: EUR 244,001,344) 234,880,151 72.87

Cash and Cash Equivalents 50,232,498 15.58

Other Net Assets 37,203,646 11.55 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 322,316,295 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 72.70 Over the counter financial derivative instruments 0.09 Other Assets 27.21 ––––––– 100.00 –––––––

ANIMA Funds Plc 492 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 82.74% (2017: 93.78%)

Austria: 0.00% (2017: 0.61%)

Semiconductors: 0.00% (2017: 0.61%)

Denmark: 1.05% (2017: 2.34%)

Banks: 0.00% (2017: 0.21%)

Pharmaceuticals: 1.05% (2017: 1.10%) 126,709 Novo Nordisk A/S Com DKK 0.20 Com DKK 0.20 5,058,223 1.05 Transportation: 0.00% (2017: 1.03%) –––––––––––– ––––––– Total Denmark 5,058,223 1.05 –––––––––––– –––––––

France: 16.78% (2017: 16.79%)

Aerospace/Defense: 0.00% (2017: 0.57%)

Apparel: 1.11% (2017: 1.47%) 20,722 LVMH Moet Hennessy Louis Vuitton SE Com EUR 0.30 5,350,420 1.11 Banks: 0.00% (2017: 1.18%)

Chemicals: 1.33% (2017: 0.00%) 58,682 Air Liquide SA Com EUR 5.50 6,364,063 1.33 Computers: 0.98% (2017: 0.86%) 54,390 Capgemini SE Com EUR 8.00 4,721,052 0.98 Cosmetics & Personal Care: 1.01% (2017: 0.00%) 23,986 L'Oreal SA Com EUR 0.20 4,825,983 1.01 Electric: 0.00% (2017: 1.72%)

Electrical Components & Equipment: 1.06% (2017: 1.39%) 85,028 Schneider Electric SE Com EUR 4.00 5,077,872 1.06 Engineering & Construction: 0.00% (2017: 0.83%)

Food: 0.40% (2017: 1.59%) 130,147 Carrefour SA Com EUR 2.50 1,940,492 0.40 Insurance: 1.05% (2017: 1.94%) 267,965 AXA SA Com EUR 2.29 5,053,284 1.05 Media: 3.04% (2017: 1.49%) 95,578 Lagardere SCA Com EUR 6.10 2,104,628 0.44 585,559 Vivendi SA Com EUR 5.50 12,460,696 2.60 Oil & Gas: 2.30% (2017: 2.04%) 239,552 TOTAL SA Com EUR 2.50 11,062,511 2.30 Pharmaceuticals: 2.54% (2017: 0.00%) 161,153 Sanofi Com EUR 2.00 12,192,836 2.54 Retail: 0.00% (2017: 0.70%)

Software: 0.84% (2017: 0.00%) 38,869 Dassault Systemes SE Com EUR 0.50 4,030,715 0.84 Telecommunications: 1.12% (2017: 1.01%) 379,153 Orange SA Com EUR 4.00 5,366,911 1.12 –––––––––––– ––––––– Total France 80,551,463 16.78 –––––––––––– –––––––

ANIMA Funds Plc 493 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 82.74% (2017: 93.78%)

Germany: 10.42% (2017: 19.12%)

Airlines: 0.93% (2017: 0.00%) 226,017 Deutsche Lufthansa AG Com NPV 4,452,535 0.93 Apparel: 0.00% (2017: 0.76%)

Auto Manufacturers: 2.22% (2017: 3.03%) 76,631 Volkswagen AG Pref NPV 10,645,579 2.22 Auto Parts & Equipment: 0.94% (2017: 1.00%) 58,711 Rheinmetall AG Com NPV 4,530,141 0.94 Chemicals: 0.00% (2017: 2.70%)

Commercial Services: 0.00% (2017: 0.59%)

Cosmetics & Personal Care: 0.00% (2017: 1.08%)

Insurance: 1.46% (2017: 1.27%) 39,888 Allianz SE Com NPV 6,985,984 1.46 Miscellaneous Manufacturers: 1.85% (2017: 1.99%) 90,988 Siemens AG Com NPV 8,860,411 1.85 Pharmaceuticals: 0.00% (2017: 1.75%)

Semiconductors: 0.00% (2017: 1.29%)

Software: 2.01% (2017: 1.78%) 110,759 SAP SE Com NPV 9,628,280 2.01 Telecommunications: 1.01% (2017: 0.82%) 330,757 Deutsche Telekom AG Com NPV 4,901,819 1.01 Transportation: 0.00% (2017: 1.06%) –––––––––––– ––––––– Total Germany 50,004,749 10.42 –––––––––––– ––––––– Ireland: 0.66% (2017: 1.05%)

Food: 0.66% (2017: 0.00%) 36,465 Kerry Group Plc Com EUR 0.125 3,154,223 0.66 Building Materials: 0.00% (2017: 1.05%) –––––––––––– ––––––– Total Ireland 3,154,223 0.66 –––––––––––– –––––––

Isle Of Man: 0.54% (2017: 0.00%)

Entertainment: 0.54% (2017: 0.00%) 344,323 GVC Holdings Plc Com EUR 0.01 2,585,567 0.54 –––––––––––– ––––––– Total Isle Of Man 2,585,567 0.54 –––––––––––– –––––––

Italy: 5.03% (2017: 2.18% )

Banks: 1.80% (2017: 0.54%) 711,680 Mediobanca SpA Com EUR 0.50 5,249,352 1.09 345,551 UniCredit SpA Com NPV 3,418,882 0.71 Electric: 1.61% (2017: 0.00%) 1,530,086 Enel SpA Com EUR 1.00 7,717,754 1.61

ANIMA Funds Plc 494 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 82.74% (2017: 93.78%)

Italy (continued): 5.03% (2017: 2.18% )

Insurance: 0.00% (2017: 0.50%)

Oil & Gas: 1.62% (2017: 0.63%) 565,400 Eni SpA Com NPV 7,773,118 1.62 Telecommunications: 0.00% (2017: 0.51%) –––––––––––– ––––––– Total Italy 24,159,106 5.03 –––––––––––– –––––––

Jersey: 3.18% (2017: 0.83%)

Commercial Services: 0.68% (2017: 0.00%) 152,991 Experian Plc Com USD 0.10 3,247,063 0.68 Mining: 2.50% (2017: 0.83%) 3,705,204 Glencore Plc Com USD 0.01 12,026,991 2.50 –––––––––––– ––––––– Total Jersey 15,274,054 3.18 –––––––––––– –––––––

Luxembourg: 0.00% (2017: 1.00%)

Iron/Steel: 0.00% (2017: 1.00%)

Netherlands: 4.60% (2017: 9.05%)

Aerospace/Defense: 1.10% (2017: 1.49%) 63,029 Airbus SE Com EUR 1.00 5,291,915 1.10

Auto Manufacturers: 0.00% (2017: 0.75%)

Banks: 1.81% (2017: 1.81%) 138,845 ABN AMRO Group NV Dutch Cert EUR 1.0 2,851,876 0.59 622,155 ING Groep NV Com EUR 0.01 5,854,479 1.22 Chemicals: 0.00% (2017: 0.77%)

Commercial Services: 0.00% (2017: 1.01%)

Cosmetics & Personal Care: 1.69% (2017: 1.00%) 170,280 Unilever NV CVS EUR 0.16 8,074,677 1.69 Electronics: 0.00% (2017: 0.49%)

Machinery-Diversified: 0.00% (2017: 1.03%)

Semiconductors: 0.00% (2017: 0.70%) –––––––––––– ––––––– Total Netherlands 22,072,947 4.60 –––––––––––– –––––––

Norway: 1.03% (2017: 0.59%)

Banks: 0.00% (2017: 0.59%)

ANIMA Funds Plc 495 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 82.74% (2017: 93.78%)

Norway (continued): 1.03% (2017: 0.59%)

Mining: 1.03% (2017: 0.00%) 1,251,842 Norsk Hydro ASA 4,958,701 1.03 –––––––––––– ––––––– Total Norway 4,958,701 1.03 –––––––––––– –––––––

Spain: 5.19% (2017: 1.61%)

Banks: 2.17% (2017: 1.36%) 2,619,768 Banco Santander SA Com EUR 0.50 10,408,338 2.17 Electric: 1.48% (2017: 0.00%) 1,013,760 Iberdrola SA Com EUR 0.75 7,114,568 1.48 Oil & Gas: 0.00% (2017: 0.25%)

Retail: 0.77% (2017: 0.00%) 165,838 Industria de Diseno Textil SA Com EUR 0.03 3,706,479 0.77 Telecommunications: 0.77% (2017: 0.00%) 502,671 Telefonica SA Com EUR 1.00 3,689,103 0.77 –––––––––––– ––––––– Total Spain 24,918,488 5.19 –––––––––––– –––––––

Sweden: 2.26% (2017: 1.22%)

Home Furnishings: 0.73% (2017: 0.00%) 189,726 Electrolux AB Com SEK 5.00 3,502,492 0.73 Machinery, Construction & Mining: 0.00% (2017: 0.71%)

Machinery-Diversified: 0.00% (2017: 0.51%)

Telecommunications: 1.53% (2017: 0.00%) 958,684 Telefonaktiebolaget LM Ericsson Com SEK 5.00 7,370,567 1.53 –––––––––––– ––––––– Total Sweden 10,873,059 2.26 –––––––––––– –––––––

Switzerland: 15.48% (2017: 11.56%)

Banks: 1.32% (2017: 2.82%) 581,885 UBS Group AG Com CHF 0.10 6,317,557 1.32 Beverages: 1.49% (2017: 0.00%) 261,358 Coca-Cola HBC AG Com CHF 6.7 7,139,801 1.49 Building Materials: 1.52% (2017: 0.00%) 65,960 Sika AG Com CHF 0.01 7,293,009 1.52 Chemicals: 0.53% (2017: 0.32%) 11,159 Lonza Group AG Com CHF 1.00 2,522,100 0.53 Commercial Services: 0.00% (2017: 0.89%)

Food: 5.02% (2017: 3.97%) 340,005 Nestle SA Com CHF 0.10 24,076,660 5.02 Insurance: 0.72% (2017: 1.16%) 13,201 Zurich Insurance Group AG Com CHF 0.10 3,433,450 0.72 Machinery, Construction & Mining: 0.00% (2017: 1.40%)

ANIMA Funds Plc 496 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 82.74% (2017: 93.78%)

Switzerland (continued): 15.48% (2017: 11.56%)

Pharmaceuticals: 4.88% (2017: 1.00%) 265,354 Novartis AG Com CHF 0.50 19,788,812 4.12 17,232 Roche Holding AG Com NPV 3,721,896 0.76 –––––––––––– ––––––– Total Switzerland 74,293,285 15.48 –––––––––––– –––––––

United Kingdom: 14.96% (2017: 23.73%)

Aerospace/Defense: 0.01% (2017: 0.01%) 32,067,576 Rolls-Royce Holdings Plc Pref GBP 0.001 35,727 0.01 Agriculture: 0.00% (2017: 2.23%)

Banks: 1.21% (2017: 3.22%) 5,335,182 Lloyds Banking Group Plc Com GBP 0.10 3,081,966 0.64 1,132,061 Royal Bank of Scotland Group Plc Com GBP 1.00 2,733,119 0.57 Beverages: 1.18% (2017: 1.30%) 182,196 Diageo Plc Com GBP 0.2893518 5,673,493 1.18 Commercial Services: 1.02% (2017: 0.00%) 156,961 Ashtead Group Plc Com GBP 0.10 2,862,663 0.60 113,493 RELX Plc Com GBP 0.144397 2,039,469 0.42 Entertainment: 0.00% (2017: 0.53%)

Food: 0.41% (2017: 0.76%) 938,519 Tesco Plc Com NPV 1,987,719 0.41 Gas: 0.50% (2017: 0.00%) 281,709 National Grid Plc Com GBP 0.1139535 2,398,488 0.50 Household Products/Wares: 0.00% (2017: 0.70%)

Insurance: 0.64% (2017: 2.79%) 196,950 Prudential Plc Com GBP 0.05 3,076,337 0.64 Machinery-Diversified: 0.00% (2017: 0.62%)

Media: 0.67% (2017: 0.00%) 458,898 Informa Plc Com GBP 0.001 3,221,992 0.67 Mining: 2.64% (2017: 1.23%) 402,370 Anglo American Plc Com USD NPV 7,835,147 1.63 264,682 BHP Group Plc USD 0.5 4,870,338 1.01 Oil & Gas: 3.00% (2017: 6.34%) 552,520 Royal Dutch Shell Plc Com EUR 0.07 (UK listed) 14,404,351 3.00 Oil & Gas Services: 0.00% (2017: 0.64%)

Pharmaceuticals: 1.25% (2017: 1.59%) 91,410 AstraZeneca Plc Com USD 0.25 5,981,134 1.25 Telecommunications: 2.43% (2017: 1.77%) 2,050,448 BT Group Plc Com GBP 0.05 5,439,237 1.13 3,612,474 Vodafone Group Plc Com USD 0.2095 6,153,783 1.30 –––––––––––– ––––––– Total United Kingdom 71,794,963 14.96 –––––––––––– –––––––

ANIMA Funds Plc 497 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 82.74% (2017: 93.78%)

United States: 1.56% (2017: 2.10%)

Internet: 0.00% (2017: 1.03%)

Oil & Gas Services: 0.00% (2017: 1.07%)

Software: 1.56% (2017: 0.00%) 84,254 Microsoft Corp Com USD 0.00000625 7,486,052 1.56 –––––––––––– ––––––– Total United States 7,486,052 1.56 –––––––––––– ––––––– Total Equities 397,184,880 82.74 –––––––––––– –––––––

Investment Funds: 0.26% (2017: 0.25%)

Italy: 0.26% (2017: 0.25%)

Equity Funds: 0.26% (2017: 0.25%) 180,000 ANIMA Iniziativa Italia PMI* 1,249,020 0.26 –––––––––––– ––––––– Total Italy 1,249,020 0.26 –––––––––––– ––––––– Total Investment Funds 1,249,020 0.26 –––––––––––– –––––––

Futures Contracts: (0.08)% (2017: (0.08)%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 15,823,600 520 Euro STOXX 50 March 2019 (358,800) (0.08) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (358,800) (0.08) –––––––––––– ––––––– Total Futures Contracts (358,800) (0.08) –––––––––––– –––––––

Forward Currency Contracts: 0.04% (2017: 0.08%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs DKK 99,700,000 EUR 13,359,758 20/03/2019 5,341 0.00 JP Morgan EUR 11,842,873 USD 13,600,000 20/03/2019 22,478 0.00 JP Morgan GBP 4,610,000 EUR 5,119,094 20/03/2019 2,949 0.00 JP Morgan SEK 114,750,000 EUR 11,142,291 20/03/2019 176,448 0.04 Morgan Stanley EUR 1,744,117 USD 2,000,000 20/03/2019 5,824 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 213,040 0.04 –––––––––––– –––––––

ANIMA Funds Plc 498 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Europe Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts (continued): 0.04% (2017: 0.08%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan EUR 2,216,725 CHF 2,500,000 20/03/2019 (3,368) (0.00) JP Morgan EUR 1,157,536 NOK 11,500,000 20/03/2019 (672) (0.00) Morgan Stanley EUR 5,090,781 DKK 38,000,000 20/03/2019 (3,238) (0.00) Morgan Stanley EUR 3,873,845 GBP 3,500,000 20/03/2019 (14,908) (0.00) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (22,186) (0.00) –––––––––––– ––––––– Total Forward Currency Contracts 190,854 0.04 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 415,871,320) 398,265,954 82.96

Cash and Cash Equivalents and Due From Broker 80,857,126 16.84

Other Net Assets 941,450 0.20 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 480,064,530 100.00 –––––––––––– –––––––

*The indicated holding is managed by ANIMA SGR S.p.A.

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to official stock exchange listing 82.36 UCITS and non-UCITS Investment funds 0.26 Over the counter financial derivative instruments 0.04 Other Assets 17.34 ––––––– 100.00 –––––––

ANIMA Funds Plc 499 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA U.S. Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 91.34% (2017: 99.52%)

Cayman Islands: 0.85% (2017: 0.00%)

Internet: 0.85% (2017: 0.00%) 49,200 Tencent Holdings Ltd ADR NVP 1,698,748 0.85 –––––––––––– ––––––– Total Cayman Islands 1,698,748 0.85 –––––––––––– –––––––

Ireland: 0.40% (2017: 0.42%)

Healthcare-Products: 0.40% (2017: 0.42%) 10,122 Medtronic Plc Com USD 0.10 805,404 0.40 –––––––––––– ––––––– Total Ireland 805,404 0.40 –––––––––––– –––––––

Israel: 1.60% (2017: 1.87%)

Computers: 1.60% (2017: 1.87%) 35,441 Check Point Software Technologies Ltd Com USD 0.01 3,182,451 1.60 –––––––––––– ––––––– Total Israel 3,182,451 1.60 –––––––––––– –––––––

Switzerland: 2.89% (2017: 3.47%)

Computers: 1.22% (2017: 1.64%) 89,165 Logitech International SA Com CHF 0.25 2,439,821 1.22 Electronics: 1.67% (2017: 1.83%) 60,070 Garmin Ltd Com CHF 0.10 3,327,327 1.67 –––––––––––– ––––––– Total Switzerland 5,767,148 2.89 –––––––––––– –––––––

United States: 85.60% (2017: 93.76%)

Aerospace/Defense: 1.69% (2017: 2.79%) 4,597 Boeing Co Com USD 5.00 1,296,884 0.65 15,136 General Dynamics Corp Com USD 1.00 2,081,556 1.04 Apparel: 0.73% (2017: 0.00%) 102,528 Under Armour Inc Com USD 0.000333 1,450,272 0.73 Auto Manufacturers: 0.82% (2017: 0.00%) 245,370 Ford Motor Co Com USD 0.01 1,642,025 0.82 Banks: 3.17% (2017: 6.00%) 19,919 Citigroup Inc Com USD 0.01 907,128 0.45 3,583 Goldman Sachs Group Inc Com USD 0.01 523,589 0.26 26,667 Northern Trust Corp Com USD 1.667 1,949,958 0.98 4,209 PNC Financial Services Group Inc Com USD 5.00 430,455 0.22 62,347 Wells Fargo & Co Com USD 1.666 2,513,187 1.26 Beverages: 2.98% (2017: 2.29%) 70,442 Coca-Cola Co Com USD 0.25 2,917,753 1.46 47,150 Monster Beverage Corp Com USD 0.005 2,030,113 1.02 10,389 PepsiCo Inc Com USD 0.017 1,004,047 0.50 Biotechnology: 1.46% (2017: 3.44%) 5,433 Biogen Inc Com USD 0.0005 1,430,170 0.72 4,545 Regeneron Pharmaceuticals Inc Com USD 0.001 1,484,982 0.74

ANIMA Funds Plc 500 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA U.S. Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 91.34% (2017: 99.52%)

United States (continued): 85.60% (2017: 93.76%)

Chemicals 0.00% (2017: 0.62%)

Commercial Services: 1.47% (2017: 2.51%) 31,410 PayPal Holdings Inc Com USD 0.0001 2,310,517 1.16 12,750 Square Inc Com USD 0.000001 625,594 0.31 Computers: 4.88% (2017: 5.66%) 70,512 Apple Inc Com USD 0.00001 9,729,751 4.88 Cosmetics & Personal Care: 4.22% (2017: 3.20%) 10,334 Colgate-Palmolive Co Com USD 1.00 538,057 0.27 17,386 Estee Lauder Cos Inc Com USD 0.01 1,978,672 0.99 73,482 Procter & Gamble Co Com NPV 5,908,644 2.96 Diversified Financial Services: 2.81% (2017: 2.06%) 75,230 AllianceBernstein Holding LP CVS NPV 1,797,913 0.90 7,110 American Express Co Com USD 0.20 592,858 0.30 989 BlackRock Inc Com USD 0.01 339,849 0.17 7,199 Mastercard Inc Com USD 0.0001 1,188,026 0.60 14,596 Visa Inc Com USD 0.0001 1,684,640 0.84 Electronics: 0.00% (2017: 0.44%)

Food: 1.09% (2017: 2.55%) 43,502 Kellogg Co Com USD 0.25 2,169,487 1.09 Healthcare-Products: 2.20% (2017: 1.86%) 16,006 Abbott Laboratories Com NPV 1,012,740 0.51 4,237 Danaher Corp Com USD 0.01 382,207 0.19 7,123 Intuitive Surgical Inc Com USD 0.001 2,984,165 1.50 Healthcare-Services: 1.00% (2017: 0.83%) 9,174 UnitedHealth Group Inc Com USD 0.01 1,999,237 1.00 Household Products/Wares: 1.44% (2017: 1.62%) 21,362 Clorox Co Com USD 1.00 2,880,409 1.44 Insurance: 2.15% (2017: 1.99%) 16 Berkshire Hathaway Inc Com USD 5.00 4,282,903 2.15 Internet: 11.49% (2017: 11.32%) 3,661 Alphabet Inc Com USD 0.001 3,346,542 1.68 2,814 Alphabet Inc Class C Com USD 0.001 2,549,278 1.28 4,953 Amazon.com Inc Com USD 0.01 6,507,684 3.26 26,091 eBay Inc Com USD 0.001 640,663 0.32 35,062 Facebook Inc Com USD 0.000006 4,020,713 2.01 98,530 FireEye Inc Com USD 0.0001 1,397,167 0.70 4,846 Netflix Inc Com USD 0.001 1,134,655 0.57 68,300 Twitter Inc Com USD 0.000005 1,717,135 0.86 52,768 Yelp Inc Com USD 0.000001 1,615,145 0.81 Leisure Time: 0.74% (2017: 1.66%) 22,091 Polaris Industries Inc Com USD 0.01 1,481,816 0.74 Machinery, Construction & Mining 0.00% (2017: 0.32%)

Media: 0.64% (2017: 1.34%) 13,370 Walt Disney Co Com USD 0.01 1,282,440 0.64 Miscellaneous Manufacturers: 1.80% (2017: 3.01%) 13,477 3M Co Com USD 0.01 2,246,344 1.13 202,500 General Electric Co Com USD 0.06 1,340,966 0.67 Oil & Gas: 3.46% (2017: 4.62%) 17,893 Chevron Corp Com USD 0.75 1,702,821 0.85 81,985 Exxon Mobil Corp Com NPV 4,890,485 2.45 5,610 Occidental Petroleum Corp Com USD 0.20 301,222 0.15

ANIMA Funds Plc 501 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA U.S. Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 91.34% (2017: 99.52%)

United States (continued): 85.60% (2017: 93.76%)

Pharmaceuticals: 4.66% (2017: 5.01%) 15,313 AbbVie Inc Com USD 0.01 1,234,926 0.62 36,298 Johnson & Johnson Com USD 1.00 4,097,676 2.05 21,891 Merck & Co Inc Com USD 0.50 1,463,230 0.73 5,050 Neurocrine Biosciences Inc Com USD 0.001 315,462 0.16 56,933 Pfizer Inc Com USD 0.05 2,173,928 1.09 Retail: 12.80% (2017: 7.24%) 117,810 American Eagle Outfitters Inc Com USD 0.01 1,992,099 1.00 65,536 Cheesecake Factory Inc Com USD 0.01 2,494,399 1.26 10,110 Home Depot Inc Com USD 0.05 1,519,573 0.76 28,740 Lululemon Athletica Inc Com USD 0.005 3,057,405 1.53 28,720 McDonald's Corp Com USD 0.01 4,461,192 2.24 35,820 Target Corp Com USD 0.0833 2,070,895 1.04 22,380 Tiffany & Co Com USD 0.01 1,576,183 0.79 13,310 Ulta Salon Cosmetics & Fragrance Inc Com USD 0.01 2,850,738 1.43 22,500 Urban Outfitters Inc Com USD 0.0001 653,458 0.33 59,523 Walmart Inc Com USD 0.10 4,850,255 2.43 Semiconductors: 1.28% (2017: 2.56%) 34,454 Intel Corp Com USD 0.001 1,414,448 0.71 11,200 Monolithic Power Systems Inc Com USD 0.001 1,138,958 0.57 Software: 11.95% (2017: 11.82%) 29,601 Activision Blizzard Inc Com USD 0.000001 1,205,895 0.60 38,603 Citrix Systems Inc Com USD 0.001 3,459,969 1.74 18,901 Intuit Inc Com USD 0.01 3,254,746 1.63 105,722 Microsoft Corp Com USD 0.00000625 9,393,505 4.71 34,740 Oracle Corp Com USD 0.01 1,372,096 0.69 45,441 Paychex Inc Com USD 0.01 2,589,758 1.30 1,699 Red Hat Inc Com USD 0.0001 261,044 0.13 19,246 VMware Inc Com USD 0.01 2,308,712 1.16 Telecommunications: 1.99% (2017: 3.38%) 38,658 Cisco Systems Inc Com USD 0.001 1,465,294 0.74 6,521 LogMeIn Inc Com USD 0.01 465,309 0.23 41,553 Verizon Communications Inc Com USD 0.10 2,043,573 1.02 Toys/Games/Hobbies: 1.32% (2017: 1.71%) 37,046 Hasbro Inc Com USD 0.50 2,633,065 1.32 Transportation: 1.36% (2017: 1.91%) 45,590 Expeditors International of Washington Inc Com USD 0.01 2,715,500 1.36 –––––––––––– ––––––– Total United States 170,776,155 85.60 –––––––––––– ––––––– Total Equities 182,229,906 91.34 –––––––––––– ––––––– Futures Contracts (0.42)% (2017: 0.07%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 17,493,519 152 S&P 500 E Mini March 2019 (838,424) (0.42) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (838,424) (0.42) –––––––––––– ––––––– Total Futures Contracts (838,424) (0.42) –––––––––––– –––––––

ANIMA Funds Plc 502 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA U.S. Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts: ((0.01)%) (2017: 0.00%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan EUR 522,860 USD 600,000 20/03/2019 1,372 0.00 JP Morgan USD 1,000,000 EUR 867,428 20/03/2019 1,719 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 3,091 0.00 –––––––––––– ––––––– JP Morgan USD 17,230,000 EUR 15,003,875 20/03/2019 (28,478) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (28,478) (0.01) –––––––––––– ––––––– Total Forward Currency Contracts (25,387) (0.01) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 149,127,106) 181,366,095 90.91

Cash and Cash Equivalents and Due from Broker 17,827,962 8.94

Other Net Assets 305,693 0.15 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 199,499,750 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to official stock exchange listing 90.78 Over the counter financial derivative instruments 0.00 Other Assets 9.22 ––––––– 100.00 –––––––

ANIMA Funds Plc 503 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Asia/Pacific Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 84.78% (2017: 90.35%)

Australia: 14.93% (2017: 12.66%)

Banks: 6.40% (2017: 7.22%) 53,962 Australia & New Zealand Banking Group Ltd Com NPV 812,856 1.59 24,526 Commonwealth Bank of Australia Com NPV 1,093,389 2.14 46,493 National Australia Bank Ltd Com NPV 689,181 1.35 43,746 Westpac Banking Corp Com NPV 674,593 1.32 Biotechnology: 1.66% (2017: 0.51%) 7,421 CSL Ltd Com NPV 846,212 1.66 Electric: 0.00% (2017: 0.21%)

Food: 1.02% (2017: 0.38%) 9,528 Coles Group Ltd Com NPV 68,887 0.13 9,528 Wesfarmers Ltd Com NPV 189,059 0.37 14,784 Woolworths Group Ltd Com NPV 267,858 0.52 Insurance: 0.27% (2017: 1.05%) 17,821 Suncorp Group Ltd Com NPV 138,613 0.27 Mining: 4.35% (2017: 1.37%) 57,885 BHP Billiton Ltd Com NPV 1,220,232 2.39 21,794 Newcrest Mining Ltd Com NPV 292,592 0.57 14,747 Rio Tinto Ltd Com NPV 712,651 1.39 Oil & Gas: 1.23% (2017: 0.60%) 32,506 Woodside Petroleum Ltd Com NPV 626,981 1.23 Real Estate Investment Trusts: 0.00% (2017: 0.28%)

Telecommunications: 0.00% (2017: 1.04%) –––––––––––– ––––––– Total Australia 7,633,104 14.93 –––––––––––– –––––––

Bermuda: 0.75% (2017: 0.62%)

Distribution/Wholesale: 0.18% (2017: 0.14%) 670,000 Li & Fung Com HKD 0.0125 92,077 0.18 Retail: 0.00% (2017: 0.14%)

Water: 0.57% (2017: 0.34%) 646,834 Beijing Enterprises Water Group Ltd Com HKD 0.10 288,361 0.57 –––––––––––– ––––––– Total Bermuda 380,438 0.75 –––––––––––– –––––––

Brasil: 0.00% (2017: 0.18%)

Electric: 0.00% (2017: 0.18%)

Cayman Islands: 1.23% (2017: 1.26%)

Holding Companies-Diversified: 0.96% (2017: 0.85%) 58,256 CK Hutchison Holdings Ltd Com HKD 1.00 489,474 0.96 Lodging: 0.27% (2017: 0.21%) 36,400 Sands China Ltd Com USD 0.01 139,498 0.27 Retail: 0.00% (2017: 0.20%) –––––––––––– ––––––– Total Cayman Islands 628,972 1.23 –––––––––––– –––––––

ANIMA Funds Plc 504 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Asia/Pacific Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 84.78% (2017: 90.35%)

Hong Kong: 7.23% (2017: 4.98%)

Diversified Financial Services: 0.58% (2017: 0.43%) 11,712 Hong Kong Exchanges & Clearing Ltd Com NPV 296,526 0.58 Electric: 0.72% (2017: 0.46%) 22,500 CLP Holdings Ltd Com NPV 222,483 0.44 23,822 Power Assets Holdings Ltd Com NPV 145,059 0.28 Gas: 0.44% (2017: 0.23%) 124,074 Hong Kong & China Gas Co Ltd Com NPV 224,578 0.44 Insurance: 5.49% (2017: 3.86%) 386,800 AIA Group Ltd Com NPV 2,809,124 5.49 –––––––––––– ––––––– Total Hong Kong 3,697,770 7.23 –––––––––––– –––––––

Italy 0.00% (2017: 0.38%)

Apparel: 0.00% (2017: 0.38%)

Japan: 58.40% (2017: 66.94%)

Advertising: 0.42% (2017: 0.00%) 5,500 Dentsu Inc Com NPV 215,096 0.42 Aerospace/Defense: 0.47% (2017: 0.87%) 10,000 IHI Corp Com NPV 241,587 0.47 Agriculture: 0.61% (2017: 1.39%) 15,000 Japan Tobacco Inc Com NPV 312,927 0.61 Airlines 0.00% (2017: 1.02%)

Auto Manufacturers: 5.82% (2017: 6.65%) 30,000 Honda Motor Co Ltd Com NPV 692,350 1.35 12,700 Subaru Corp Com NPV 238,972 0.47 9,300 Suzuki Motor Corp Com NPV 412,795 0.81 31,900 Toyota Motor Corp Com NPV 1,629,328 3.19 Auto Parts & Equipment: 1.76% (2017: 2.04%) 8,000 Bridgestone Corp Com NPV 270,195 0.53 12,100 Denso Corp Com NPV 472,054 0.92 13,800 Sumitomo Electric Industries Ltd Com NPV 160,863 0.31 Banks: 4.09% (2017: 7.89%) 209,100 Mitsubishi UFJ Financial Group Inc Com NPV 896,781 1.75 92,700 Resona Holdings Inc Com NPV 390,769 0.77 27,600 Sumitomo Mitsui Financial Group Inc Com NPV 802,116 1.57 Beverages: 1.40% (2017: 0.00%) 9,000 Asahi Group Holdings Ltd Com NPV 306,337 0.60 22,400 Kirin Holdings Co Ltd Com NPV 410,510 0.80 Building Materials: 0.55% (2017: 0.37%) 3,000 Daikin Industries Ltd Com NPV 279,739 0.55 Chemicals: 1.84% (2017: 2.12%) 18,000 Asahi Kasei Corp Com NPV 162,174 0.32 24,400 Hitachi Chemical Co Ltd Com NPV 322,945 0.63 4,900 Nitto Denko Corp Com NPV 216,557 0.42 3,500 Shin-Etsu Chemical Co Ltd Com NPV 238,206 0.47 Commercial Services: 0.96% (2017: 1.14%) 23,000 Recruit Holdings Co Ltd Com NPV 488,257 0.96 Computers: 1.63% (2017: 1.96%) 3,000 Fujitsu Ltd Com NPV 163,777 0.32

ANIMA Funds Plc 505 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Asia/Pacific Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 84.78% (2017: 90.35%)

Japan (continued): 58.40% (2017: 66.94%)

Computers Japan (continued): 1.63% (2017: 1.96%) 25,000 NTT Data Corp Com NPV 240,191 0.47 7,000 TDK Corp Com NPV 430,870 0.84 Cosmetics & Personal Care: 2.26% (2017: 1.57%) 6,300 Kao Corp Com NPV 409,583 0.80 6,000 Shiseido Co Ltd Com NPV 329,706 0.65 14,600 Unicharm Corp Com NPV 414,297 0.81 Distribution/Wholesale: 3.05% (2017: 2.18%) 32,900 Itochu Corp Com NPV 489,746 0.96 60,000 Marubeni Corp Com NPV 369,509 0.72 29,000 Mitsubishi Corp Com NPV 698,290 1.37 Diversified Financial Services: 0.99% (2017: 0.47%) 39,400 ORIX Corp Com NPV 504,356 0.99 Electric: 0.64% (2017: 0.00%) 25,000 Kansai Electric Power Co Inc Com NPV 328,893 0.64 Electrical Components & Equipment: 0.62% (2017: 0.74%) 3,200 Nidec Corp Com NPV 318,289 0.62 Electronics: 2.72% (2017: 3.56%) 4,500 Hoya Corp Com NPV 237,341 0.46 1,000 Keyence Corp Com NPV 443,946 0.87 10,700 Kyocera Corp Com NPV 469,903 0.92 2,000 Murata Manufacturing Co Ltd Com NPV 238,478 0.47 Engineering & Construction: 2.28% (2017: 0.86%) 15,000 JGC Corp Com NPV 185,017 0.36 46,100 Obayashi Corp Com NPV 365,358 0.72 16,400 Taisei Corp Com NPV 615,225 1.20 Entertainment: 0.43% (2017: 0.00%) 2,500 Oriental Land Co Ltd Com NPV 220,358 0.43 Food: 1.59% (2017: 1.68%) 14,800 Seven & i Holdings Co Ltd Com NPV 564,408 1.11 4,000 Yakult Honsha Co Ltd Com NPV 246,211 0.48 Forest Products & Paper: 0.00% (2017: 0.33%)

Gas: 0.52% (2017: 0.00%) 12,000 Tokyo Gas Co Ltd Com NPV 266,511 0.52 Hand/Machine Tools: 0.36% (2017: 0.00%) 700 SMC Corp Com NPV 185,520 0.36 Healthcare-Products: 1.16% (2017: 0.00%) 15,600 Olympus Corp Com NPV 419,787 0.82 3,500 Terumo Corp Com NPV 173,688 0.34 Home Builders: 0.68% (2017: 0.92%) 12,500 Daiwa House Industry Co Ltd Com NPV 348,627 0.68 Home Furnishings: 2.27% (2017: 1.53%) 23,500 Panasonic Corp Com NPV 185,608 0.37 22,900 Sony Corp Com NPV 972,451 1.90 Insurance: 2.70% (2017: 2.83%) 47,300 Dai-ichi Life Holdings Inc Com NPV 647,911 1.27 20,000 Japan Post Holdings Co Ltd Com NPV 201,721 0.39 10,000 MS&AD Insurance Group Holdings Inc Com NPV 249,720 0.49 6,700 Tokio Marine Holdings Inc Com NPV 279,708 0.55 Internet: 0.53% (2017: 0.23%) 124,400 Yahoo Japan Corp Com NPV 271,770 0.53 Machinery, Construction & Mining: 1.98% (2017: 3.91%) 12,300 Hitachi Ltd Com NPV 287,884 0.56 20,000 Komatsu Ltd Com NPV 377,211 0.74

ANIMA Funds Plc 506 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Asia/Pacific Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 84.78% (2017: 90.35%)

Japan (continued): 58.40% (2017: 66.94%)

Machinery, Construction & Mining (continued): 1.98% (2017: 3.91%) 35,800 Mitsubishi Electric Corp Com NPV 347,237 0.68 Machinery-Diversified: 0.98% (2017: 1.39%) 1,400 FANUC Corp Com NPV 186,078 0.36 25,400 Kubota Corp Com NPV 316,232 0.62 Media 0.00% (2017: 0.45%)

Miscellaneous Manufacturers: 0.33% (2017: 0.23%) 5,000 Fujifilm Holdings Corp Com NPV 170,227 0.33 Office/Business Equipment: 0.61% (2017: 1.24%) 13,000 Canon Inc Com NPV 311,057 0.61 Oil & Gas: 0.76% (2017: 1.46%) 85,000 JXTG Holdings Inc Com NPV 390,841 0.76 Pharmaceuticals 3.18% (2017: 2.97%) 43,000 Astellas Pharma Inc Com NPV 480,499 0.94 2,500 Chugai Pharmaceutical Co Ltd Com NPV 127,172 0.25 7,000 Daiichi Sankyo Co Ltd Com NPV 195,957 0.38 3,000 Eisai Co Ltd Com NPV 203,364 0.40 5,000 Otsuka Holdings Co Ltd Com NPV 179,117 0.35 3,500 Shionogi & Co Ltd Com NPV 174,999 0.34 9,000 Takeda Pharmaceutical Co Ltd Com NPV 265,865 0.52 Real Estate: 1.04% (2017: 2.46%) 38,500 Mitsubishi Estate Co Ltd Com NPV 530,899 1.04 Real Estate Investment Trusts: 0.00% (2017: 0.33%)

Retail: 1.05% (2017: 1.69%) 700 Fast Retailing Co Ltd Com NPV 314,613 0.62 2,000 Nitori Holdings Co Ltd Com NPV 218,943 0.43 Semiconductors: 0.16% (2017: 0.00%) 800 Tokyo Electron Ltd Com NPV 79,827 0.16 Telecommunications: 4.15% (2017: 3.72%) 37,100 KDDI Corp Com NPV 776,191 1.52 20,000 Nippon Telegraph & Telephone Corp Com NPV 714,715 1.40 10,800 SoftBank Group Corp Com NPV 629,035 1.23 Toys/Games/Hobbies: 0.50% (2017: 1.74%) 1,100 Nintendo Co Ltd Com NPV 256,844 0.50 Transportation: 1.31% (2017: 3.00%) 2,000 Central Japan Railway Co Com NPV 369,397 0.72 3,890 East Japan Railway Co Com NPV 301,192 0.59 –––––––––––– ––––––– Total Japan 29,852,728 58.40 –––––––––––– –––––––

Singapore: 2.24% (2017: 3.28%)

Agriculture 0.00% (2017: 0.66%)

Airlines: 0.32% (2017: 0.33%) 27,200 Singapore Airlines Ltd Com NPV 164,445 0.32 Banks: 0.99% (2017: 0.96%) 33,318 DBS Group Holdings Ltd Com NPV 506,577 0.99 Holding Companies-Diversified: 0.35% (2017: 0.39%) 47,000 Keppel Corp Ltd Com NPV 178,273 0.35

ANIMA Funds Plc 507 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Asia/Pacific Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 84.78% (2017: 90.35%)

Singapore (continued): 2.24% (2017: 3.28%)

Lodging: 0.16% (2017: 0.25%) 16,100 City Developments Ltd Com NPV 83,904 0.16 Oil & Gas Services: 0.00% (2017: 0.25%)

Telecommunications: 0.42% (2017: 0.44%) 75,100 Singapore Telecommunications Ltd Com NPV 141,224 0.28 37,400 Singapore Telecommunications Ltd Com NPV (Board Lot 10) 71,050 0.14 –––––––––––– ––––––– Total Singapore 1,145,473 2.24 –––––––––––– ––––––– United Kingdom 0.00% (2017: 0.05%)

Banks: 0.00% (2017: 0.05%) –––––––––––– ––––––– Total Equities 43,338,485 84.78 –––––––––––– –––––––

Investment Funds: 0.00% (2017: 0.00%)

Australia: 0.00% (2017: 0.00%)

Asset Allocation Funds: 0.00% (2017: 0.00%) 172,228 BGP Holdings Unlisted Fund - 0.00 –––––––––––– ––––––– Total Australia - 0.00 –––––––––––– ––––––– Total Investment Funds - 0.00 –––––––––––– –––––––

Futures Contracts: (0.66)% (2017: 0.02%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 2,653,864 31 SPI 200 March 2019 277 0.00 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 277 0.00 –––––––––––– ––––––– 5,696,860 45 Topix Index March 2019 (340,541) (0.66) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (340,541) (0.66) –––––––––––– ––––––– Total Futures Contracts (340,264) (0.66) –––––––––––– –––––––

Forward Currency Contracts: (0.02)% (2017: 0.11%)

ANIMA Funds Plc 508 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Asia/Pacific Equity (continued)

Forward Currency Contracts: (0.02)% (2017: 0.11%) Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan JPY 124,500,000 EUR 973,074 20/03/2019 19,304 0.04 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 19,304 0.04 –––––––––––– ––––––– JP Morgan AUD 2,000,000 EUR 1,254,540 20/03/2019 (29,166) (0.06) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (29,166) (0.06) –––––––––––– ––––––– Total Forward Currency Contracts (9,862) (0.02) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 45,950,977) 42,988,359 84.10

Cash and Cash Equivalents and Due From Broker 8,119,062 15.88

Other Net Assets 10,141 0.02 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 51,117,562 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to official stock exchange listing 84.04 UCITS and non-UCITS Investment Funds 0.00 Financial derivative instruments dealt in on a regulated market 0.00 Over the counter financial derivative instruments 0.04 Other Assets 15.92 ––––––– 100.00 –––––––

ANIMA Funds Plc 509 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 98.61% (2017: 99.70%)

Canada: 1.40% (2017: 2.40%)

Oil & Gas: 1.40% (2017: 2.40%) 25,816 Canadian Natural Resources Ltd Com NPV 544,933 1.40 –––––––––––– ––––––– Total Canada 544,933 1.40 –––––––––––– –––––––

Finland: 0.62% (2017: 0.00%)

Telecommunications: 0.62% (2017: 0.00%) 48,200 Nokia OYJ Com NPV 242,446 0.62 –––––––––––– ––––––– Total Finland 242,446 0.62 –––––––––––– –––––––

France: 6.15% (2017: 7.25%)

Advertising: 1.60% (2017: 1.25%) 12,400 Publicis Groupe SA Com EUR 0.40 620,992 1.60 Banks: 2.35% (2017: 1.38%) 10,720 BNP Paribas SA Com EUR 2.00 423,172 1.09 17,643 Societe Generale SA Com EUR 1.25 490,828 1.26 Electrical Components & Equipment: 0.00% (2017: 1.19%)

Engineering & Construction: 0.00% (2017: 1.09%)

Food: 1.18% (2017: 1.29%) 30,720 Carrefour SA Com EUR 2.50 458,035 1.18 Pharmaceuticals: 1.02% (2017: 1.05%) 5,210 Sanofi Com EUR 2.00 394,189 1.02 –––––––––––– ––––––– Total France 2,387,216 6.15 –––––––––––– –––––––

Germany: 4.12% (2017: 5.68%)

Auto Manufacturers: 2.79% (2017: 2.14%) 11,000 Daimler AG Com NPV 505,010 1.30 4,160 Volkswagen AG Pref NPV 577,907 1.49 Auto Parts & Equipment: 0.00% (2017: 0.86%)

Building Materials: 0.00% (2017: 0.79%)

Electric: 1.33% (2017: 0.41%) 60,000 E.ON SE Com NPV 517,620 1.33 Machinery-Diversified: 0.00% (2017: 0.47%)

Telecommunications: 0.00% (2017: 1.01%) –––––––––––– ––––––– Total Germany 1,600,537 4.12 –––––––––––– –––––––

ANIMA Funds Plc 510 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 98.61% (2017: 99.70%)

Hong Kong (continued): 0.78% (2017: 0.00%)

Holding Companies-Diversified: 0.78% (2017: 0.00%) 32,632 Swire Pacific Ltd Com HKD 0.60 301,523 0.78 –––––––––––– ––––––– Total Hong Kong 301,523 0.78 –––––––––––– –––––––

Ireland: 2.40% (2017: 2.28%)

Building Materials: 1.16% (2017: 1.24%) 17,309 Johnson Controls International Plc Com USD 0.01 448,945 1.16 Healthcare-Products: 1.24% (2017: 0.00%) 6,069 Medtronic Plc Com USD 0.10 482,908 1.24 Miscellaneous Manufacturers: 0.00% (2017: 1.04%) –––––––––––– ––––––– Total Ireland 931,853 2.40 –––––––––––– –––––––

Italy: 2.13% (2017: 2.09%)

Electric: 1.23% (2017: 1.15%) 94,690 Enel SpA Com EUR 1.00 477,616 1.23 Oil & Gas: 0.90% (2017: 0.94%) 25,335 Eni SpA Com NPV 348,306 0.90 –––––––––––– ––––––– Total Italy 825,922 2.13 –––––––––––– –––––––

Japan: 15.78% (2017: 18.88%)

Aerospace/Defense: 0.50% (2017: 1.05%) 8,000 IHI Corp Com NPV 193,270 0.50 Auto Parts & Equipment: 0.83% (2017: 0.00%) 8,300 Denso Corp Com NPV 323,805 0.83 Banks: 0.82% (2017: 1.66%) 11,000 Sumitomo Mitsui Financial Group Inc Com NPV 319,684 0.82 Beverages: 0.91% (2017: 0.00%) 19,300 Kirin Holdings Co Ltd Com NPV 353,698 0.91 Chemicals: 0.70% (2017: 0.00%) 64,500 Sumitomo Chemical Co Ltd Com NPV 274,106 0.70 Computers: 0.00% (2017: 1.04%)

Cosmetics & Personal Care: 0.00% (2017: 0.73%)

Distribution/Wholesale: 0.83% (2017: 1.00%) 13,400 Mitsubishi Corp Com NPV 322,658 0.83 Diversified Financial Services: 1.20% (2017: 1.04%) 36,300 ORIX Corp Com NPV 464,673 1.20 Electronics: 0.94% (2017: 1.54%) 8,300 Kyocera Corp Com NPV 364,505 0.94 Food: 2.43% (2017: 1.16%) 6,000 MEIJI Holdings Co Ltd Com NPV 428,638 1.10 13,500 Seven & i Holdings Co Ltd Com NPV 514,831 1.33 Home Furnishings: 0.00% (2017: 0.76%)

ANIMA Funds Plc 511 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 98.61% (2017: 99.70%)

Japan (continued): 15.78% (2017: 18.88%)

Insurance: 1.34% (2017: 0.00%) 51,500 Japan Post Holdings Co Ltd Com NPV 519,432 1.34 Machinery, Construction & Mining: 1.95% (2017: 1.78%) 15,400 Hitachi Ltd Com NPV 360,441 0.93 21,000 Komatsu Ltd Com NPV 396,071 1.02 Miscellaneous Manufacturers: 0.00% (2017: 1.02%)

Office/Business Equipment: 0.94% (2017: 0.67%) 46,100 Konica Minolta Inc Com NPV 364,990 0.94 Oil & Gas: 0.00% (2017: 0.84%)

Pharmaceuticals: 0.55% (2017: 2.21%) 13,000 Kyowa Hakko Kirin Co Ltd Com NPV 215,283 0.55 Real Estate: 0.87% (2017: 0.86%) 24,500 Mitsubishi Estate Co Ltd Com NPV 337,845 0.87 Retail: 0.00% (2017: 0.80%)

Transportation: 0.97% (2017: 0.72%) 6,100 West Japan Railway Co Com NPV 377,466 0.97 –––––––––––– ––––––– Total Japan 6,131,396 15.78 –––––––––––– –––––––

Jersey: 1.37% (2017: 2.53%)

Advertising: 1.37% (2017: 0.00%) 56,300 WPP Plc Com GBP 0.10 531,027 1.37 Diversified Financial Services: 0.00% (2017: 1.05%)

Pharmaceuticals: 0.00% (2017: 1.48%) –––––––––––– ––––––– Total Jersey 531,027 1.37 –––––––––––– –––––––

Netherlands: 0.95% (2017: 1.85%)

Electrical Components & Equipment: 0.95% (2017: 0.67%) 18,127 Signify NV Com EUR 0.01 371,060 0.95 Insurance: 0.00% (2017: 1.18%) –––––––––––– ––––––– Total Netherlands 371,060 0.95 –––––––––––– –––––––

People's Republic of China: 0.76% (2017: 0.00%)

Oil & Gas: 0.76% (2017: 0.00%) 540,000 PetroChina Co Ltd Com CNY 1.00 294,432 0.76 –––––––––––– ––––––– Total People's Republic of China 294,432 0.76 –––––––––––– –––––––

ANIMA Funds Plc 512 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 98.61% (2017: 99.70%)

Spain: 1.15% (2017: 0.00%)

Banks: 1.15% (2017: 0.00%) 112,560 Banco Santander SA Com EUR 0.50 447,201 1.15 –––––––––––– ––––––– Total Spain 447,201 1.15 –––––––––––– –––––––

Sweden: 0.47% (2017: 1.01%)

Telecommunications: 0.47% (2017: 1.01%) 23,700 Telefonaktiebolaget LM Ericsson Com SEK 5.00 182,210 0.47 –––––––––––– ––––––– Total Sweden 182,210 0.47 –––––––––––– –––––––

Switzerland: 7.40% (2017: 6.64%)

Banks: 2.44% (2017: 2.22%) 54,700 Credit Suisse Group AG Com CHF 0.04 524,227 1.35 39,020 UBS Group AG Com CHF 0.10 423,642 1.09 Building Materials: 1.49% (2017: 0.00%) 16,100 LafargeHolcim Ltd Com CHF 2.00 578,614 1.49 Machinery, Construction & Mining: 0.00% (2017: 1.32%)

Pharmaceuticals: 3.47% (2017: 3.10%) 3,590 Roche Holding AG Com NPV 775,395 2.00 7,680 Novartis AG Com CHF 0.50 572,737 1.47 –––––––––––– ––––––– Total Switzerland 2,874,615 7.40 –––––––––––– –––––––

United Kingdom: 8.25% (2017: 10.81%)

Diversified Financial Services: 0.91% (2017: 0.00%) 124,073 Standard Life Aberdeen Plc Com GBP.122222 354,910 0.91 Food: 0.89% (2017: 1.85%) 163,788 Tesco Plc Com NPV 346,892 0.89 Gas: 1.37% (2017: 0.87%) 353,756 Centrica Plc Com GBP 0.061728 531,674 1.37 Insurance: 1.30% (2017: 1.15%) 32,200 Prudential Plc Com GBP 0.05 502,960 1.30 Miscellaneous Manufacturers: 0.80% (2017: 0.00%) 20,360 Smiths Group Plc Com GBP 0.375 309,401 0.80 Oil & Gas: 0.00% (2017: 2.88%)

Pharmaceuticals: 0.00% (2017: 1.37%)

Telecommunications: 2.98% (2017: 2.69%) 220,190 BT Group Plc Com GBP 0.05 584,100 1.50 336,440 Vodafone Group Plc Com USD 0.2095 573,119 1.48 –––––––––––– ––––––– Total United Kingdom 3,203,056 8.25 –––––––––––– –––––––

ANIMA Funds Plc 513 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 98.61% (2017: 99.70%)

United States: 44.88% (2017: 38.28%)

Aerospace/Defense: 0.00% (2017: 0.80%)

Apparel: 1.29% (2017: 1.43%) 5,530 Ralph Lauren Corp Com USD 0.01 500,489 1.29 Banks: 2.61% (2017: 3.31%) 14,500 Citigroup Inc Com USD 0.01 660,342 1.70 6,400 State Street Corp Com USD 1.00 353,102 0.91 Biotechnology: 6.81% (2017: 2.57%) 6,100 Alexion Pharmaceuticals Inc Com USD.0001 519,526 1.34 2,610 Biogen Inc Com USD 0.0005 687,050 1.77 13,790 Celgene Corp Com USD 0.01 773,128 1.99 12,170 Gilead Sciences Inc Com USD 0.001 665,909 1.71 Chemicals: 0.80% (2017: 1.61%) 3,940 Celanese Corp Com USD.0001 310,092 0.80 Commercial Services: 0.00% (2017: 0.67%)

Computers: 2.72% (2017: 3.06%) 20,377 HP Inc Com USD 0.01 364,706 0.94 6,953 International Business Machines Corp Com USD 0.20 691,377 1.78 Diversified Financial Services: 1.64% (2017: 1.60%) 2,820 Affiliated Managers Group Inc Com USD 0.01 240,372 0.62 15,346 Franklin Resources Inc Com USD 0.10 398,165 1.02 Electronics: 1.01% (2017: 0.50%) 14,906 Corning Inc Com USD 0.50 393,921 1.01 Food: 3.51% (2017: 1.95%) 5,120 Hershey Co Com USD 1.00 480,044 1.23 9,500 Kraft Heinz Co Com USD.01 357,678 0.92 15,057 Mondelez International Inc Com NPV 527,255 1.36 Insurance: 2.19% (2017: 2.00%) 16,070 MetLife Inc Com USD 0.01 577,207 1.49 7,772 Voya Financial Inc Com USD 0.01 272,902 0.70 Internet: 2.37% (2017: 1.27%) 24,130 eBay Inc Com USD 0.001 592,511 1.53 2,850 Facebook Inc Com USD 0.000006 326,822 0.84 Media: 0.86% (2017: 1.83%) 14,900 Viacom Inc Com USD 0.001 334,978 0.86 Miscellaneous Manufacturers: 1.71% (2017: 1.19%) 100,054 General Electric Co Com USD 0.06 662,563 1.71 Office/Business Equipment: 0.99% (2017: 0.00%) 22,284 Xerox Corp Com USD 1.00 385,192 0.99 Oil & Gas: 2.08% (2017: 1.15%) 4,550 Chevron Corp Com USD 0.75 433,009 1.12 6,280 Exxon Mobil Corp Com NPV 374,608 0.96 Oil & Gas Services: 0.95% (2017: 0.66%) 19,629 Baker Hughes a GE Co Com USD 0.0001 369,176 0.95 Pharmaceuticals: 1.14% (2017: 3.13%) 9,770 Bristol-Myers Squibb Co Com USD 0.10 444,250 1.14 Pipelines: 1.15% (2017: 0.00%) 23,130 Williams Cos Inc Com USD 1.00 446,150 1.15 Private Equity: 0.94% (2017: 0.00%) 14,010 Blackstone Group LP Com NPV 365,340 0.94 Retail: 4.36% (2017: 4.17%) 17,980 L Brands Inc Com USD 0.50 403,750 1.04 10,000 Target Corp Com USD 0.0833 578,139 1.49

ANIMA Funds Plc 514 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 98.61% (2017: 99.70%)

United States (continued): 44.88% (2017: 38.28%)

Retail (continued): 4.36% (2017: 4.17%) 7,351 Walgreens Boots Alliance Inc Com USD 0.01 439,395 1.13 3,340 Walmart Inc Com USD 0.10 272,161 0.70 Semiconductors: 1.28% (2017: 1.22%) 6,600 Intel Corp Com USD 0.001 270,951 0.70 4,550 QUALCOMM Inc Com USD 0.0001 226,515 0.58 Software: 1.21% (2017: 1.53%) 11,843 Oracle Corp Com USD 0.01 467,753 1.21 Telecommunications: 2.53% (2017: 1.41%) 25,186 CenturyLink Inc Com USD 1.00 333,787 0.86 17,131 Cisco Systems Inc Com USD 0.001 649,334 1.67 Transportation: 0.73% (2017: 1.22%) 3,402 Kansas City Southern Com USD 0.01 284,058 0.73 –––––––––––– ––––––– Total United States 17,433,707 44.88 –––––––––––– ––––––– Total Equities 38,303,134 98.61 –––––––––––– –––––––

Forward Currency Contracts: (0.32)% (2017: 0.13%)

Unrealised Maturity Gain/(Loss % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs CHF 300,000 EUR 264,843 20/03/2019 1,569 0.01 Goldman Sachs NOK 1,000,000 EUR 100,655 20/03/2019 59 0.00 JP Morgan EUR 83,625 HKD 750,000 20/03/2019 179 0.00 JP Morgan JPY 25,000,000 EUR 195,738 20/03/2019 3,535 0.01 JP Morgan SEK 2,360,000 EUR 229,157 20/03/2019 3,629 0.01 Morgan Stanley DKK 3,000,000 EUR 401,945 20/03/2019 214 0.00 Morgan Stanley EUR 348,823 USD 400,000 20/03/2019 1,164 0.00

Total Fair Value Gains on Forward Currency Contracts 10,349 0.03

Goldman Sachs EUR 3,102,811 JPY 397,045,000 20/03/2019 (61,999) (0.16) Goldman Sachs EUR 260,467 USD 300,000 20/03/2019 (277) (0.00) JP Morgan AUD 1,670,000 EUR 1,047,541 20/03/2019 (24,354) (0.06) JP Morgan CAD 2,140,000 EUR 1,394,228 20/03/2019 (29,977) (0.08) JP Morgan EUR 1,551,274 GBP 1,397,000 20/03/2019 (894) (0.00) JP Morgan EUR 43,408 USD 50,000 20/03/2019 (49) (0.00) JP Morgan USD 6,190,000 EUR 5,390,249 20/03/2019 (10,231) (0.03) JP Morgan USD 400,000 EUR 349,062 20/03/2019 (1,403) (0.00) JP Morgan USD 400,000 EUR 347,759 20/03/2019 (101) (0.00) JP Morgan USD 300,000 EUR 261,366 20/03/2019 (622) (0.00) Morgan Stanley EUR 1,993,724 CHF 2,249,000 20/03/2019 (3,471) (0.01) Morgan Stanley EUR 432,563 USD 500,000 20/03/2019 (2,010) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (135,388) (0.35) –––––––––––– ––––––– Total Forward Currency Contracts (125,039) (0.32) –––––––––––– –––––––

ANIMA Funds Plc 515 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Equity (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 42,753,125) 38,178,095 98.29

Bank overdraft (96,300) (0.25)

Other Net Assets 761,779 1.96 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 38,843,574 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 96.49 Over the counter financial derivative instruments 0.03 Other Assets 3.48 ––––––– 100.00 –––––––

ANIMA Funds Plc 516 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 75.37% (2017: 93.54%)

Argentina: 0.00% (2017: 0.38%)

Oil & Gas: 0.00% (2017: 0.38%)

Bermuda: 1.14% (2017: 0.86%)

Commercial Services: 0.00% (2017: 0.01%)

Gas: 0.46% (2017: 0.31%) 60,171 China Resources Gas Group Ltd Com HKD 0.10 208,411 0.46 Media: 0.00% (2017: 0.21%)

Oil & Gas: 0.36% (2017: 0.31%) 179,588 Kunlun Energy Co Ltd Com HKD 0.01 166,543 0.36 Water: 0.32% (2017: 0.33%) 326,686 Beijing Enterprises Water Group Ltd Com HKD 0.10 145,638 0.32 –––––––––––– ––––––– Total Bermuda 520,592 1.14 –––––––––––– –––––––

Brazil: 7.13% (2017: 6.27%)

Banks: 3.01% (2017: 1.70%) 69,975 Banco Bradesco SA ADR NPV 605,391 1.32 37,828 Itau Unibanco Holding SA ADR NPV 302,456 0.66 59,202 Itau Unibanco Holding SA Pref NPV 474,358 1.03 Beverages: 0.52% (2017: 0.00%) 70,000 Ambev SA ADR NPV 240,038 0.52 Commercial Services: 0.00% (2017: 0.71%)

Diversified Financial Services: 0.33% (2017: 0.00%) 25,000 B3 - Brasil Bolsa Balcao Com NPV 151,279 0.33 Food: 0.30% (2017: 0.47%) 7,500 Cia Brasileira de Distribuicao Pref NPV 137,082 0.30 Forest Products & Paper: 0.28% (2017: 0.34%) 15,000 Suzano Papel E Celulose SA Com NPV 128,923 0.28 Holding Companies-Diversified: 0.00% (2017: 0.00%)

Iron/Steel: 0.76% (2017: 0.80%) 30,000 Vale SA ADR NPV 346,149 0.76 Oil & Gas: 1.48% (2017: 1.18%) 40,000 Petroleo Brasileiro SA ADR NPV 455,233 0.99 22,145 Petroleo Brasileiro SA ADR Pref NPV 224,521 0.49 Real Estate: 0.00% (2017: 0.18%)

Retail: 0.39% (2017: 0.26%) 43,691 Atacadao Distribuicao Comercio e Industria Ltda 178,390 0.39 Telecommunications: 0.00% (2017: 0.63%)

Water: 0.06% (2017: 0.00%) 2,058 Cia de Saneamento do Parana 28,567 0.06 –––––––––––– ––––––– Total Brazil 3,272,387 7.13 –––––––––––– –––––––

ANIMA Funds Plc 517 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

Cayman Islands: 14.50% (2017: 13.53%)

Biotechnology: 0.23% (2017: 0.00%) 93,500 3SBio Inc Com HKD 0.025 104,886 0.23

Energy - Alternate Sources: 0.00% (2017: 0.29%)

Food: 1.21% (2017: 0.71%) 66,883 China Mengniu Dairy Co Ltd Com HKD 0.10 182,338 0.40 104,700 Tingyi Cayman Islands Holding Corp Com USD 0.005 122,363 0.27 409,292 Want Want China Holdings Ltd Com USD 0.02 250,602 0.54 Healthcare-Products: 0.52% (2017: 0.57%) 37,295 Hengan International Group Co Ltd Com HKD 0.10 237,518 0.52 Internet: 11.69% (2017: 11.64%) 12,588 Alibaba Group Holding Ltd ADR NPV 1,509,371 3.29 3,988 Baidu Inc ADR NPV 553,293 1.20 8,881 Ctrip.com International Ltd ADR NPV 210,226 0.46 11,681 JD.com Inc ADR NPV 213,868 0.47 82,051 Tencent Holdings Ltd Com HKD 0.00002 2,878,622 6.27 Miscellaneous Manufacturers: 0.24% (2017: 0.00%) 14,500 Sunny Optical Technology Group Co Ltd Com HKD 0.10 112,758 0.24 Pharmaceuticals: 0.12% (2017: 0.00%) 93,000 Sino Biopharmaceutical Com HKD 0.025 53,617 0.12 Real Estate: 0.00% (2017: 0.32%)

Retail: 0.49% (2017: 0.00%) 54,000 ANTA Sports Products Com HKD 0.10 226,556 0.49 –––––––––––– ––––––– Total Cayman Islands 6,656,018 14.50 –––––––––––– –––––––

Chile: 0.76% (2017: 1.36%)

Banks: 0.19% (2017: 0.12%) 10,663,974 Itau CorpBanka Com NPV 87,345 0.19 Beverages: 0.28% (2017: 0.30%) 39,389 Embotelladora Andina SA Pref NPV 129,088 0.28 Electric: 0.29% (2017: 0.94%) 8,926 Enel Generacion Chile SA ADR NPV 132,740 0.29 –––––––––––– ––––––– Total Chile 349,173 0.76 –––––––––––– –––––––

Colombia: 0.13% (2017: 0.14%)

Banks: 0.13% (2017: 0.14%) 11,752 Grupo Aval Acciones y Valores SA ADR NPV 60,654 0.13 –––––––––––– ––––––– Total Colombia 60,654 0.13 –––––––––––– –––––––

Cyprus: 0.07% (2017: 0.09%)

Machinery-Diversified: 0.07% (2017: 0.09%) 5,500 HMS Hydraulic Machines & Systems Grp Plc GDR NPV 33,679 0.07 –––––––––––– ––––––– Total Cyprus 33,679 0.07 –––––––––––– –––––––

ANIMA Funds Plc 518 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

Czech Republic: 0.00% (2017: 1.02%)

Banks: 0.00% (2017: 0.95%)

Electric: 0.00% (2017: 0.07%)

Hong Kong: 3.66% (2017: 3.64%)

Commercial Services: 0.00% (2017: 0.22%)

Environmental Control: 0.31% (2017: 0.46%) 180,834 China Everbright International Ltd Com NPV 141,837 0.31 Gas: 0.31% (2017: 0.23%) 30,869 Beijing Enterprises Holdings Ltd Com NPV 143,134 0.31 Oil & Gas: 0.72% (2017: 0.50%) 243,750 CNOOC Ltd Com NPV 329,535 0.72 Pharmaceuticals: 0.11% (2017: 0.00%) 40,000 CSPC Pharmaceutical Group Com NPV 50,502 0.11 Real Estate: 0.22% (2017: 0.68%) 34,000 China Overseas Land & Investment Ltd Com NPV 102,188 0.22 Telecommunications: 1.99% (2017: 1.64%) 80,231 China Mobile Ltd Com NPV 675,455 1.47 252,444 China Unicom Hong Kong Ltd Com NPV 235,799 0.52 –––––––––––– ––––––– Total Hong Kong 1,678,450 3.66 –––––––––––– –––––––

India: 1.90% (2017: 3.64%)

Banks: 0.62% (2017: 1.05%) 31,717 ICICI Bank Ltd ADR NPV 285,499 0.62 Computers: 0.52% (2017: 0.99%) 28,500 Infosys Ltd ADR NPV 237,344 0.52 Engineering & Construction: 0.76% (2017: 0.65%) 19,413 Larsen & Toubro Ltd GDR NPV 347,282 0.76 Oil & Gas: 0.00% (2017: 0.95%) –––––––––––– ––––––– Total India 870,125 1.90 –––––––––––– –––––––

Indonesia: 0.82% (2017: 1.21%)

Agriculture: 0.00% (2017: 0.22%)

Banks: 0.69% (2017: 0.38%) 1,411,710 Bank Rakyat Indonesia Persero Tbk PT Com IDR 250.00 314,315 0.69 Building Materials: 0.00% (2017: 0.29%)

Real Estate: 0.00% (2017: 0.14%)

Retail: 0.13% (2017: 0.18%) 179,376 Matahari Department Store Tbk PT 61,107 0.13 –––––––––––– ––––––– Total Indonesia 375,422 0.82 –––––––––––– –––––––

ANIMA Funds Plc 519 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

Italy: 0.00% (2017: 0.24%)

Apparel: 0.00% (2017: 0.24%)

Luxembourg: 0.00% (2017: 0.18%)

Iron/Steel: 0.00% (2017: 0.18%)

Malaysia: 0.72% (2017: 1.38%)

Banks: 0.42% (2017: 0.33%) 95,800 Malayan Banking Bhd Com MYR 1.00 192,652 0.42 Building Materials: 0.00% (2017: 0.08%)

Electric: 0.17% (2017: 0.76%) 27,400 Tenaga Nasional Bhd Com MYR 1.00 78,881 0.17 Engineering & Construction: 0.13% (2017: 0.21%) 121,700 Gamuda Bhd Com MYR 1.00 60,282 0.13 –––––––––––– ––––––– Total Malaysia 331,815 0.72 –––––––––––– –––––––

Mexico: 0.00% (2017: 3.60%)

Banks: 0.00% (2017: 0.89%)

Beverages: 0.00% (2017: 0.16%)

Building Materials: 0.00% (2017: 0.60%)

Chemicals: 0.00% (2017: 0.33%)

Diversified Financial Services: 0.00% (2017: 0.16%)

Media: 0.00% (2017: 0.02%)

Mining: 0.00% (2017: 0.32%)

Pharmaceuticals: 0.00% (2017: 0.71%)

Telecommunications: 0.00% (2017: 0.41%)

Netherlands: 0.00% (2017: 0.61%)

Internet: 0.00% (2017: 0.61%)

People's Republic of China: 11.14% (2017: 11.71%)

Auto Manufacturers: 0.50% (2017: 0.00%) 41,000 BYD Co Ltd Com CNY 1.00 228,818 0.50 Banks: 4.91% (2017: 3.30%) 711,000 Bank of China Ltd Com CNY 1.00 268,508 0.58 1,536,930 China Construction Bank Corp Com CNY 1.00 1,109,322 2.42 1,405,669 Industrial & Commercial Bank of China Ltd Com CNY 1.00 877,943 1.91

ANIMA Funds Plc 520 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

People's Republic of China (continued): 11.14% (2017: 11.71%)

Building Materials: 0.39% (2017: 0.00%) 42,500 Anhui Conch Cement Com CNY 1.00 180,444 0.39 Diversified Financial Services: 0.00% (2017: 0.19%)

Electric: 0.67% (2017: 0.61%) 1,310,040 Huaneng Renewables Corp Ltd Com CNY 1.00 307,380 0.67 Engineering & Construction: 0.00% (2017: 0.19%)

Healthcare-Products: 0.00% (2017: 0.22%)

Insurance: 2.29% (2017: 3.81%) 223,672 China Life Insurance Co Ltd Com CNY 1.00 415,850 0.91 82,100 Ping An Insurance Group Co of China Ltd Com CNY 1.00 634,317 1.38 Miscellaneous Manufacturers: 0.00% (2017: 1.01%)

Oil & Gas: 1.59% (2017: 1.43%) 368,426 China Petroleum & Chemical Corp Com CNY 1.00 230,109 0.50 693,617 PetroChina Co Ltd Com CNY 1.00 378,190 0.83 2,230 PetroChina Co Ltd ADR NPV 120,069 0.26 Oil & Gas Services: 0.00% (2017: 0.31%)

Pharmaceuticals: 0.56% (2017: 0.00%) 69,920 Sinopharm Group Co Ltd Com CNY 1.00 257,021 0.56 Real Estate: 0.23% (2017: 0.41%) 35,000 China Vanke Co Ltd Com CNY 1.00 104,021 0.23 Transportation: 0.00% (2017: 0.23%) –––––––––––– ––––––– Total People's Republic of China 5,111,992 11.14 –––––––––––– –––––––

Philippines: 0.00% (2017: 0.60%)

Electric: 0.00% (2017: 0.08%)

Investment Companies: 0.00% (2017: 0.31%)

Telecommunications: 0.00% (2017: 0.21%)

Poland: 1.42% (2017: 1.75%)

Banks: 0.67% (2017: 0.16%) 12,087 Bank Pekao SA Com PLN 1.00 306,782 0.67 Biotechnology: 0.00% (2017: 0.00%) 1 Bioton SA Com PLN 20.00 1 0.00 Food: 0.00% (2017: 0.58%)

Insurance: 0.75% (2017: 0.60%) 33,550 Powszechny Zaklad Ubezpieczen SA Com PLN 0.10 342,958 0.75 Media: 0.00% (2017: 0.41%)

Real Estate: 0.00% (2017: 0.00%) 1 Echo Investment SA Com PLN 0.05 1 0.00 –––––––––––– ––––––– Total Poland 649,742 1.42 –––––––––––– –––––––

ANIMA Funds Plc 521 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

Republic of South Korea: 14.38% (2017: 15.24%)

Auto Manufacturers: 0.75% (2017: 0.77%) 3,729 Hyundai Motor Co Com KRW 5000.00 346,435 0.75 Auto Parts & Equipment: 0.23% (2017: 0.20%) 699 Hyundai Mobis Co Ltd Com KRW 5000.00 104,122 0.23 Chemicals: 1.40% (2017: 1.57%) 2,361 LG Chem Ltd Com KRW 5000.00 642,297 1.40 Cosmetics & Personal Care: 0.90% (2017: 0.60%) 1,125 Amorepacific Corp Com KRW 500.00 184,777 0.40 267 LG Household & Health Care Ltd Com KRW 5000.00 230,467 0.50 Diversified Financial Services: 2.30% (2017: 2.45%) 12,815 Hana Financial Group Inc Com KRW 5000.00 364,197 0.79 22,342 Shinhan Financial Group Co Ltd Com KRW 5000.00 693,630 1.51 Electric: 0.00% (2017: 0.34%)

Electrical Components & Equipment: 0.19% (2017: 0.22%) 1,281 LG Innotek Co Ltd Com KRW 5000.00 86,771 0.19 Engineering & Construction: 0.00% (2017: 0.11%)

Home Furnishings: 0.46% (2017: 0.00%) 4,311 LG Electronics Inc Com KRW 5000.00 210,560 0.46 Insurance: 0.60% (2017: 0.79%) 4,289 Samsung Life Insurance Co Ltd Com KRW 500.00 274,383 0.60 Internet: 0.67% (2017: 0.74%) 3,210 NAVER Corp Com KRW 500.00 307,026 0.67 Iron/Steel: 0.00% (2017: 0.43%)

Machinery-Diversified: 0.00% (2017: 0.14%)

Retail: 0.34% (2017: 0.49%) 1,864 Samsung C&T Corp Com KRW 100.00 154,173 0.34 Semiconductors: 5.68% (2017: 5.10%) 74,942 Samsung Electronics Co Ltd Com KRW 5000.00 2,273,771 4.95 7,026 SK Hynix Inc Com KRW 5000.00 333,253 0.73 Telecommunications: 0.86% (2017: 1.29%) 2,300 Samsung SDI Co Ltd KRW 5000.00 394,896 0.86 –––––––––––– ––––––– Total Republic of South Korea 6,600,758 14.38 –––––––––––– –––––––

Russian Federation: 3.34% (2017: 4.83%)

Banks: 0.45% (2017: 1.06%) 21,700 Sberbank of Russia PJSC ADR NPV 208,050 0.45 Chemicals: 0.00% (2017: 0.20%)

Food: 0.00% (2017: 0.54%)

Iron/Steel: 0.00% (2017: 0.60%)

Mining: 0.44% (2017: 0.50%) 12,364 MMC Norilsk Nickel PJSC ADR NPV 202,903 0.44

ANIMA Funds Plc 522 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

Russian Federation (continued): 3.34% (2017: 4.83%)

Oil & Gas: 2.45% (2017: 1.51%) 119,098 Gazprom PJSC ADR NPV 461,431 1.01 5,098 Lukoil PJSC ADR NPV 318,773 0.69 63,347 Rosneft Oil Co PJSC 342,461 0.75 Telecommunications: 0.00% (2017: 0.42%) –––––––––––– ––––––– Total Russian Federation 1,533,618 3.34 –––––––––––– –––––––

Singapore: 0.00% (2017: 0.62%)

Agriculture: 0.00% (2017: 0.61%)

Computers: 0.00% (2017: 0.01%)

Environmental Control: 0.00% (2017: 0.00%) 66,000 Sound Global Ltd Com NPV 2,018 0.00 –––––––––––– ––––––– Total Singapore 2,018 0.00 –––––––––––– –––––––

South Africa: 5.60% (2017: 8.94%)

Banks: 1.05% (2017: 1.97%) 13,403 Absa Group Com ZAR 2.00 131,893 0.29 35,669 FirstRand Ltd Com ZAR 0.01 142,205 0.31 18,998 Standard Bank Group Ltd Com ZAR 0.10 206,579 0.45 Commercial Services: 0.00% (2017: 0.00%) 3,296 Novus Holdings Ltd Com NPV 820 0.00 Food: 0.17% (2017: 0.25%) 4,778 Tiger Brands Ltd Com ZAR 0.10 79,549 0.17 Forest Products & Paper: 0.00% (2017: 0.23%)

Healthcare-Products: 0.00% (2017: 0.50%)

Holding Companies-Diversified: 0.07% (2017: 0.23%) 7,692 Imperial Holdings Ltd Com ZAR 0.04 31,808 0.07 Insurance: 0.16% (2017: 0.71%) 14,992 Sanlam Ltd Com ZAR 0.01 72,753 0.16 Media: 2.58% (2017: 2.75%) 6,740 Naspers Ltd Com ZAR 0.02 1,185,457 2.58 Mining: 0.00% (2017: 0.53%)

Oil & Gas: 0.69% (2017: 0.59%) 12,313 Sasol Ltd ADR NPV 315,486 0.69 Retail: 0.45% (2017: 0.74%) 16,317 Foschini Group Ltd Com ZAR 0.0125 164,954 0.36 7,692 Motus Holdings Com 41,168 0.09 Telecommunications: 0.43% (2017: 0.44%) 12,833 MTN Group Ltd Com ZAR 0.0001 69,455 0.15 15,734 Vodacom Group Ltd Com 126,299 0.28 –––––––––––– ––––––– Total South Africa 2,568,426 5.60 –––––––––––– –––––––

ANIMA Funds Plc 523 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

Taiwan: 6.26% (2017: 7.73%)

Apparel: 0.00% (2017: 0.13%)

Chemicals: 0.48% (2017: 0.73%) 50,095 Formosa Plastics Corp Com TWD 10.00 143,996 0.31 36,000 Nan Ya Plastics Corp Com TWD 10.00 77,355 0.17 Computers: 0.00% (2017: 0.85%)

Diversified Financial Services: 0.00% (2017: 0.80%)

Electronics: 0.49% (2017: 0.98%) 110,381 Hon Hai Precision Industry Co Ltd Com TWD 10.00 222,415 0.49 Insurance: 0.76% (2017: 0.65%) 259,984 Cathay Financial Holding Co Ltd Com TWD 10.00 347,760 0.76 Miscellaneous Manufacturers: 0.21% (2017: 0.00%) 1,077 Largan Precision Co Ltd Com TWD 10.00 98,544 0.21 Real Estate: 0.00% (2017: 0.13%)

Semiconductors: 3.82% (2017: 3.06%) 11,575 MediaTek Inc Com TWD 10.00 75,603 0.16 261,676 Taiwan Semiconductor Manufacturing Co Ltd Com TWD 10.00 1,679,368 3.66 Telecommunications: 0.24% (2017: 0.15%) 49,648 Far EasTone Telecommunications Co Ltd Com TWD 10.00 107,952 0.24 Transportation: 0.26% (2017: 0.25%) 357,004 Evergreen Marine Corp Taiwan Ltd Com TWD 10.00 120,908 0.26 –––––––––––– ––––––– Total Taiwan 2,873,901 6.26 –––––––––––– –––––––

Thailand: 1.66% (2017: 3.20%)

Banks: 1.14% (2017: 0.98%) 50,600 Kasikornbank PCL Com THB 10.00 251,498 0.55 75,000 Siam Commercial Bank PCL Com THB 10.00 269,002 0.59 Food: 0.00% (2017: 0.79%)

Holding Companies-Diversified: 0.52% (2017: 0.42%) 20,400 Siam Cement PCL NVDR THB 1.00 238,962 0.52 Home Builders: 0.00% (2017: 0.27%)

Oil & Gas: 0.00% (2017: 0.74%) –––––––––––– ––––––– Total Thailand 759,462 1.66 –––––––––––– –––––––

Turkey: 0.00% (2017: 0.27%)

Banks: 0.00% (2017: 0.00%) 1 Turkiye Is Bankasi AS Com TRY 1.00 1 0.00 Engineering & Construction: 0.00% (2017: 0.00%) 1 Enka Insaat ve Sanayi AS Com TRY 1.00 0 0.00 Oil & Gas: 0.00% (2017: 0.27%) –––––––––––– ––––––– Total Turkey 1 0.00 –––––––––––– –––––––

ANIMA Funds Plc 524 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.37% (2017: 93.54%)

United States: 0.74% (2017: 0.00%)

Retail: 0.74% (2017: 0.00%) 11,586 Yum China Holdings Inc Com 339,831 0.74 –––––––––––– ––––––– Total United States 339,831 0.74 –––––––––––– ––––––– Total Equities 34,588,064 75.37 –––––––––––– –––––––

Bonds: 2.62% (2017: 0.00%)

Brazil: 0.00% (2017: 0.00%)

Corporate Bonds: 0.00% (2017: 0.00%)

Italy: 2.62% (2017: 0.00%)

Government Bonds: 2.62% (2017: 0.00%) 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 1,199,201 2.62 –––––––––––– ––––––– Total Italy 1,199,201 2.62 –––––––––––– ––––––– Total Bonds 1,199,201 2.62 –––––––––––– –––––––

Investment Funds: 7.02% (2017: 5.30%)

France: 7.02% (2017: 5.30%)

Asset Allocation Funds: 7.02% (2017: 5.30%) 197,117 Lyxor MSCI India UCITS ETF 3,127,064 6.82 129,567 Lyxor FTSE Athex Large Cap UCITS ETF 93,418 0.20 –––––––––––– ––––––– Total France 3,220,482 7.02 –––––––––––– –––––––

Virgin Islands: 0.00% (2017: 0.00%)

Asset Allocation Funds: 0.00% (2017: 0.00%) 172 India Magnum Fund - 0.00 –––––––––––– ––––––– Total Virgin Islands - 0.00 –––––––––––– ––––––– Total Investment Funds 3,220,482 7.02 –––––––––––– –––––––

ANIMA Funds Plc 525 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Emerging Markets Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Futures Contracts: (0.09)% (2017: (0.02)%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 777,676 25 MSCI Taiwan Index January 2019 8,313 0.02 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 8,313 0.02 –––––––––––– ––––––– 793,453 14 HSCEI Futures January 2019 (3,364) (0.01) 5,542,187 130 MSCI Emerging Markets March 2019 (44,932) (0.10) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (48,296) (0.11) –––––––––––– ––––––– Total Futures Contracts (39,983) (0.09) –––––––––––– –––––––

Forward Currency Contracts: (0.04)% (2017: (0.08)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan HKD 5,500,000 EUR 613,251 20/03/2019 (1,313) (0.00) JP Morgan USD 4,000,000 EUR 3,483,198 20/03/2019 (6,611) (0.02) Morgan Stanley TWD 43,590,000 EUR 1,249,713 15/03/2019 (9,298) (0.02) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (17,222) (0.04) –––––––––––– ––––––– Total Forward Currency Contracts (17,222) (0.04) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 39,309,879) 38,950,542 84.88

Cash and Cash Equivalents and Due From Broker 6,987,415 15.23

Other Net Liabilities (47,391) (0.11) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 45,890,566 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to an official stock exchange listing. 75.09 Transferable securities dealt in on another regulated market. 2.60 UCITS and non-UCITS Investment funds. 6.99 Financial derivative instruments dealt in on a regulated market. 0.02 Other Assets. 15.30 ––––––– 100.00 –––––––

ANIMA Funds Plc 526 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 96.70% (2017: 98.98%)

Belgium: 2.12% (2017: 2.18%)

Banks: 1.07% (2017: 0.89%) 21,661 KBC Group NV Com NPV 1,227,745 1.07 Beverages: 1.05% (2017: 1.29%) 20,751 Anheuser-Busch InBev SA/NV Com NPV 1,197,333 1.05 –––––––––––– ––––––– Total Belgium 2,425,078 2.12 –––––––––––– –––––––

Finland: 1.16% (2017: 0.98%)

Telecommunications: 1.16% (2017: 0.98%) 265,305 Nokia OYJ Com NPV 1,334,484 1.16 –––––––––––– ––––––– Total Finland 1,334,484 1.16 –––––––––––– –––––––

France: 31.86% (2017: 35.13%)

Advertising: 0.97% (2017: 0.57%) 22,100 Publicis Groupe SA Com EUR 0.40 1,106,768 0.97 Apparel: 2.31% (2017: 1.99%) 10,272 LVMH Moet Hennessy Louis Vuitton SE Com EUR 0.30 2,652,230 2.31 Banks: 5.46% (2017: 6.41%) 83,372 BNP Paribas SA Com EUR 2.00 3,291,110 2.87 142,500 Credit Agricole SA Com EUR 3.00 1,343,775 1.17 109,510 Natixis SA Com EUR 11.20 451,071 0.40 42,000 Societe Generale SA Com EUR 1.25 1,168,440 1.02 Beverages: 0.00% (2017: 0.41%)

Building Materials: 2.45% (2017: 2.36%) 96,108 Cie de Saint-Gobain Com EUR 4.00 2,802,990 2.45 Commercial Services: 0.55% (2017: 0.00%) 7,000 Sodexo SA Com EUR 4.00 626,500 0.55 Computers: 0.96% (2017: 1.23%) 12,730 Capgemini SE Com EUR 8.00 1,104,964 0.96 Cosmetics & Personal Care: 0.00% (2017: 0.50%)

Distribution/Wholesale: 0.25% (2017: 0.49%) 31,060 Rexel SA Com EUR 5.00 288,858 0.25 Electric: 0.94% (2017: 1.65%) 85,780 Engie SA Com EUR 1.00 1,074,395 0.94 Electrical Components & Equipment: 2.11% (2017: 2.28%) 11,779 Legrand SA Com EUR 4.00 580,705 0.51 30,710 Schneider Electric SE Com EUR 4.00 1,834,001 1.60 Engineering & Construction: 0.95% (2017: 0.99%) 34,747 Bouygues SA Com EUR 1.00 1,088,971 0.95 Food: 3.87% (2017: 3.75%) 97,759 Carrefour SA Com EUR 2.50 1,457,587 1.27 48,510 Danone SA Com EUR 0.25 2,983,850 2.60 Insurance: 1.14% (2017: 0.85%) 69,541 AXA SA Com EUR 2.29 1,311,404 1.14 Machinery-Diversified: 0.00% (2017: 0.56%)

ANIMA Funds Plc 527 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 96.70% (2017: 98.98%)

France (continued): 31.86% (2017: 35.13%)

Media: 0.85% (2017: 1.34%) 45,688 Vivendi SA Com EUR 5.50 972,241 0.85 Oil & Gas: 4.33% (2017: 4.40%) 107,563 TOTAL SA Com EUR 2.50 4,967,259 4.33 Pharmaceuticals: 3.51% (2017: 3.40%) 53,206 Sanofi Com EUR 2.00 4,025,566 3.51 Retail: 0.00% (2017: 0.39%)

Telecommunications: 1.21% (2017: 1.56%) 98,246 Orange SA Com EUR 4.00 1,390,672 1.21 –––––––––––– ––––––– Total France 36,523,357 31.86 –––––––––––– –––––––

Germany: 26.61% (2017: 24.15%)

Auto Manufacturers: 3.07% (2017: 0.00%) 18,000 Bayerische Motoren Werke AG Com EUR 1.00 1,272,600 1.11 23,500 Daimler AG Com NPV 1,078,885 0.94 8,400 Volkswagen AG Pref NPV 1,166,928 1.02 Building Materials: 3.63% (2017: 2.77%) 77,961 HeidelbergCement AG Com NPV 4,161,558 3.63 Chemicals: 2.41% (2017: 5.03%) 29,643 BASF SE Com NPV 1,790,437 1.56 30,400 K&S AG Com NPV 477,888 0.42 12,252 LANXESS AG Com NPV 492,531 0.43 Electric: 2.96% (2017: 1.73%) 270,890 E.ON SE Com NPV 2,336,968 2.04 55,500 RWE AG Com NPV 1,052,558 0.92 Healthcare-Services: 0.63% (2017: 0.00%) 17,200 Fresenius SE & Co KGaA Com NPV 728,936 0.63 Household Products/Wares: 0.00% (2017: 0.76%)

Insurance: 3.91% (2017: 2.71%) 17,158 Allianz SE Com NPV 3,005,052 2.62 7,728 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Com NPV 1,472,571 1.29 Miscellaneous Manufacturers: 2.79% (2017: 2.22%) 32,811 Siemens AG Com NPV 3,195,135 2.79 Pharmaceuticals: 2.02% (2017: 2.90%) 38,195 Bayer AG Com NPV 2,313,089 2.02 Semiconductors: 1.17% (2017: 1.21%) 77,575 Infineon Technologies AG Com NPV 1,347,090 1.17 Software: 2.83% (2017: 2.91%) 37,283 SAP SE Com NPV 3,241,011 2.83 Telecommunications: 1.19% (2017: 1.91%) 92,338 Deutsche Telekom AG Com NPV 1,368,449 1.19 –––––––––––– ––––––– Total Germany 30,501,686 26.61 –––––––––––– –––––––

Ireland: 3.15% (2017: 2.11%)

Building Materials: 1.48% (2017: 2.11%) 73,321 CRH Plc Com EUR 0.32 1,693,715 1.48

ANIMA Funds Plc 528 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 96.70% (2017: 98.98%)

Ireland (continued): 3.15% (2017: 2.11%) 13,829 Linde Plc EUR.001 1,916,008 1.67 –––––––––––– ––––––– Total Ireland 3,609,723 3.15 –––––––––––– –––––––

Italy: 8.78% (2017: 11.38%)

Banks: 1.88% (2017: 4.11%) 79,722 FinecoBank Banca Fineco SpA Com EUR 0.33 699,800 0.61 748,322 Intesa Sanpaolo SpA Com EUR 0.52 1,451,595 1.27 Building Materials: 0.84% (2017: 0.75%) 63,984 Buzzi Unicem SpA Com EUR 0.60 961,360 0.84 Electric: 2.07% (2017: 2.78%) 471,462 Enel SpA Com EUR 1.00 2,378,054 2.07 Electrical Components & Equipment: 0.73% (2017: 0.74%) 49,904 Prysmian SpA Com EUR 0.10 841,881 0.73 Insurance: 0.42% (2017: 0.82%) 32,850 Assicurazioni Generali SpA Com EUR 1.00 479,610 0.42 Oil & Gas: 2.52% (2017: 2.18%) 180,364 Eni SpA Com NPV 2,479,644 2.16 240,000 Saras SpA Com NPV 405,840 0.36 Oil & Gas Services: 0.32% (2017: 0.00%) 111,000 Saipem SpA Com NPV 362,415 0.32 –––––––––––– ––––––– Total Italy 10,060,199 8.78 –––––––––––– –––––––

Luxembourg: 0.49% (2017: 0.00%)

Metal Fabricate/Hardware: 0.49% (2017: 0.00%) 60,000 Tenaris SA Com USD 1.00 566,400 0.49 –––––––––––– ––––––– Total Luxembourg 566,400 0.49 –––––––––––– –––––––

Netherlands: 8.43% (2017: 8.51%)

Banks: 2.61% (2017: 2.97%) 318,042 ING Groep NV Com EUR 0.01 2,992,775 2.61 Beverages: 0.65% (2017: 0.74%) 9,630 Heineken NV Com EUR 1.60 743,436 0.65 Cosmetics & Personal Care: 2.20% (2017: 1.99%) 53,163 Unilever NV CVS EUR 0.16 2,520,989 2.20 Electronics: 0.00% (2017: 0.50%)

Food: 0.00% (2017: 0.45%)

Healthcare-Products: 0.41% (2017: 0.00%) 15,120 Koninklijke Philips NV Com EUR 0.20 467,662 0.41 Machinery-Diversified: 0.67% (2017: 0.57%) 98,750 CNH Industrial NV Com EUR 0.01 774,990 0.67 Semiconductors: 1.89% (2017: 1.29%) 9,194 ASML Holding NV Com EUR 0.09 1,261,049 1.10 74,000 STMicroelectronics NV Com EUR 1.04 905,020 0.79 –––––––––––– ––––––– Total Netherlands 9,665,921 8.43 –––––––––––– –––––––

ANIMA Funds Plc 529 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 96.70% (2017: 98.98%)

Spain: 8.91% (2017: 9.45%)

Banks: 4.31% (2017: 4.23%) 279,000 Banco Bilbao Vizcaya Argentaria SA Com EUR 0.49 1,293,305 1.13 775,279 Banco Santander SA Com EUR 0.50 3,080,183 2.69 80,000 Bankinter SA Com EUR 0.30 561,440 0.49 Electric: 1.68% (2017: 1.44%) 273,974 Iberdrola SA Com EUR 0.75 1,922,750 1.68 Lodging: 0.21% (2017: 0.50%) 58,889 NH Hotel Group SA Com EUR 2.00 238,854 0.21 Oil & Gas: 1.21% (2017: 1.12%) 98,423 Repsol SA Com EUR 1.00 1,385,796 1.21 Retail: 0.42% (2017: 0.50%) 21,650 Industria de Diseno Textil SA Com EUR 0.03 483,877 0.42 Telecommunications: 1.08% (2017: 1.66%) 168,883 Telefonica SA Com EUR 1.00 1,239,432 1.08 –––––––––––– ––––––– Total Spain 10,205,637 8.91 –––––––––––– –––––––

Switzerland: 3.47% (2017: 3.06%)

Banks: 1.07% (2017: 1.42%) 52,000 Credit Suisse Group AG Com CHF 0.04 498,351 0.43 67,500 UBS Group AG Com CHF 0.10 732,851 0.64 Food: 0.50% (2017: 0.68%) 8,110 Nestle SA Com CHF 0.10 574,291 0.50 Insurance: 0.45% (2017: 0.00%) 2,000 Zurich Insurance Group AG Com CHF 0.10 520,180 0.45 Pharmaceuticals: 1.45% (2017: 0.96%) 15,710 Novartis AG Com CHF 0.50 1,171,575 1.02 2,240 Roche Holding AG Com NPV 483,812 0.43 –––––––––––– ––––––– Total Switzerland 3,981,060 3.47 –––––––––––– –––––––

United Kingdom: 1.72% (2017: 2.03%)

Oil & Gas: 1.06% (2017: 2.03%) 47,450 Royal Dutch Shell Plc Com EUR 0.07 1,217,330 1.06 Oil & Gas Services: 0.66% (2017: 0.00%) 42,500 TechnipFMC Plc Com USD 1.00 750,125 0.66 –––––––––––– ––––––– Total United Kingdom 1,967,455 1.72 –––––––––––– ––––––– Total Equities 110,841,000 96.70 –––––––––––– –––––––

Rights: 0.03% (2017: 0.03%)

Spain: 0.03% (2017: 0.03%) 98,423 Repsol SA Rts EUR 1.00 39,369 0.03 –––––––––––– ––––––– Total Spain 39,369 0.03 –––––––––––– ––––––– Total Rights 39,369 0.03 –––––––––––– –––––––

ANIMA Funds Plc 530 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts: 0.00% (2017: 0.00%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan EUR 744,820 CHF 840,000 20/03/2019 (1,132) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (1,132) 0.00 –––––––––––– ––––––– Total Forward Currency Contracts (1,132) 0.00 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 120,930,526) 110,879,237 96.73

Cash and Cash Equivalents 3,572,613 3.12

Other Net Assets 179,947 0.15 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 114,631,797 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to an official stock exchange listing 96.56 Other Assets 3.44 ––––––– 100.00 –––––––

ANIMA Funds Plc 531 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Currencies

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 80.96% (2017: 93.66%)

Australia: 7.09% (2017: 9.97%)

Government Bonds: 7.09% (2017: 9.97%) 900,000 Australia Government Bond 5.25% 15/03/2019 558,045 7.09 –––––––––––– ––––––– Total Australia 558,045 7.09 –––––––––––– –––––––

Canada: 10.66% (2017: 12.34%)

Government Bonds: 10.66% (2017: 12.34%) 1,300,000 Canadian Government Bond 3.75% 01/06/2019 839,543 10.66 –––––––––––– ––––––– Total Canada 839,543 10.66 –––––––––––– –––––––

Italy: 14.59% (2017: 27.10%)

Government Bonds: 14.59% (2017: 27.10%) 250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 250,025 3.17 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 449,775 5.71 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/05/2019 449,563 5.71 –––––––––––– ––––––– Total Italy 1,149,363 14.59 –––––––––––– –––––––

Japan: 9.35% (2017: 12.35%)

Government Bonds: 9.35% (2017: 12.35%) 90,000,000 Japan Government Ten Year Bond 1.2% 20/12/2020 736,371 9.35 –––––––––––– ––––––– Total Japan 736,371 9.35 –––––––––––– –––––––

Norway: 6.50% (2017: 7.46%)

Government Bonds: 6.50% (2017: 7.46%) 5,000,000 Norway Government Bond 4.5% 22/05/2019 512,037 6.50 –––––––––––– ––––––– Total Norway 512,037 6.50 –––––––––––– –––––––

Sweden: 10.12% (2017: 11.98%)

Government Bonds: 10.12% (2017: 11.98%) 8,000,000 Sweden Government Bond 4.25% 12/03/2019 796,654 10.12 –––––––––––– ––––––– Total Sweden 796,654 10.12 –––––––––––– –––––––

United Kingdom: 11.54% (2017: 12.46%)

Government Bonds: 11.54% (2017: 12.46%) 800,000 United Kingdom Gilt 3.75% 07/09/2019 909,095 11.54 –––––––––––– ––––––– Total United Kingdom 909,095 11.54 –––––––––––– –––––––

ANIMA Funds Plc 532 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Currencies (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.96% (2017: 93.66%)

United States: 11.11% (2017: 0.00%)

Government Bonds: 11.11% (2017: 0.00%) 1,000,000 United States Treasury Note/Bond 2.75% 15/02/2019 875,146 11.11 –––––––––––– ––––––– Total United States 875,146 11.11 –––––––––––– ––––––– Total Bonds 6,376,254 80.96 –––––––––––– –––––––

Options: 0.00% (2017: 0.06%)

Forward Currency Contracts: 0.08% (2017: (0.12)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Credit Suisse EUR 885,757 CAD 1,350,000 07/03/2019 24,347 0.31 JP Morgan CHF 930,000 EUR 822,070 07/03/2019 3,657 0.05 Nomura EUR 1,570,078 USD 1,800,000 07/03/2019 3,773 0.05 Nomura EUR 1,292,046 USD 1,480,000 07/03/2019 4,196 0.05 Nomura USD 1,500,000 EUR 1,303,622 07/03/2019 1,631 0.02 Unicredit Bank EUR 22,368 GBP 20,000 07/03/2019 134 0.00

Total Fair Value Gains on Forward Currency Contracts 37,738 0.48

Credit Suisse DKK 8,000,000 EUR 1,072,790 07/03/2019 (427) (0.01) Goldman Sachs EUR 96,796 SEK 1,000,000 07/03/2019 (1,851) (0.02) Goldman Sachs HKD 7,000,000 EUR 782,735 07/03/2019 (3,305) (0.04) Goldman Sachs NOK 2,400,000 EUR 245,462 07/03/2019 (3,594) (0.05) JP Morgan EUR 70,349 JPY 9,000,000 07/03/2019 (1,385) (0.02) Morgan Stanley NZD 1,350,000 EUR 809,401 07/03/2019 (20,804) (0.26) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (31,366) (0.40) –––––––––––– ––––––– Total Forward Currency Contracts 6,372 0.08 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 6,681,118) 6,382,626 81.04

Cash and Cash Equivalents 1,433,888 18.21

Other Net Assets 58,977 0.75 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 7,875,491 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to an official stock exchange listing 80.51 Over the counter financial derivative instruments 0.08 Other Assets 19.41 ––––––– 100.00 –––––––

ANIMA Funds Plc 533 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Variable Rate Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 98.23% (2017: 98.73%)

Austria: 0.00% (2017: 0.98%)

Corporate Bonds: 0.00% (2017: 0.98%)

Belgium: 0.83% (2017: 0.25%)

Corporate Bonds: 0.83% (2017: 0.25%) 300,000 KBC Group NV 5.625% 29/03/2049 299,088 0.83 –––––––––––– ––––––– Total Belgium 299,088 0.83 –––––––––––– –––––––

Denmark: 0.00% (2017: 0.50%)

Corporate Bonds: 0.00% (2017: 0.50%)

France: 0.85% (2017: 2.48%)

Corporate Bonds: 0.85% (2017: 2.48%) 100,000 Groupama SA 7.875% 27/10/2039 105,075 0.29 200,000 Solvay Finance SA 4.199% 31/12/2049 201,738 0.56 –––––––––––– ––––––– Total France 306,813 0.85 –––––––––––– –––––––

Italy: 93.23% (2017: 88.52%)

Corporate Bonds: 2.39% (2017: 0.79%) 100,000 Enel SpA 5% 15/01/2075 103,450 0.29 350,000 Intesa Sanpaolo SpA 5% 23/09/2019 359,942 0.99 200,000 Intesa Sanpaolo SpA 5.15% 16/07/2020 211,796 0.58 200,000 UniCredit SpA 2.432% 03/05/2025 190,613 0.53 Government Bonds: 90.84% (2017: 87.73%) 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 799,467 2.21 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 798,720 2.21 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 797,912 2.21 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 797,458 2.21 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 796,846 2.20 2,000,000 Italy Buoni Poliennali Del Tesoro 0.9% 01/08/2022 1,966,456 5.44 2,150,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 2,160,462 5.98 2,000,000 Italy Certificati di Credito del Tesoro FRN 15/12/2020 1,998,100 5.53 2,000,000 Italy Certificati di Credito del Tesoro FRN 15/06/2022 1,943,196 5.38 5,500,000 Italy Certificati di Credito del Tesoro FRN 15/07/2023 5,248,650 14.53 5,200,000 Italy Certificati di Credito del Tesoro FRN 15/02/2024 4,900,376 13.56 4,460,000 Italy Certificati di Credito del Tesoro FRN 15/10/2024 4,220,498 11.68 3,780,000 Italy Certificati di Credito del Tesoro FRN 15/04/2025 3,522,431 9.75 3,200,000 Italy Certificati di Credito del Tesoro FRN 15/09/2025 2,872,960 7.95 –––––––––––– ––––––– Total Italy 33,689,333 93.23 –––––––––––– –––––––

ANIMA Funds Plc 534 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Variable Rate Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 98.23% (2017: 98.73%)

Netherlands: 1.70% (2017: 3.78%)

Corporate Bonds: 1.70% (2017: 3.78%) 200,000 Telefonica Europe BV 5% 31/03/2049 206,977 0.57 300,000 Telefonica Europe BV 4.2% 29/12/2049 306,396 0.85 100,000 Vonovia Finance BV 4.625% 08/04/2074 100,750 0.28 –––––––––––– ––––––– Total Netherlands 614,123 1.70 –––––––––––– –––––––

Spain: 1.05% (2017: 0.00%)

Corporate Bonds: 1.05% (2017: 0.00%) 400,000 Banco Santander SA 6.25% 12/03/2049 380,248 1.05 –––––––––––– ––––––– Total Spain 380,248 1.05 –––––––––––– –––––––

Sweden: 0.57% (2017: 0.52%)

Corporate Bonds: 0.57% (2017: 0.52%) 200,000 Volvo Treasury AB 4.2% 10/06/2075 204,795 0.57 –––––––––––– ––––––– Total Sweden 204,795 0.57 –––––––––––– –––––––

United States: 0.00% (2017: 1.70%)

Corporate Bonds: 0.00% (2017: 1.70%) –––––––––––– ––––––– Total Bonds 35,494,400 98.23 –––––––––––– –––––––

Futures Contracts: (0.53%) (2017: 0.38%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets (4,675,942) (38) Euro-BTP March 2019 (181,218) (0.50) (5,594,750) (50) Euro-Schatz March 2019 (2,250) (0.01) (987,030) (9) Short Euro-BTP March 2019 (9,450) (0.02) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (192,918) (0.53) –––––––––––– ––––––– Total Futures Contracts (192,918) (0.53) –––––––––––– –––––––

Forward Currency Contracts: 0.00% (2017: (0.05)%)

ANIMA Funds Plc 535 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Variable Rate Bond (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 36,690,730) 35,301,482 97.70

Cash and Cash Equivalents and Due From Broker 811,958 2.25

Other Net Assets 20,215 0.05 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 36,133,655 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 97.53 Other Assets 2.47 ––––––– 100.00 –––––––

ANIMA Funds Plc 536 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Hybrid Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 96.88% (2017: 93.88%)

Australia: 8.04% (2017: 7.34%)

Corporate Bonds: 8.04% (2017: 7.34%) 400,000 BHP Billiton Finance Ltd 4.75% 22/04/2076 426,000 1.32 600,000 BHP Billiton Finance Ltd 5.625% 22/10/2079 690,160 2.14 300,000 BHP Billiton Finance USA Ltd 6.25% 19/10/2075 268,225 0.83 1,200,000 Origin Energy Finance Ltd 4% 16/09/2074 1,212,600 3.75 –––––––––––– ––––––– Total Australia 2,596,985 8.04 –––––––––––– –––––––

Austria: 7.01% (2017: 9.39%)

Corporate Bonds: 7.01% (2017: 9.39%) 1,000,000 AT&S Austria Technologie & Systemtechnik AG 4.75% 31/12/2099 850,100 2.63 1,000,000 OMV AG 5.25% 29/12/2049 1,071,164 3.32 300,000 OMV AG 6.25% 29/12/2049 342,000 1.06 –––––––––––– ––––––– Total Austria 2,263,264 7.01 –––––––––––– –––––––

Cayman Islands: 0.00% (2017: 2.50%)

Corporate Bonds: 0.00% (2017: 2.50%)

Denmark: 5.90% (2017: 5.05%)

Corporate Bonds: 5.90% (2017: 5.05%) 500,000 Danske Bank A/S 5.875% 29/10/2049 500,408 1.55 500,000 Orsted A/S 3% 31/12/2049 507,505 1.57 800,000 Orsted A/S 6.25% 31/12/2049 895,562 2.78 –––––––––––– ––––––– Total Denmark 1,903,475 5.90 –––––––––––– –––––––

France: 24.63% (2017: 25.15%)

Corporate Bonds: 24.63% (2017: 25.15%) 200,000 Danone SA 1.75% 31/12/2099 187,500 0.58 600,000 Electricite de France SA 5% 22/01/2049 583,364 1.81 100,000 Electricite de France SA 4.125% 29/01/2049 101,830 0.32 700,000 Electricite de France SA 5.375% 29/01/2049 714,875 2.22 1,000,000 La Poste SA 3.125% 31/12/2099 903,472 2.80 400,000 Orange SA 4% 29/10/2049 420,836 1.30 500,000 Orange SA 5.25% 29/12/2049 542,440 1.68 300,000 Orange SA 4.25% 31/12/2049 307,819 0.95 500,000 Solvay Finance SA 5.118% 29/12/2049 526,710 1.63 500,000 Solvay Finance SA 5.869% 29/12/2049 540,000 1.67 300,000 TOTAL SA 2.625% 29/12/2049 297,749 0.92

ANIMA Funds Plc 537 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Hybrid Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.88% (2017: 93.88%)

France (continued): 24.63% (2017: 25.15%)

1,000,000 TOTAL SA 2.708% 29/12/2049 1,018,750 3.16 500,000 TOTAL SA 3.875% 29/12/2049 530,575 1.64 800,000 TOTAL SA 2.25% 31/12/2099 806,960 2.50 500,000 Unibail-Rodamco SE 2.875% 31/12/2099 468,744 1.45 –––––––––––– ––––––– Total France 7,951,624 24.63 –––––––––––– –––––––

Germany: 10.16% (2017: 11.40%)

Corporate Bonds: 10.16% (2017: 11.40%) 1,500,000 Bayer AG 2.375% 02/04/2075 1,421,250 4.40 600,000 Bayer AG 3% 01/07/2075 596,646 1.85 300,000 BayWa AG 4.25% 31/12/2099 301,200 0.93 500,000 EnBW Energie Baden-Wuerttemberg AG 3.375% 05/04/2077 512,500 1.59 400,000 RWE AG 7% 29/03/2049 447,874 1.39 –––––––––––– ––––––– Total Germany 3,279,470 10.16 –––––––––––– –––––––

Italy: 6.71% (2017: 7.70%)

Corporate Bonds: 6.71% (2017: 6.51%) 600,000 Enel SpA 8.75% 24/09/2073 535,363 1.66 500,000 Enel SpA 5% 15/01/2075 517,250 1.60 400,000 Enel SpA 6.625% 15/09/2076 466,374 1.44 700,000 Enel SpA 2.5% 24/11/2078 645,750 2.01 Government Bonds: 0.00% (2017: 1.19%) –––––––––––– ––––––– Total Italy 2,164,737 6.71 –––––––––––– –––––––

Japan: 0.00% (2017: 1.45%)

Corporate Bonds: 0.00% (2017: 1.45%)

Luxembourg: 0.52% (2017: 0.53%)

Corporate Bonds: 0.52% (2017: 0.53%) 200,000 Aroundtown SA 2.125% 31/12/2099 167,609 0.52 –––––––––––– ––––––– Total Luxembourg 167,609 0.52 –––––––––––– –––––––

ANIMA Funds Plc 538 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Hybrid Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.88% (2017: 93.88%)

Mexico: 2.46% (2017: 6.00%)

Corporate Bonds: 2.46% (2017: 6.00%) 300,000 America Movil SAB de CV 6.375% 06/09/2073 347,631 1.08 400,000 America Movil SAB de CV 6.375% 06/09/2073 447,000 1.38 –––––––––––– ––––––– Total Mexico 794,631 2.46 –––––––––––– –––––––

Netherlands: 15.98% (2017: 13.17%)

Corporate Bonds: 15.98% (2017: 13.17%) 200,000 ATF Netherlands BV 3.75% 29/12/2049 192,483 0.60 800,000 Ferrovial Netherlands BV 2.124% 31/12/2099 675,147 2.09 500,000 Repsol International Finance BV 3.875% 29/12/2049 513,250 1.59 600,000 Telefonica Europe BV 5% 31/03/2049 620,933 1.92 1,000,000 Telefonica Europe BV 2.625% 31/12/2099 917,500 2.84 300,000 Volkswagen International Finance NV 3.75% 29/03/2049 303,138 0.94 300,000 Volkswagen International Finance NV 2.5% 29/12/2049 287,547 0.89 700,000 Volkswagen International Finance NV 2.7% 31/12/2099 659,925 2.05 1,100,000 Volkswagen International Finance NV 3.875% 31/12/2099 988,599 3.06 –––––––––––– ––––––– Total Netherlands 5,158,522 15.98 –––––––––––– –––––––

Philippines: 1.01% (2017: 0.00%)

Corporate Bonds: 1.01% (2017: 0.00%) 400,000 Petron Corp 4.6% 31/12/2099 324,715 1.01 –––––––––––– ––––––– Total Philippines 324,715 1.01 –––––––––––– –––––––

Portugal: 1.62% (2017: 0.00%)

Corporate Bonds: 1.62% (2017: 0.00%) 500,000 EDP - Energias de Portugal SA 5.375% 16/09/2075 523,750 1.62 –––––––––––– ––––––– Total Portugal 523,750 1.62 –––––––––––– –––––––

Spain: 0.00% (2016: 0.53%)

Corporate Bonds: 0.00% (2017: 0.53%)

Sweden: 0.88% (2017: 0.75%)

Corporate Bonds: 0.88% (2017: 0.75%) 300,000 Vattenfall AB 3% 19/03/2077 283,110 0.88 –––––––––––– ––––––– Total Sweden 283,110 0.88 –––––––––––– –––––––

ANIMA Funds Plc 539 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Hybrid Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.88% (2017: 93.88%)

United Kingdom: 11.96% (2017: 2.92%)

Corporate Bonds: 11.96% (2017: 2.92%) 1,000,000 Centrica Plc 3% 10/04/2076 976,000 3.02 300,000 SSE Plc 2.375% 29/12/2049 291,326 0.90 500,000 Vodafone Group Plc 4.2% 03/10/2078 456,250 1.41 700,000 Vodafone Group Plc 4.875% 03/10/2078 738,015 2.29 1,500,000 Vodafone Group Plc 3.1% 03/01/2079 1,402,440 4.34 –––––––––––– ––––––– Total United Kingdom 3,864,031 11.96 –––––––––––– ––––––– Total Bonds 31,275,923 96.88 –––––––––––– –––––––

Forward Currency Contracts: 0.06% (2017: 0.06%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Credit Agricole EUR 2,661,746 GBP 2,380,000 07/03/2019 15,980 0.05 Morgan Stanley GBP 300,000 EUR 331,713 07/03/2019 1,787 0.00 Unicredit Bank EUR 1,171,441 USD 1,340,000 07/03/2019 5,415 0.01 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 23,182 0.06 –––––––––––– ––––––– Morgan Stanley GBP 200,000 EUR 223,663 07/03/2019 (1,330) (0.00) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (1,330) (0.00) –––––––––––– ––––––– Total Forward Currency Contracts 21,852 0.06 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 32,018,084) 31,297,775 96.94

Cash and Cash Equivalents 392,785 1.22

Other Net Assets 593,988 1.84 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 32,284,548 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 96.78 Over the counter financial derivative instruments 0.06 Other Assets 3.16 ––––––– 100.00 –––––––

ANIMA Funds Plc 540 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Government Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 96.08% (2017: 95.08%)

Austria: 0.08% (2017: 0.14%)

Corporate Bonds: 0.08% (2017: 0.14%) 200,000 Telekom Finanzmanagement GmbH 3.125% 03/12/2021 215,960 0.08 –––––––––––– ––––––– Total Austria 215,960 0.08 –––––––––––– –––––––

Belgium: 2.33% (2017: 0.00%)

Government Bonds: 2.33% (2017: 0.00%) 6,400,000 Belgium Government Bond 0.8% 22/06/2028 6,417,312 2.33 –––––––––––– ––––––– Total Belgium 6,417,312 2.33 –––––––––––– –––––––

Denmark: 0.08% (2017: 0.14%)

Corporate Bonds: 0.08% (2017: 0.14%) 200,000 Orsted A/S 2.625% 19/09/2022 216,614 0.08 –––––––––––– ––––––– Total Denmark 216,614 0.08 –––––––––––– –––––––

Finland: 0.22% (2017: 0.32%)

Corporate Bonds: 0.22% (2017: 0.32%) 500,000 Nokia OYJ 2% 15/03/2024 507,563 0.18 100,000 Nordea Bank AB 4.5% 26/03/2020 105,172 0.04 –––––––––––– ––––––– Total Finland 612,735 0.22 –––––––––––– –––––––

France: 14.42% (2017: 18.16%)

Corporate Bonds: 0.81% (2017: 1.25%) 300,000 AXA SA 5.25% 16/04/2040 316,245 0.11 500,000 BNP Paribas SA 0.54% 22/09/2022 495,003 0.18 700,000 BPCE SA 1.125% 18/01/2023 702,542 0.25 100,000 Engie SA 4.75% 29/07/2049 106,025 0.04 300,000 Orange SA 1.5% 09/09/2027 302,260 0.11 300,000 Societe Generale SA 9.375% 29/09/2049 316,496 0.12 Government Bonds: 13.61% (2017: 16.91%) 4,000,000 France Government Bond OAT 2.25% 25/05/2024 4,479,404 1.62 7,000,000 France Government Bond OAT 0.25% 25/07/2024 7,907,576 2.87 5,000,000 France Government Bond OAT 0.1% 01/03/2025 5,388,102 1.95 6,000,000 France Government Bond OAT 0.7% 25/07/2030 7,026,091 2.55 2,500,000 France Government Bond OAT 1.25% 25/05/2036 2,499,500 0.91 2,500,000 France Government Bond OAT 0.1% 25/07/2036 2,653,330 0.96 7,000,000 France Government Bond OAT 2% 25/05/2048 7,602,798 2.75 –––––––––––– ––––––– Total France 39,795,372 14.42 –––––––––––– –––––––

ANIMA Funds Plc 541 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Government Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.08% (2017: 95.08%)

Germany: 9.94% (2017: 11.74%)

Corporate Bonds: 0.18% (2017: 0.27%) 300,000 Bayer AG 2.375% 02/04/2075 284,250 0.10 200,000 Merck KGaA 2.625% 12/12/2074 204,311 0.08 Government Bonds: 9.76% (2017: 11.47%) 1,500,000 Bundesrepublik Deutschland 4% 04/01/2037 2,364,293 0.86 1,000,000 Bundesrepublik Deutschland 3.25% 04/07/2042 1,538,338 0.56 1,000,000 Bundesrepublik Deutschland 2.5% 15/08/2046 1,407,772 0.51 7,000,000 Deutsche Bundesrepublik Inflation Linked Bond 1.75% 15/04/2020 8,204,521 2.97 10,000,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2023 11,353,385 4.11 1,600,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2046 2,074,652 0.75 –––––––––––– ––––––– Total Germany 27,431,522 9.94 –––––––––––– –––––––

Greece: 3.39% (2017: 0.00%)

Government Bonds: 3.39% (2017: 0.00%) 4,000,000 Hellenic Republic Treasury Bill Zero Coupon 04/01/2019 4,000,000 1.45 1,875,000 Hellenic Republic Treasury Bill Zero Coupon 15/03/2019 1,869,225 0.68 3,500,000 Hellenic Republic Treasury Bill Zero Coupon 14/06/2019 3,479,735 1.26 –––––––––––– ––––––– Total Greece 9,348,960 3.39 –––––––––––– –––––––

Guernsey: 0.07% (2017: 0.13%)

Corporate Bonds: 0.07% (2017: 0.13%) 200,000 Credit Suisse Group Funding Guernsey Ltd 1.25% 14/04/2022 201,497 0.07 –––––––––––– ––––––– Total Guernsey 201,497 0.07 –––––––––––– –––––––

Ireland: 4.70 (2017: 1.34%)

Government Bonds: 4.70% (2017: 1.34%) 7,700,000 Ireland Government Bond 3.9% 20/03/2023 8,979,909 3.25 4,000,000 Ireland Government Bond 0.9% 15/05/2028 3,999,408 1.45 –––––––––––– ––––––– Total Ireland 12,979,317 4.70 –––––––––––– –––––––

Italy: 50.36% (2017: 48.94%)

Corporate Bonds: 2.85% (2017: 2.11%) 200,000 Assicurazioni Generali SpA 7.75% 12/12/2042 232,499 0.08 700,000 Banca Monte dei Paschi di Siena SpA 3.625% 01/04/2019 701,627 0.25 1,100,000 Banco BPM SpA 3.5% 14/03/2019 1,105,287 0.40 300,000 Banco BPM SpA 2.75% 27/07/2020 302,949 0.11 250,000 Banco BPM SpA 7.125% 01/03/2021 264,931 0.10 700,000 Eni SpA 2.625% 22/11/2021 746,544 0.27 400,000 Eni SpA 1.75% 18/01/2024 413,048 0.15 1,000,000 Iccrea Banca SpA 0.682% 01/02/2021 938,916 0.34 300,000 Intesa Sanpaolo SpA 8.375% 29/10/2049 311,433 0.11

ANIMA Funds Plc 542 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Government Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.08% (2017: 95.08%)

Italy (continued): 50.36% (2017: 48.94%)

Corporate Bonds (continued): 2.85% (2017: 2.11%) 400,000 Mediobanca Banca di Credito Finanziario SpA 0.75% 17/02/2020 399,130 0.14 100,000 Poste Vita SpA 2.875% 30/05/2019 100,150 0.04 300,000 Telecom Italia SpA/Milano 2.5% 19/07/2023 294,705 0.11 400,000 UniCredit SpA 0.684% 19/02/2020 399,880 0.15 1,200,000 UniCredit SpA 6.95% 31/10/2022 1,342,975 0.49 300,000 Unipol Gruppo SpA 4.375% 05/03/2021 311,996 0.11 Government Bonds: 47.51% (2017: 46.83%) 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 4,992,000 1.81 31,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 30,919,090 11.20 5,000,000 Italy Buoni Poliennali del Tesoro 2.5% 01/05/2019 5,035,670 1.82 4,926,100 Italy Buoni Poliennali Del Tesoro 1.65% 23/04/2020 5,007,877 1.81 5,000,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 5,014,260 1.82 3,000,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 3,003,048 1.09 12,700,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 12,432,254 4.50 7,500,000 Italy Buoni Poliennali del Tesoro 2.45% 01/10/2023 7,716,893 2.80 6,500,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 7,173,626 2.60 1,500,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/05/2025 1,434,186 0.52 4,500,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 5,498,680 1.99 2,250,000 Italy Buoni Poliennali Del Tesoro 2.2% 01/06/2027 2,195,910 0.80 15,000,000 Italy Buoni Poliennali Del Tesoro 1.3% 15/05/2028 14,908,950 5.40 4,000,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 3,787,528 1.37 4,000,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 3,787,528 1.37 2,750,000 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/2041 3,303,469 1.20 2,000,000 Italy Buoni Poliennali Del Tesoro 3.45% 01/03/2048 1,981,600 0.72 3,500,000 Italy Buoni Poliennali Del Tesoro 2.8% 01/03/2067 2,994,278 1.09 10,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 9,949,220 3.60 –––––––––––– ––––––– Total Italy 139,002,137 50.36 –––––––––––– –––––––

Luxembourg: 3.99% (2017: 0.00%)

Corporate Bonds: 3.99% (2017: 0.00%) 11,000,000 European Financial Stability Facility 1.45% 05/09/2040 11,017,380 3.99 –––––––––––– ––––––– Total Luxembourg 11,017,380 3.99 –––––––––––– –––––––

Mexico: 0.00% (2017: 0.07%)

Corporate Bonds: 0.00% (2017: 0.07%)

Netherlands: 0.72% (2017: 1.19%)

Corporate Bonds: 0.72% (2017: 1.19%) 100,000 Enel Finance International NV 4.875% 11/03/2020 105,748 0.04 300,000 ING Groep NV 0.75% 09/03/2022 299,591 0.11 500,000 NN Group NV 0.875% 13/01/2023 500,905 0.18 200,000 Repsol International Finance BV 3.875% 29/12/2049 205,300 0.07

ANIMA Funds Plc 543 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Government Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 96.08% (2017: 95.08%)

Netherlands (continued): 0.72% (2017: 1.19%)

Corporate Bonds (continued): 0.72% (2017: 1.19%) 400,000 Telefonica Europe BV 7.625% 29/09/2049 454,868 0.17 500,000 Teva Pharmaceutical Finance Netherlands II BV 1.125% 15/10/2024 420,000 0.15 –––––––––––– ––––––– Total Netherlands 1,986,412 0.72 –––––––––––– ––––––– Portugal: 0.00% (2017: 2.39%)

Government Bonds: 0.00% (2017: 2.39%)

Spain: 5.34% (2017: 9.64%)

Corporate Bonds: 0.18% (2017: 0.19%) 500,000 Banco Santander SA 1.375% 09/02/2022 506,118 0.18 Government Bonds: 5.16% (2017: 9.45%) 1,100,000 Spain Government Bond 5.85% 31/01/2022 1,299,058 0.47 1,500,000 Spain Government Bond 1.5% 30/04/2027 1,533,345 0.56 2,000,000 Spain Government Bond 1.95% 30/07/2030 2,061,148 0.75 4,800,000 Spain Government Bond 2.35% 30/07/2033 5,036,093 1.82 550,000 Spain Government Bond 5.15% 31/10/2044 830,252 0.30 3,200,000 Spain Government Inflation Linked Bond 0.65% 30/11/2027 3,468,004 1.26 –––––––––––– ––––––– Total Spain 14,734,018 5.34 –––––––––––– –––––––

Sweden: 0.00% (2017: 0.07%)

Corporate Bonds: 0.00% (2017: 0.07%)

United Kingdom: 0.07% (2017: 0.13%)

Corporate Bonds: 0.07% (2017: 0.13%) 200,000 Royal Bank of Scotland Group Plc 1.625% 25/06/2019 201,348 0.07 –––––––––––– ––––––– Total United Kingdom 201,348 0.07 –––––––––––– –––––––

United States: 0.37% (2017: 0.68%)

Corporate Bonds: 0.37% (2017: 0.68%) 200,000 Citigroup Inc 5% 02/08/2019 205,803 0.07 200,000 Goldman Sachs Group Inc 1.375% 26/07/2022 203,387 0.07 500,000 Goldman Sachs Group Inc 1.625% 27/07/2026 484,217 0.18 100,000 Wal-Mart Stores Inc 4.875% 21/09/2029 134,577 0.05 –––––––––––– ––––––– Total United States 1,027,984 0.37 –––––––––––– ––––––– Total Bonds 265,188,568 96.08 –––––––––––– –––––––

ANIMA Funds Plc 544 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Government Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 0.27% (2017: 0.47%)

Ireland: 0.27% (2017: 0.47%)

Asset Allocation Funds: 0.27% (2017: 0.47%) 13,000 SPDR Barclays Euro Corporate Bond UCITS ETF 733,720 0.27 –––––––––––– ––––––– Total Ireland 733,720 0.27 –––––––––––– ––––––– Total Investment Funds 733,720 0.27 –––––––––––– –––––––

Futures Contracts: (1.16)% (2017: 0.19%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets (55,615,000) (455) Euro-BTP March 2019 (2,543,100) (0.92) (36,607,500) (225) Euro-Bund March 2019 (189,000) (0.07) (2,121,840) (12) Euro-Buxl 30Yr Bond March 2019 (45,600) (0.02) (20,141,100) (180) Euro-Schatz March 2019 (8,100) (0.00) (44,964,700) (410) Short Euro-BTP March 2019 (430,500) (0.15) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (3,216,300) (1.16) –––––––––––– ––––––– Total Futures Contracts (3,216,300) (1.16) –––––––––––– –––––––

Forward Currency Contracts: 0.01% (2017: 0.00%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan GBP 6,300,000 EUR 6,967,870 07/03/2019 35,628 0.01 Unicredit Bank EUR 671,028 GBP 600,000 07/03/2019 4,028 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 39,656 0.01 –––––––––––– ––––––– Total Forward Currency Contracts 39,656 0.01 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 265,548,785) 262,745,644 95.20

Cash and Cash Equivalents and Due From Broker 8,788,432 3.18

Other Net Assets 4,461,442 1.62 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 275,995,518 100.00 –––––––––––– –––––––

ANIMA Funds Plc 545 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Euro Government Bond (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market. 94.82 UCITS and non-UCITS Investment funds. 0.26 Over the counter financial derivative instruments. 0.01 Other Assets. 4.91 ––––––– 100.00 –––––––

ANIMA Funds Plc 546 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 43.44% (2017: 38.55%)

Belgium: 0.00% (2017: 0.01%)

Government Bonds: 0.00% (2017: 0.01%)

France: 0.00% (2017: 0.02%)

Government Bonds: 0.00% (2017: 0.02%)

Germany: 0.00% (2017: 0.03%)

Government Bonds: 0.00% (2017: 0.03%)

Italy: 43.40% (2017: 38.43%)

Government Bonds: 43.40% (2017: 38.43%) 31,150,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 31,154,921 4.92 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 50,008,700 7.90 43,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 43,735,519 6.91 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 49,966,700 7.90 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 49,935,600 7.89 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 49,869,500 7.88 –––––––––––– ––––––– Total Italy 274,670,940 43.40 –––––––––––– –––––––

Spain: 0.04% (2017: 0.06%)

Government Bonds: 0.04% (2017: 0.06%) 240,000 Spain Government Bond 4.3% 31/10/2019 249,312 0.04 –––––––––––– ––––––– Total Spain 249,312 0.04 –––––––––––– –––––––

Total Bonds 274,920,252 43.44 –––––––––––– ––––––– Equities: 36.71% (2017: 51.92%)

Austria: 0.00% (2017: 0.39%)

Semiconductors: 0.00% (2017: 0.39%)

Finland: 0.79% (2017: 0.15%)

Telecommunications: 0.79% (2017: 0.15%) 990,000 Nokia OYJ Com NPV 4,979,700 0.79 –––––––––––– ––––––– Total Finland 4,979,700 0.79 –––––––––––– –––––––

France: 7.51% (2017: 10.38%)

Aerospace/Defense: 0.00% (2017: 0.21%)

Apparel: 0.00% (2017: 1.21%)

ANIMA Funds Plc 547 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 36.71% (2017: 51.92%)

France (continued): 7.51% (2017: 10.38%)

Auto Parts & Equipment: 1.01% (2017: 0.00%) 74,113 Cie Generale des Etablissements Michelin SCA Com EUR 2.00 6,425,597 1.01 Banks: 0.00% (2017: 0.58%)

Chemicals: 0.60% (2017: 0.00%) 35,000 Air Liquide SA Com EUR 5.50 3,795,750 0.60 Cosmetics & Personal Care: 0.21% (2017: 0.00%) 6,500 L'Oreal SA Com EUR 0.20 1,307,800 0.21 Electric: 0.40% (2017: 0.67%) 200,000 Engie SA Com EUR 1.00 2,505,000 0.40 Electrical Components & Equipment: 0.52% (2017: 0.74%) 55,000 Schneider Electric SE Com EUR 4.00 3,284,600 0.52 Engineering & Construction: 0.00% (2017: 0.49%)

Food: 0.00% (2017: 1.78%)

Insurance: 0.00% (2017: 1.91%)

Machinery-Diversified: 0.00% (2017: 0.41%)

Media: 2.53% (2017: 1.24%) 163,220 Lagardere SCA Com EUR 6.10 3,594,104 0.57 585,155 Vivendi SA Com EUR 5.50 12,452,099 1.96 Miscellaneous Manufacturers: 0.40% (2017: 0.00%) 71,000 Alstom SA Com EUR 7.00 2,504,170 0.40 Pharmaceuticals: 1.00% (2017: 0.00%) 84,000 Sanofi Com EUR 2.00 6,355,440 1.00 Retail: 0.00% (2017: 0.62%)

Software: 0.50% (2017: 0.00%) 30,700 Dassault Systemes SE Com EUR 0.50 3,183,590 0.50 Telecommunications: 0.34% (2017: 0.52%) 150,000 Orange SA Com EUR 4.00 2,123,250 0.34 –––––––––––– ––––––– Total France 47,531,400 7.51 –––––––––––– –––––––

Germany: 6.06% (2017: 7.61%)

Auto Manufacturers: 1.09% (2017: 1.42%) 134,155 Porsche Automobil Holding SE Pref NPV 6,927,764 1.09 Auto Parts & Equipment: 0.30% (2017: 0.98%) 24,500 Rheinmetall AG Com NPV 1,890,420 0.30 Building Materials: 0.00% (2017: 0.49%)

Chemicals: 0.50% (2017: 0.57%) 200,000 K&S AG Com NPV 3,144,000 0.50 Commercial Services: 0.00% (2017: 0.46%)

Cosmetics & Personal Care: 0.35% (2017: 0.66%) 24,300 Beiersdorf AG Com NPV 2,215,188 0.35 Engineering & Construction: 0.30% (2017: 0.00%) 31,000 Fraport AG Frankfurt Airport Services Worldwide Com NPV 1,936,260 0.30

ANIMA Funds Plc 548 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 36.71% (2017: 51.92%)

Germany (continued): 6.06% (2017: 7.61%)

Healthcare-Products: 0.46% (2017: 0.00%) 79,000 Siemens Healthineers AG Com NPV 2,887,055 0.46 Insurance: 0.82% (2017: 1.10%) 27,000 Allianz SE Com NPV 4,728,780 0.75 40,000 DFV Deutsche Familienversicherung AG Com NPV 486,000 0.07 Pharmaceuticals: 1.23% (2017: 0.00%) 128,231 Bayer AG Com NPV 7,765,670 1.23 Semiconductors: 0.00%(2017: 1.17%)

Software: 1.01% (2017: 0.00%) 73,297 SAP SE Com NPV 6,371,708 1.01 Transportation: 0.00% (2017: 0.76%) –––––––––––– ––––––– Total Germany 38,352,845 6.06 –––––––––––– –––––––

Guernsey: 0.00% (2017: 0.00%)

Real Estate: 0.00% (2017: 0.00%) 50,000 Squarestone Brasil Ltd Com NPV - 0.00 –––––––––––– ––––––– Total Guernsey - 0.00 –––––––––––– –––––––

Ireland: 0.00% (2017: 1.29%)

Building Materials: 0.00% (2017: 1.03%)

Oil & Gas: 0.00% (2017: 0.26%)

Italy: 2.24% (2017: 2.74%)

Aerospace/Defense: 0.00% (2017: 0.29%)

Banks: 0.91% (2017: 0.93%) 456,411 Mediobanca Banca di Credito Finanziario SpA Com EUR 0.50 3,366,488 0.53 245,000 UniCredit SpA Com NPV 2,424,030 0.38 Electric: 1.33% (2017: 0.00%) 1,666,053 Enel SpA Com EUR 1.00 8,403,571 1.33 Retail: 0.00% (2017: 0.55%)

Telecommunications: 0.00% (2017: 0.97%) –––––––––––– ––––––– Total Italy 14,194,089 2.24 –––––––––––– –––––––

Jersey: 0.00% (2017: 0.21%)

Distribution/Wholesale: 0.00% (2017: 0.21%)

Luxembourg: 0.23% (2017: 1.44%)

Iron/Steel: 0.00% (2017: 1.01%)

Metal Fabricate/Hardware: 0.00% (2017: 0.43%)

ANIMA Funds Plc 549 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 36.71% (2017: 51.92%)

Luxembourg (continued): 0.23% (2017: 1.44%)

Real Estate: 0.23% (2017: 0.00%) 200,000 Aroundtown SA Com EUR 0.01 1,444,000 0.23 –––––––––––– ––––––– Total Luxembourg 1,444,000 0.23 –––––––––––– –––––––

Netherlands: 2.64% (2017: 3.88%)

Aerospace/Defense: 0.50% (2017: 1.18%) 37,521 Airbus SE Com EUR 1.00 3,150,263 0.50 Banks: 0.96% (2017: 1.47%) 644,036 ING Groep NV Com EUR 0.01 6,060,379 0.96 Chemicals: 0.42% (2017: 0.36%) 38,000 Akzo Nobel NV Com EUR 2.00 2,675,200 0.42 Machinery-Diversified: 0.27% (2017: 0.66%) 220,000 CNH Industrial NV Com EUR 0.01 1,726,560 0.27 Metal Fabricate/Hardware: 0.00% (2017: 0.21%)

Telecommunications: 0.49% (2017: 0.00%) 1,215,000 Koninklijke KPN NV Com EUR 0.04 3,110,400 0.49 –––––––––––– ––––––– Total Netherlands 16,722,802 2.64 –––––––––––– –––––––

Norway: 0.40% (2017: 0.00%)

Mining: 0.40% (2017: 0.00%) 643,990 Norsk Hydro ASA Com NOK 1.098 2,550,924 0.40 –––––––––––– ––––––– Total Norway 2,550,924 0.40 –––––––––––– –––––––

Spain: 4.55% (2017: 1.34%)

Banks: 1.58% (2017: 1.00%) 2,515,906 Banco Santander SA Com EUR 0.50 9,995,695 1.58 Electric: 1.45% (2017: 0.00%) 1,314,028 Iberdrola SA Com EUR 0.75 9,221,848 1.45 Retail: 0.53% (2017: 0.00%) 149,965 Industria de Diseno Textil SA Com EUR 0.03 3,351,718 0.53 Telecommunications: 0.99% (2017: 0.34%) 851,687 Telefonica SA Com EUR 1.00 6,250,531 0.99 –––––––––––– ––––––– Total Spain 28,819,792 4.55 –––––––––––– –––––––

Sweden: 1.91% (2017: 0.31%)

Agriculture: 0.23% (2017: 0.00%) 42,000 Swedish Match AB Com SEK 1.9823 1,446,690 0.23 Home Furnishings: 0.51% (2017: 0.00%) 174,977 Electrolux AB Com SEK 5.00 3,230,214 0.51 Iron/Steel: 0.00 (2017: 0.31%)

ANIMA Funds Plc 550 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 36.71% (2017: 51.92%)

Sweden (continued): 1.91% (2017: 0.31%)

Machinery, Construction & Mining: 0.34% (2017: 0.00%) 260,000 Epiroc AB Com SEK 0.412413 2,150,805 0.34 Telecommunications: 0.83% (2017: 0.00%) 681,435 Telefonaktiebolaget LM Ericsson Com SEK 5.00 5,239,018 0.83 –––––––––––– ––––––– Total Sweden 12,066,727 1.91 –––––––––––– –––––––

Switzerland: 7.76% (2017: 7.24%)

Banks: 0.61% (2017: 1.90%) 355,715 UBS Group AG Com CHF 0.10 3,862,017 0.61 Beverages: 0.78% (2017: 0.00%) 181,159 Coca-Cola HBC AG Com CHF 6.70 4,948,918 0.78 Commercial Services: 0.00% (2017: 0.40%)

Food: 2.36% (2017: 2.55%) 210,805 Nestle SA Com CHF 0.10 14,927,664 2.36 Insurance: 0.00% (2017: 0.61%)

Machinery, Construction & Mining: 0.00% (2017: 0.78%)

Oil & Gas: 0.00% (2017: 0.58%)

Pharmaceuticals: 3.29% (2017: 0.00%) 192,565 Novartis AG Com CHF 0.50 14,360,562 2.27 30,000 Roche Holding AG Com NPV 6,479,625 1.02 Telecommunications: 0.56% (2017: 0.42%) 8,500 Swisscom AG Com CHF 1.00 3,542,807 0.56 Transportation: 0.16% (2017: 0.00%) 8,700 Panalpina Welttransport Holding AG Com CHF 0.10 1,011,343 0.16 –––––––––––– ––––––– Total Switzerland 49,132,936 7.76 –––––––––––– –––––––

United Kingdom: 2.62% (2017: 13.78%)

Aerospace/Defense: 0.01% (2017: 0.00%) 37,130,373 Rolls-Royce Holdings Plc Pref GBP 0.001 41,367 0.01 Agriculture: 0.00%(2017: 1.61%)

Airlines: 0.00% (2017: 0.53%)

Banks: 0.36% (2017: 0.00%) 940,000 Royal Bank of Scotland Group Plc Com GBP 1.00 2,269,429 0.36 Commercial Services: 0.57% (2017: 0.26%) 200,000 RELX Plc Com GBP 0.144397 3,594,000 0.57 Diversified Financial Services: 0.00% (2017: 0.36%)

Electric: 0.19% (2017: 0.00%) 100,000 SSE Plc Com GBP 0.50 1,204,915 0.19 Electronics: 0.00% (2017: 0.13%)

ANIMA Funds Plc 551 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 36.71% (2017: 51.92%)

United Kingdom (continued): 2.62% (2017: 13.78%)

Entertainment: 0.00% (2017: 0.32%)

Food: 0.00% (2017: 0.32%)

Forest Products & Paper: 0.00% (2017: 0.50%)

Insurance: 0.00% (2017: 1.88%)

Machinery-Diversified: 0.33% (2017: 0.52%) 143,250 Weir Group Plc Com GBP 0.125 2,071,568 0.33 Media: 0.00% (2017: 0.19%)

Mining: 0.00% (2017: 0.47%)

Oil & Gas: 0.00% (2017: 3.87%)

Pharmaceuticals: 1.16% (2017: 0.79%) 112,572 AstraZeneca Plc Com USD 0.25 7,365,805 1.16 Semiconductors: 0.00% (2017: 0.20%)

Software: 0.00% (2017: 0.32%)

Telecommunications: 0.00% (2017: 1.51%)

–––––––––––– ––––––– Total United Kingdom 16,547,084 2.62 –––––––––––– –––––––

United States: 0.00% (2017: 1.16%)

Oil & Gas Services: 0.00% (2017: 1.16%) –––––––––––– ––––––– Total Equities 232,342,299 36.71 –––––––––––– –––––––

Futures Contracts: 0.10% (2017: 0.06%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets (4,289,367) (1,930) Koninklijke Ahold Delhaize March 2019 33,601 0.01 (26,462,725) (100) DAX Index March 2019 58,975 0.01 (2,979,729) (68) Ems Chemie Holding Ice March 2019 166,082 0.03 (26,892,370) (900) Euro STOXX 50 March 2019 126,370 0.02 (9,586,500) (2,200) Euro STOXX Bank March 2019 93,500 0.01 (1,656,587) (230) Paddy Power Betfair March 2019 22,354 0.00 (2,967,250) (130) STOXX 600 INDUS March 2019 46,150 0.01 (4,246,652) (339) STOXX 600 TLCM March 2019 102,378 0.01 (3,153,700) (220) STOXX 600 UTIL March 2019 66,000 0.01 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 715,410 0.11 –––––––––––– –––––––

ANIMA Funds Plc 552 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Futures Contracts (continued): 0.10% (2017: 0.06%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets (8,886,210) (190) CAC40 10 Euro January 2019 (97,940) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (97,940) (0.01) –––––––––––– ––––––– Total Futures Contracts 617,470 0.10 –––––––––––– –––––––

Forward Currency Contracts: ((0.05)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs DKK 9,900,000 EUR 1,326,596 20/03/2019 530 0.00 JP Morgan EUR 8,969,235 USD 10,300,000 20/03/2019 17,024 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 17,554 0.00 –––––––––––– ––––––– Goldman Sachs EUR 17,729,475 CHF 20,000,000 20/03/2019 (31,270) (0.01) Goldman Sachs EUR 15,325,522 SEK 157,800,000 20/03/2019 (239,594) (0.03) JP Morgan EUR 17,467,791 CHF 19,700,000 20/03/2019 (26,542) 0.00 JP Morgan EUR 32,091,500 GBP 28,900,000 20/03/2019 (18,488) 0.00 JP Morgan EUR 8,022,225 NOK 79,700,000 20/03/2019 (4,656) 0.00 Morgan Stanley EUR 17,729,868 CHF 20,000,000 20/03/2019 (30,877) (0.01) Morgan Stanley EUR 22,220,247 GBP 20,000,000 20/03/2019 (1,198) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (352,625) (0.05) –––––––––––– ––––––– Total Forward Currency Contracts (335,071) (0.05) –––––––––––– –––––––

Total Return Swaps: 0.80% (2017: (0.05)%)

Unrealised Notional Gain/Loss % of Amount EUR Net Assets 40,000 Accor SA Com EUR 3.00 (Goldman Sachs) 48,807 0.01 81,000 Ageas Com NPV (Goldman Sachs) 247,577 0.04 162,000 ALD SA Com EUR 1.50 (Goldman Sachs) 200,880 0.03 95,000 Alfa Laval AB Com NPV (Morgan Stanley) 57,647 0.01 25,000 Apple Inc Com USD 0.00001 (Morgan Stanley) 455,758 0.07 23,500 ASML Holding NV Com EUR 0.09 (Morgan Stanley) 73,224 0.01 160,000 Atlas Copco AB Com NPV (Goldman Sachs) 199,704 0.03 86,000 AVEVA Group Plc Com GBP 0.036 (Goldman Sachs) 137,972 0.02 25,000 Axel Springer SE Com NPV (Goldman Sachs) 78,315 0.01 270,000 Azimut Holding SpA Com NPV (Goldman Sachs) 276,437 0.04 570,000 Babcock International Group Plc Com GBP 0.60 (Morgan Stanley) 395,405 0.06 1,050,000 Barclays Plc Com GBP 0.25 (Morgan Stanley) 144,590 0.02 110,000 Bunzl Plc Com GBP 0.321 (Morgan Stanley) 57,859 0.01 980,000 CaixaBank SA Com EUR 1.00 (Goldman Sachs) 273,884 0.04 12,100 Charter Communications Inc Com USD 0.001 (Goldman Sachs) 218,986 0.03 54,500 DSV A/S Com DKK 1.00 (Goldman Sachs) 517,299 0.08 17,500 Ferrari NV Com COM EUR 0.01 (Morgan Stanley) 170,800 0.03 7,600 Geberit AG Com CHF 0.10 (Morgan Stanley) 45,410 0.01 1,600 Givaudan SA Com CHF 10.00 (Goldman Sachs) 226,445 0.04 190,000 GlaxoSmithKline Plc Com GBP 0.25 (Goldman Sachs) 230,445 0.04 3,750,000 Glencore Plc Com USD 0.01 (Morgan Stanley) 50,135 0.01

ANIMA Funds Plc 553 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Total Return Swaps (continued): 0.80% (2017: (0.05)%)

Unrealised Notional Gain/Loss % of Amount EUR Net Assets 127,500 Hargreaves Lansdown Plc Com GBP 0.004 (Goldman Sachs) 74,576 0.01 65,000 Hexagon AB Com NPV (Goldman Sachs) 290,528 0.05 15,000 Ipsen SA Com EUR 1.00 (Goldman Sachs) 12,750 0.00 58,600 JCDecaux SA Com NPV (Goldman Sachs) 247,337 0.04 62,000 Kone OYJ Com NPV (Goldman Sachs) 131,440 0.02 9,000 Kuehne&Nagel International AG Com CHF 1.00 (Goldman Sachs) 77,007 0.01 117,500 Metro Bank Plc Com GBP 0.000001 (Morgan Stanley) 535,416 0.08 360,000 Natixis SA Com EUR 1.60 (Morgan Stanley) 273,960 0.04 31,000 Reckitt Benckiser Group Plc Com GBP 0.10 (Goldman Sachs) 172,342 0.03 150,000 RELX Plc Com GBP 0.144397 (Goldman Sachs) 20,835 0.00 31,100 Royal Unibrew A/S Com DKK 2.00 (Morgan Stanley) 72,402 0.01 50,000 Salzgitter AG Com NPV (Goldman Sachs) 138,500 0.02 10,000 Sartorius AG Pref NPV (Goldman Sachs) 32,000 0.01 160,000 Securitas AB Com NPV (Goldman Sachs) 174,445 0.03 1,350 SGS SA Com CHF 1.00 (Goldman Sachs) 186,882 0.03 28,000 Software AG Com NPV (Goldman Sachs) 124,320 0.02 38,500 Symrise AG Com NPV (Morgan Stanley) 258,917 0.04 95,000 TechnipFMC Plc Com USD 1.00 (Goldman Sachs) 268,850 0.04 700,000 Telia Co AB Com NPV (Goldman Sachs) 27,879 0.00 53,000 UCB SA Com NPV (Morgan Stanley) 155,820 0.02 70,000 Uniper SE Com NPV (Morgan Stanley) 4,900 0.00 8,190 Valora Holding AG Com CHF 1.00 (Goldman Sachs) 181,690 0.04 35,000 Worldline SA Com EUR 0.68 (Goldman Sachs) 172,900 0.04 –––––––––––– ––––––– Total Fair Value Gains on Total Return Swaps 7,743,275 1.22 –––––––––––– ––––––– 490,000 Antofagasta Plc Com GBP 0.05 (Morgan Stanley) (93,898) (0.01) 660,000 Auto Trader Group Plc Com GBP 0.01 (Goldman Sachs) (136,287) (0.02) 87,000 Berkeley Group Holdings Plc Com GBP 0.05 (Goldman Sachs) (155,130) (0.02) 31,000 Colruyt SA Com NPV (Morgan Stanley) (179,800) (0.03) 102,500 Endesa SA Com EUR 1.20 (Goldman Sachs) (46,125) (0.01) 135,000 Fortum OYJ Com EUR 3.40 (Goldman Sachs) (93,150) (0.01) 72,000 InterContinental Hotels Group Plc Com GBP 0.198 (Goldman Sachs) (51,914) (0.01) 3,400 Kering SA Com EUR 4.00 (Morgan Stanley) (73,973) (0.01) 2,250,000 Man Group Plc Com USD 0.034 (Goldman Sachs) (136,744) (0.02) 1,250,000 Mediaset SpA Com EUR 0.52 (Morgan Stanley) (201,400) (0.03) 1,850,000 Melrose Industries Plc Com GBP 0.069 (Morgan Stanley) (170,320) (0.03) 15,000 Pernod Ricard SA Com EUR 1.55 (Goldman Sachs) (31,500) (0.00) 8,000 Puma SE Com NPV (Goldman Sachs) (99,328) (0.02) 660,000 Rightmove Plc Com GBP 0.001 (Goldman Sachs) (75,493) (0.02) 320,000 Storebrand ASA Com NOK 5.00 (Goldman Sachs) (51,362) (0.01) 14,600 Temenos AG Com CHF 5.00 (Goldman Sachs) (60,230) (0.01) 9,700 u-blox Holding AG Com CHF 0.90 (Goldman Sachs) (42,024) (0.01) 5,275,000 Vodafone Group Plc Com USD 0.210 (Morgan Stanley) (942,663) (0.15) 60,000 Whitbread Plc Com GBP 0.768 (Morgan Stanley) (12,701) (0.00) –––––––––––– ––––––– Total Fair Value Losses on Total Return Swaps (2,654,042) (0.42) –––––––––––– ––––––– Total Total Return Swaps 5,089,233 0.80 –––––––––––– –––––––

ANIMA Funds Plc 554 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Europe (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 516,152,717) 512,634,183 81.00

Cash and cash equivalents and Due From Broker 119,819,696 18.93

Other Net Assets 422,970 0.07 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 632,876,849 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to an official stock exchange listing 36.34 Transferable securities dealt in on another regulated market 43.01 Financial derivative instruments dealt in on a regulated market 0.11 Over the counter financial derivatives instruments 1.21 Other Assets 19.33 ––––––– 100.00 –––––––

ANIMA Funds Plc 555 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 75.30% (2017: 88.32%)

Australia: 0.59% (2017: 0.15%)

Corporate Bonds: 0.59% (2017: 0.15%) 2,100,000 Origin Energy Finance Ltd 4% 16/09/2074 2,122,050 0.59 –––––––––––– ––––––– Total Australia 2,122,050 0.59 –––––––––––– –––––––

Austria: 1.40% (2017: 0.00%)

Government Bonds: 1.40% (2017: 0.00%) 5,000,000 Austria Government Bond Zero Coupon 15/07/2023 5,040,500 1.40 –––––––––––– ––––––– Total Austria 5,040,500 1.40 –––––––––––– –––––––

Belgium: 4.23% (2017: 0.00%)

Government Bonds: 4.23% (2017: 0.00%) 15,000,000 Belgium Government Bond 4% 28/03/2019 15,168,600 4.23 –––––––––––– ––––––– Total Belgium 15,168,600 4.23 –––––––––––– –––––––

Brazil: 3.36% (2017: 1.80%)

Corporate Bonds: 2.15% (2017: 0.00%) 37,700,000 Brazil Letras do Tesouro Nacional Zero Coupon 01/07/2020 7,700,068 2.15 Government Bonds: 1.21% (2017: 1.80%) 3,900,000 Brazilian Government International Bond 4.875% 22/01/2021 3,488,388 0.97 1,000,000 Brazilian Government International Bond 4.25% 07/01/2025 861,654 0.24 –––––––––––– ––––––– Total Brazil 12,050,110 3.36 –––––––––––– –––––––

Canada: 0.22% (2017: 2.41%)

Corporate Bonds: 0.22% (2017: 0.17%) 1,000,000 Bombardier Inc 7.45% 01/05/2034 780,738 0.22 Government Bonds: 0.00% (2017: 2.24%) –––––––––––– ––––––– Total Canada 780,738 0.22 –––––––––––– –––––––

Colombia: 0.34% (2017: 0.00%)

Government Bonds: 0.34% (2017: 0.00%) 1,400,000 Colombia Government International Bond 7.375% 18/03/2019 1,235,108 0.34 –––––––––––– ––––––– Total Colombia 1,235,108 0.34 –––––––––––– –––––––

ANIMA Funds Plc 556 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 75.30% (2017: 88.32%)

France: 0.63% (2017: 0.94%)

Corporate Bonds: 0.63% (2017: 0.94%) 600,000 BNP Paribas SA 6.125% 29/12/2049 622,500 0.18 1,700,013 Societe Generale SA 2.962% 29/11/2049 929,450 0.26 800,013 Societe Generale SA 7.875% 29/12/2049 691,948 0.19 –––––––––––– ––––––– Total France 2,243,898 0.63 –––––––––––– –––––––

Germany: 0.45% (2017: 0.22%)

Corporate Bonds: 0.45% (2017: 0.22%) 600,000 Bayer AG 3% 01/07/2075 596,646 0.17 200,000 RWE AG 7% 29/03/2049 223,937 0.06 800,000 Wittur International Holding GmbH 8.5% 15/02/2023 787,728 0.22 –––––––––––– ––––––– Total Germany 1,608,311 0.45 –––––––––––– –––––––

Greece: 0.00% (2017: 0.50%)

Government Bonds: 0.00% (2017: 0.00%)

Corporate Bonds: 0.00% (2017: 0.50%)

Indonesia: 2.96% (2017: 1.97%)

Government Bonds: 2.96% (2017: 1.97%) 1,700,000 Indonesia Government International Bond 11.625% 04/03/2019 1,509,355 0.42 5,800,000 Indonesia Government International Bond 5.875% 13/03/2020 5,215,678 1.46 2,400,000 Indonesia Government International Bond 4.875% 05/05/2021 2,144,571 0.60 2,000,000 Indonesia Government International Bond 4.75% 08/01/2026 1,772,461 0.48 –––––––––––– ––––––– Total Indonesia 10,642,065 2.96 –––––––––––– –––––––

Ireland: 0.20% (2017: 0.15%)

Corporate Bonds: 0.20% (2017: 0.15%) 700,000 Eircom Finance DAC 4.5% 31/05/2022 708,750 0.20 –––––––––––– ––––––– Total Ireland 708,750 0.20 –––––––––––– –––––––

Italy: 18.73% (2017: 49.54%)

Corporate Bonds: 1.12% (2017: 1.36%) 2,500,000 Agenzia Nazionale per l'Attrazione degli Investimenti e lo Sviluppo d'Impresa 1.375% 20/07/2022 2,358,175 0.66 1,000,000 Alerion Cleanpower SpA 3.75% 29/12/2024 995,500 0.28 800,000 Banca IFIS SpA 4.5% 17/10/2027 651,360 0.18

ANIMA Funds Plc 557 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 75.30% (2017: 88.32%)

Italy (continued): 18.73% (2017: 49.54%)

Government Bonds: 17.61% (2017: 48.18%) 17,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 17,002,958 4.73 15,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 14,995,035 4.18 1,000,000 Italy Buoni Poliennali del Tesoro 4.25% 01/02/2019 1,002,682 0.28 30,000,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/05/2019 30,214,020 8.42 –––––––––––– ––––––– Total Italy 67,219,730 18.73 –––––––––––– –––––––

Japan: 9.21% (2017: 0.00%)

Government Bonds: 9.21% (2017: 0.00%) 920,000,000 Japanese Government CPI Linked Bond 0.1% 10/09/2024 7,623,958 2.13 900,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2025 7,491,157 2.09 920,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2026 7,685,726 2.14 1,225,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 10,278,473 2.85 –––––––––––– ––––––– Total Japan 33,079,314 9.21 –––––––––––– ––––––– Jersey: 0.00% (2017: 0.15%)

Corporate Bonds: 0.00% (2017: 0.15%)

Lithuania: 1.99% (2017: 0.29%)

Government Bonds: 1.99% (2017: 0.29%) 2,500,000 Lithuania Government International Bond 7.375% 11/02/2020 2,286,446 0.64 2,700,000 Lithuania Government International Bond 7.375% 11/02/2020 2,469,361 0.69 2,500,000 Lithuania Government International Bond 6.625% 01/02/2022 2,383,450 0.66 –––––––––––– ––––––– Total Lithuania 7,139,257 1.99 –––––––––––– –––––––

Luxembourg: 6.99% (2017: 3.40%)

Corporate Bonds: 6.99% (2017: 3.40%) 1,000,000 Altice Luxembourg SA 7.25% 15/05/2022 928,800 0.26 23,000,000 European Financial Stability Facility 0.5% 20/01/2023 23,545,859 6.56 600,000 UniCredit International Bank Luxembourg SA 8.125% 29/12/2049 622,704 0.17 –––––––––––– ––––––– Total Luxembourg 25,097,363 6.99 –––––––––––– –––––––

Mexico: 3.58% (2017: 2.15%)

Corporate Bonds: 0.62% (2017: 0.00%) 2,500,000 Petroleos Mexicanos 8% 03/05/2019 2,210,996 0.62 Government Bonds: 2.96% (2017: 2.15%) 110,000,000 Mexican Bonos 5% 11/12/2019 4,727,826 1.32 110,000,000 Mexican Bonos 8% 11/06/2020 4,849,636 1.35 1,210,000 Mexico Government International Bond 4% 02/10/2023 1,053,515 0.29 –––––––––––– ––––––– Total Mexico 12,841,973 3.58 –––––––––––– –––––––

ANIMA Funds Plc 558 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 75.30% (2017: 88.32%)

Netherlands: 0.32% (2017: 0.83%)

Corporate Bonds: 0.32% (2017: 0.83%) 200,000 NN Group NV 4.375% 29/06/2049 200,978 0.06 700,000 Nyrstar Netherlands Holdings BV 8.5% 15/09/2019 294,644 0.08 1,200,000 Rothschilds Continuation Finance BV 2.875% 29/09/2049 636,662 0.18 –––––––––––– ––––––– Total Netherlands 1,132,284 0.32 –––––––––––– –––––––

Poland: 1.49% (2017: 1.11%)

Government Bonds: 1.49% (2017: 1.11%) 6,000,000 Poland Government International Bond 6.375% 15/07/2019 5,351,561 1.49 –––––––––––– ––––––– Total Poland 5,351,561 1.49 –––––––––––– –––––––

Russian Federation: 1.86% (2017: 0.92%)

Government Bonds: 1.86% (2017: 0.92%) 4,600,000 Russian Foreign Bond - Eurobond 3.5% 16/01/2019 4,020,300 1.12 1,000,000 Russian Foreign Bond - Eurobond 5.625% 04/04/2042 894,278 0.25 1,000,000 Russian Foreign Bond - Eurobond 4.875% 16/09/2023 891,782 0.25 1,000,000 Russian Foreign Bond - Eurobond 4.5% 04/04/2022 884,981 0.24 –––––––––––– ––––––– Total Russian Federation 6,691,341 1.86 –––––––––––– –––––––

Serbia: 1.37% (2017: 0.56%)

Government Bonds: 1.37% (2017: 0.56%) 4,500,000 Serbia International Bond 4.875% 25/02/2020 3,970,141 1.11 1,000,000 Serbia International Bond 7.25% 28/09/2021 941,530 0.26 –––––––––––– ––––––– Total Serbia 4,911,671 1.37 –––––––––––– –––––––

South Africa: 5.05% (2017: 2.24%)

Government Bonds: 5.05% (2017: 2.24%) 68,000,000 South Africa Government Bond 6.75% 31/03/2021 4,096,174 1.14 71,000,000 South Africa Government Bond 10.5% 21/12/2026 4,696,825 1.31 2,000,000 South Africa Government International Bond 6.875% 27/05/2019 1,771,124 0.49 4,500,000 South Africa Government International Bond 5.5% 09/03/2020 3,989,178 1.11 3,200,000 South Africa Government International Bond 5.875% 30/05/2022 2,900,785 0.81 900,000 South Africa Government International Bond 5.375% 24/07/2044 688,729 0.19 –––––––––––– ––––––– Total South Africa 18,142,815 5.05 –––––––––––– –––––––

ANIMA Funds Plc 559 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 75.30% (2017: 88.32%)

Spain: 4.11% (2017: 0.14%)

Corporate Bonds: 0.16% (2017: 0.14%) 600,000 Banco Bilbao Vizcaya Argentaria SA 6.75% 29/12/2049 594,540 0.16 Government Bonds: 3.95% (2017: 0.00%) 4,750,000 Spain Government Bond 0.4% 30/04/2022 4,813,892 1.34 8,000,000 Spain Government Bond 3.8% 30/04/2024 9,355,424 2.61 –––––––––––– ––––––– Total Spain 14,763,856 4.11 –––––––––––– –––––––

Sweden: 0.18% (2017: 0.15%)

Corporate Bonds: 0.18% (2017: 0.15%) 700,000 Vattenfall AB 3% 19/03/2077 660,591 0.18 –––––––––––– ––––––– Total Sweden 660,591 0.18 –––––––––––– –––––––

Switzerland: 0.15% (2017: 0.40%)

Corporate Bonds: 0.15% (2017: 0.40%) 600,000 Credit Suisse Group AG 7.5% 29/12/2049 533,526 0.15 –––––––––––– ––––––– Total Switzerland 533,526 0.15 –––––––––––– –––––––

Turkey: 0.74% (2017: 0.93%)

Government Bonds: 0.74% (2017: 0.93%) 2,000,000 Turkey Government International Bond 7% 11/03/2019 1,755,361 0.49 1,000,000 Turkey Government International Bond 7.5% 07/11/2019 891,178 0.25 –––––––––––– ––––––– Total Turkey 2,646,539 0.74 –––––––––––– –––––––

United Kingdom: 1.11% (2017: 1.29%)

Corporate Bonds: 1.11% (2017: 1.29%) 800,000 Royal Bank of Scotland Group Plc 8.625% 29/12/2049 724,315 0.20 600,000 Standard Chartered Plc 7.5% 29/12/2049 526,178 0.15 900,000 Synlab Bondco Plc 6.25% 01/07/2022 913,311 0.25 787,476 Tesco Property Finance 5 Plc 5.661% 13/10/2041 972,189 0.27 800,000 Worldpay Finance Plc 3.75% 15/11/2022 843,600 0.24 –––––––––––– ––––––– Total United Kingdom 3,979,593 1.11 –––––––––––– –––––––

ANIMA Funds Plc 560 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 75.30% (2017: 88.32%)

United States: 4.04% (2017: 16.08%)

Corporate Bonds: 0.24% (2017: 0.35%) 800,000 Sealed Air Corp 4.5% 15/09/2023 859,360 0.24 Government Bonds: 3.80% (2017: 15.73%) 6,000,000 United States Treasury Note/Bond 2% 31/05/2021 5,189,592 1.45 9,650,000 United States Treasury Note/Bond 2.75% 30/09/2020 8,472,053 2.35 –––––––––––– ––––––– Total United States 14,521,005 4.04 –––––––––––– ––––––– Total Bonds 270,312,549 75.30 –––––––––––– –––––––

Investment Funds: 6.25% (2017: 8.62%)

Ireland: 6.25% (2017: 8.62%) 313,000 iShares JP Morgan EM Local Government Bond UCITS ETF 16,095,620 4.49 70,000 iShares JP Morgan EM Bond UCITS ETF 6,324,893 1.76 –––––––––––– ––––––– Total Ireland 22,420,513 6.25 –––––––––––– ––––––– Total Investment Funds 22,420,513 6.25 –––––––––––– –––––––

Options: 0.00% (2017: 0.20%) 18,000,000 Fxopt EUR RUB Put 74 February 2019 (Deutsche Bank) 8,982 0.00 –––––––––––– ––––––– Total Options Purchased - Gain 8,982 0.00 –––––––––––– ––––––– Total Options 8,982 0.00 –––––––––––– –––––––

Futures Contracts: (0.25)% (2017: 0.62%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets (11,418,915) (90) Euro-BTP March 2019 (84,885) (0.02) (39,861,500) (245) Euro-Bund March 2019 (205,800) (0.06) (35,148,018) (29) JPN 10Yr Bond (OSE) March 2019 (108,674) (0.03) (36,741,186) (349) US 10Yr Note (CBT) March 2019 (509,797) (0.14) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (909,156) (0.25) –––––––––––– ––––––– Total Futures Contracts (909,156) (0.25) –––––––––––– –––––––

ANIMA Funds Plc 561 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star Bond (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts: (0.17)% (2017: (0.05)%) Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Credit Agricole EUR 43,710,497 USD 50,000,000 07/03/2019 202,037 0.05 Credit Suisse EUR 656,116 CAD 1,000,000 07/03/2019 18,035 0.01 Deutsche Bank EUR 9,597,951 USD 11,000,000 07/03/2019 26,089 0.01 Goldman Sachs EUR 6,865,705 BRL 30,700,000 15/03/2019 13,599 0.00 Goldman Sachs JPY 1,400,000,000 EUR 10,873,449 07/03/2019 285,224 0.07 JP Morgan EUR 43,647,537 USD 50,000,000 07/03/2019 139,077 0.04 JP Morgan HUF 61,000,000 EUR 188,214 07/03/2019 1,750 0.00 JP Morgan PLN 1,000,000 EUR 231,830 07/03/2019 129 0.00 Morgan Stanley EUR 348,303 PLN 1,500,000 07/03/2019 363 0.00 Morgan Stanley EUR 10,196,325 ZAR 162,300,000 07/03/2019 453,024 0.13 Morgan Stanley GBP 4,900,000 EUR 5,411,255 07/03/2019 35,910 0.01 Nomura EUR 3,476,895 BRL 15,500,000 15/03/2019 17,363 0.00 Nomura EUR 1,922,307 TRY 12,000,000 07/03/2019 25,408 0.01 Nomura EUR 43,650,205 USD 50,000,000 07/03/2019 141,745 0.04 Pictet and Cie EUR 28,876,608 USD 33,050,000 07/03/2019 117,516 0.03 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 1,477,269 0.40 –––––––––––– ––––––– Goldman Sachs EUR 174,233 SEK 1,800,000 07/03/2019 (3,331) 0.00 JP Morgan EUR 707,157 CHF 800,000 07/03/2019 (3,146) 0.00 Morgan Stanley EUR 5,102,993 TRY 32,800,000 07/03/2019 (81,863) (0.02) Morgan Stanley RUB 527,900,000 EUR 6,813,371 15/03/2019 (250,401) (0.07) Morgan Stanley TRY 44,500,000 EUR 7,049,728 07/03/2019 (15,396) 0.00 Nomura BRL 15,500,000 EUR 3,476,817 15/03/2019 (17,285) 0.00 Nomura EUR 1,448,496 JPY 185,800,000 07/03/2019 (32,419) (0.01) Nomura EUR 9,744,652 MXN 230,500,000 07/03/2019 (341,229) (0.10) Nomura EUR 6,952,652 USD 8,000,000 07/03/2019 (8,701) 0.00 Nomura RUB 267,000,000 EUR 3,447,385 07/03/2019 (122,194) (0.03) Pictet and Cie EUR 43,219,336 JPY 5,570,000,000 07/03/2019 (1,176,238) (0.33) Unicredit Bank GBP 3,700,000 EUR 4,138,008 07/03/2019 (24,842) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (2,077,045) (0.57) –––––––––––– ––––––– Total Forward Currency Contracts (599,776) (0.17) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 296,657,509) 291,233,112 81.13

Cash and Cash Equivalents and Due From Broker 57,193,437 15.93

Other Net Assets 10,548,364 2.94 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 358,974,913 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market. 74.61 UCITS and non-UCITS Investment funds. 6.19 Over the counter financial derivative instruments. 0.41 Other Assets. 18.79 ––––––– 100.00 –––––––

ANIMA Funds Plc 562 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Volatility Europe

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 93.81% (2017: 90.53%)

Italy: 93.81% (2017: 86.87%)

Government Bonds: 93.81% (2017: 86.87%) 200,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 200,032 0.98 1,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2019 999,334 4.92 1,300,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2019 1,298,325 6.39 5,400,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/08/2019 5,385,906 26.50 500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/10/2019 498,223 2.45 5,250,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/05/2019 5,246,745 25.82 5,450,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 5,436,375 26.75 –––––––––––– ––––––– Total Italy 19,064,940 93.81 –––––––––––– –––––––

Spain: 0.00% (2017: (3.66%)

Government Bonds: 0.00% (2017: 3.66%) –––––––––––– ––––––– Total Bonds 19,064,940 93.81 –––––––––––– –––––––

Futures Contracts: (1.06)% (2017: (0.55)%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets 6,226,080 204 Euro STOXX 50 March 2019 (159,120) (0.78) 3,429,601 46 FTSE 100 Index March 2019 (16,985) (0.08) 1,736,250 23 Swiss Market Index March 2019 (40,158) (0.20) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (216,263) (1.06) –––––––––––– ––––––– Total Futures Contracts (216,263) (1.06) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 19,100,946) 18,848,677 92.75

Cash and Cash Equivalents and Due from Brokers 1,518,401 7.47

Other Net Liabilities (45,280) (0.22) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 20,321,798 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Assets Transferable securities dealt in on another regulated market 92.62 Other Assets 7.38 ––––––– 100.00 –––––––

ANIMA Funds Plc 563 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Volatility Global

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 93.41% (2017: 93.42%)

Italy: 93.41% (2017: 86.78%)

Government Bonds: 93.41% (2017: 86.78%) 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 500,079 1.04 400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 399,868 0.83 6,700,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 6,691,370 13.95 10,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 9,973,900 20.79 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 498,223 1.04 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 996,058 2.07 12,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 12,492,250 26.04 13,300,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 13,266,750 27.65 –––––––––––– ––––––– Total Italy 44,818,498 93.41 –––––––––––– –––––––

Spain: 0.00% (2017: 6.64%)

Government Bonds: 0.00% (2017: 6.64%) –––––––––––– ––––––– Total Bonds 44,818,498 93.41 –––––––––––– –––––––

Futures Contracts (1.22)% (2017: (0.19)%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets 2,013,660 66 Euro STOXX 50 March 2019 (50,820) (0.11) 1,044,182 14 FTSE 100 Index March 2019 (5,561) (0.01) 1,515,540 9 Nikkei 225 (OSE) March 2019 (80,904) (0.17) 11,395,488 20 S&P 500 March 2019 (438,159) (0.90) 528,238 7 Swiss Market Index March 2019 (12,036) (0.03) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (587,480) (1.22) –––––––––––– ––––––– Total Futures Contracts (587,480) (1.22) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 44,894,979) 44,231,018 92.19

Cash and Cash Equivalents and Due From Broker 3,810,238 7.94

Other Net Liabilities (63,140) (0.13) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 47,978,116 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 92.15 Other Assets 7.85 ––––––– 100.00 –––––––

ANIMA Funds Plc 564 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Volatility Italy

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 93.66% (2017: 89.96%)

Italy: 93.66% (2017: 88.57%)

Government Bonds: 93.66% (2017: 88.57%) 680,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 680,107 2.58 2,600,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/04/2019 2,598,700 9.84 7,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/08/2019 6,981,730 26.43 600,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/10/2019 597,868 2.26 7,000,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/05/2019 6,995,660 26.49 6,900,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 6,882,750 26.06 –––––––––––– ––––––– Total Italy 24,736,815 93.66 –––––––––––– ––––––– Total Bonds 24,736,815 93.66 –––––––––––– –––––––

Spain: 0.00% (2017: 1.39%)

Government Bonds: 0.00% (2017: 1.39%)

Futures Contracts: (0.98)% (2017: (3.02)%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets 10,271,250 110 FTSE/MIB Index March 2019 (257,950) (0.98) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (257,950) (0.98) –––––––––––– ––––––– Total Futures Contracts (257,950) (0.98) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 24,760,400) 24,478,865 92.68

Cash and Cash Equivalents and Due From Broker 1,974,047 7.47

Other Net Liabilities (40,298) (0.15) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 26,412,614 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 92.61 Other Assets 7.39 ––––––– 100.00 –––––––

ANIMA Funds Plc 565 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Volatility USA

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 82.50% (2017: 87.09%)

Italy: 82.50% (2017: 77.29%)

Government Bonds: 82.50% (2017: 77.29%) 550,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 550,087 5.41 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 998,400 9.83 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 498,411 4.90 750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 747,334 7.35 600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 597,635 5.88 2,250,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 2,248,605 22.13 2,750,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 2,743,125 27.00 –––––––––––– ––––––– Total Italy 8,383,597 82.50 –––––––––––– –––––––

Spain: 0.00% (2017: 9.80%)

Government Bonds: 0.00% (2017: 9.80%) –––––––––––– ––––––– Total Bonds 8,383,597 82.50 –––––––––––– –––––––

Options: 0.00% (2017: 1.46%)

Futures Contracts: (1.29)% (2017: 0.41%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets 1,709,323 3 S&P 500 March 2019 (65,468) (0.65) 1,709,323 15 S&P500 E Mini March 2019 (65,467) (0.64) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (130,935) (1.29) –––––––––––– ––––––– Total Futures Contracts (130,935) (1.29) –––––––––––– ––––––– Forward Currency Contracts: 0.00% (2017: 0.01%)

Total Value of Investments (Cost: EUR 8,412,586) 8,252,662 81.21

Cash and Cash Equivalents and Due From Broker 1,922,936 18.92

Other Net Liabilities (14,097) (0.13) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 10,161,501 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market. 81.34 Other Assets. 18.66 ––––––– 100.00 –––––––

ANIMA Funds Plc 566 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Credit Opportunities

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 80.84% (2017: 87.11%)

Australia: 0.78% (2017: 0.44%)

Corporate Bonds: 0.78% (2017: 0.44%) 2,000,000 Westpac Banking Corp FRN 29/09/2049 1,198,655 0.78 –––––––––––– ––––––– Total Australia 1,198,655 0.78 –––––––––––– –––––––

Belgium: 0.64% (2017: 0.00%)

Corporate Bonds: 0.64% (2017: 0.00%) 1,000,000 Elia System Operator SA/NV 2.75% 31/12/2049 977,600 0.64 –––––––––––– ––––––– Total Belgium 977,600 0.64 –––––––––––– –––––––

Brazil: 0.71% (2017: 0.47%)

Corporate Bonds: 0.71% (2017:0.47%) 1,000,000 Vale SA 3.75% 10/01/2023 1,088,301 0.71 –––––––––––– ––––––– Total Brazil 1,088,301 0.71 –––––––––––– –––––––

Bulgaria: 0.28% (2017: 0.00%)

Corporate Bonds: 0.28% (2017: 0.00%) 400,000 Bulgarian Energy Holding EAD 4.875% 02/08/2021 428,240 0.28 –––––––––––– ––––––– Total Bulgaria 428,240 0.28 –––––––––––– –––––––

Cayman Islands: 0.34% (2017: 0.59%)

Corporate Bonds: 0.34% (2017: 0.59%) 600,000 Sunac China Holdings Ltd 6.875% 08/08/2020 514,706 0.34 –––––––––––– ––––––– Total Cayman Islands 514,706 0.34 –––––––––––– –––––––

Finland: 0.79% (2017: 1.00%)

Corporate Bonds: 0.79% (2017: 1.00%) 1,200,000 Nokia OYJ 1% 15/03/2021 1,209,571 0.79 –––––––––––– ––––––– Total Finland 1,209,571 0.79 –––––––––––– –––––––

France: 12.88% (2017: 16.11%)

Corporate Bonds: 12.88% (2017: 16.11%) 600,000 Arkema SA 4.75% 29/10/2049 622,500 0.41 1,500,000 AXA SA 5.25% 16/04/2040 1,581,227 1.03 400,000 AXA SA 5.5% 29/07/2049 322,792 0.21 2,000,000 AXA SA FRN 29/08/2049 1,259,678 0.82 2,000,000 Banque Federative du Credit Mutuel SA FRN 29/12/2049 1,280,500 0.84

ANIMA Funds Plc 567 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Credit Opportunities (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.84% (2017: 87.11%)

France (continued): 12.88% (2017: 16.11%)

Corporate Bonds (continued): 12.88% (2017: 16.11%) 600,000 Casino Guichard Perrachon 1.865% 13/06/2022 530,430 0.35 600,000 Casino Guichard Perrachon SA 4.407% 06/08/2019 608,280 0.40 1,000,000 Credit Agricole SA 4.5% 30/06/2020 1,063,855 0.69 1,000,000 Credit Agricole SA 6.5% 29/04/2049 1,018,780 0.67 500,000 Credit Agricole SA 8.375% 29/10/2049 447,229 0.29 1,000,000 Crown European Holdings SA 2.25% 01/02/2023 999,940 0.65 1,000,000 Electricite de France SA 2.75% 10/03/2023 1,089,354 0.71 1,000,000 Elis SA 1.875% 15/02/2023 974,900 0.64 1,000,000 Engie SA 3% 31/12/2099 1,006,664 0.66 1,100,000 Nexans SA 3.25% 26/05/2021 1,126,080 0.74 500,000 Orange SA 4.25% 31/12/2049 513,032 0.33 800,000 Orano SA 4.375% 06/11/2019 813,888 0.53 1,200,000 Orano SA 3.25% 04/09/2020 1,208,042 0.79 500,000 RCI Banque SA FRN 12/04/2021 493,157 0.32 1,000,000 Societe Generale SA FRN 29/11/2049 546,735 0.36 1,000,000 Solvay Finance SA FRN 29/12/2049 1,053,420 0.69 200,000 Suez 2.5% 29/12/2049 197,849 0.13 500,000 Total Capital SA 4.45% 24/06/2020 446,298 0.29 500,000 TOTAL SA 2.25% 31/12/2099 504,350 0.33 –––––––––––– ––––––– Total France 19,708,980 12.88 –––––––––––– –––––––

Germany: 5.10% (2017: 5.77%)

Corporate Bonds: 5.10% (2017: 5.77%) 1,000,000 Bayer AG 3% 01/07/2075 994,410 0.65 500,000 Commerzbank AG 6.625% 30/08/2019 574,431 0.38 300,000 Commerzbank AG 7.75% 16/03/2021 340,359 0.22 500,000 Deutsche Bank AG 5% 24/06/2020 516,880 0.34 1,000,000 HT1 Funding GmbH FRN 29/07/2049 838,180 0.55 570,000 IHO Verwaltungs GmbH 2.75% 15/09/2021 564,300 0.37 900,000 K&S AG 4.125% 06/12/2021 955,932 0.62 500,000 Kaefer Isoliertechnik GmbH & Co KG 5.5% 10/01/2024 464,078 0.30 800,000 RWE AG 7% 29/03/2049 895,748 0.58 1,200,000 Thyssenkrupp AG 1.375% 03/03/2022 1,168,793 0.76 500,000 TUI AG 2.125% 26/10/2021 498,410 0.33 –––––––––––– ––––––– Total Germany 7,811,521 5.10 –––––––––––– –––––––

Guernsey: 0.26% (2017: 0.00%)

Corporate Bonds: 0.26% (2017: 0.00%) 400,000 Globalworth Real Estate Investments 2.875% 20/06/2022 399,386 0.26 –––––––––––– ––––––– Total Guernsey 399,386 0.26 –––––––––––– –––––––

ANIMA Funds Plc 568 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Credit Opportunities (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.84% (2017: 87.11%)

Hong Kong: 0.39% (2017: 0.51%)

Corporate Bonds: 0.39% (2017: 0.51%) 600,000 CNRC Capital Ltd 1.871% 07/12/2021 599,042 0.39 –––––––––––– ––––––– Total Hong Kong 599,042 0.39 –––––––––––– –––––––

Ireland: 1.26% (2017: 1.51%)

Corporate Bonds: 1.26% (2017: 1.51%) 1,000,000 Bank of Ireland 10% 19/12/2022 1,265,144 0.83 600,000 Russian Railways Via RZD Capital Plc 4.6% 06/03/2023 656,700 0.43 –––––––––––– ––––––– Total Ireland 1,921,844 1.26 –––––––––––– –––––––

Isle Of Man: 0.64% (2017: 0.00%)

Corporate Bonds: 0.64% (2017: 0.00%) 1,000,000 Playtech Plc 3.75% 12/10/2023 974,500 0.64 –––––––––––– ––––––– Total Isle Of Man 974,500 0.64 –––––––––––– –––––––

Italy: 20.12% (2017: 21.92%)

Corporate Bonds: 13.97% (2017: 21.92%) 900,000 Banca IFIS SpA 4.5% 17/10/2027 732,780 0.48 800,000 Banco BPM SpA 3.5% 14/03/2019 803,845 0.53 500,000 Banco BPM SpA 2.75% 27/07/2020 504,915 0.33 1,000,000 Banco BPM SpA 1.75% 24/04/2023 946,908 0.62 1,000,000 Iccrea Banca SpA 1.875% 25/11/2019 999,604 0.65 1,000,000 Iccrea Banca SpA 1.5% 21/02/2020 995,934 0.65 500,000 Inter Media and Communication SpA 4.875% 31/12/2022 498,370 0.33 1,000,000 Intesa Sanpaolo SpA 5% 23/09/2019 1,028,406 0.67 1,100,000 Intesa Sanpaolo SpA 6.5% 24/02/2021 986,451 0.65 1,000,000 Intesa Sanpaolo SpA 6.625% 13/09/2023 1,133,860 0.74 500,000 Leonardo SpA 8% 16/12/2019 584,683 0.38 500,000 Leonardo SpA 4.5% 19/01/2021 532,085 0.35 1,000,000 Leonardo SpA 5.25% 21/01/2022 1,104,072 0.72 1,500,000 Mediobanca Banca di Credito Finanziario SpA 5% 15/11/2020 1,567,179 1.02 1,000,000 Poste Vita SpA 2.875% 30/05/2019 1,001,504 0.66 1,000,000 RAI-Radiotelevisione Italiana SpA 1.5% 28/05/2020 995,480 0.65 800,000 Salini Impregilo SpA 3.75% 24/06/2021 655,936 0.43 600,000 Telecom Italia SpA 3.25% 16/01/2023 611,155 0.40 1,000,000 UniCredit SpA 6.95% 31/10/2022 1,119,146 0.73 1,000,000 UniCredit SpA 5.75% 28/10/2025 1,030,778 0.67 800,000 Unione di Banche Italiane SpA 2.875% 18/02/2019 802,387 0.52 1,000,000 Unione di Banche Italiane SpA 0.75% 17/10/2022 935,521 0.61 1,000,000 UnipolSai Assicurazioni SpA FRN 28/07/2023 902,555 0.59 1,000,000 Wind Tre SpA 2.625% 20/01/2023 901,500 0.59 Government Bonds: 6.15% (2017: 0.00%) 3,000,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/09/2019 3,075,570 2.01 6,500,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 6,334,198 4.14 –––––––––––– ––––––– Total Italy 30,784,822 20.12 –––––––––––– –––––––

ANIMA Funds Plc 569 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Credit Opportunities (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.84% (2017: 87.11%)

Japan: 0.00% (2017: 0.71%)

Corporate Bonds: 0.00% (2017: 0.71%)

Luxembourg: 4.83% (2017: 2.88%)

Corporate Bonds: 4.83% (2017: 2.88%) 1,000,000 CNH Industrial Finance Europe SA 1.375% 23/05/2022 1,006,126 0.66 1,000,000 Contour Global Power Holdings SA 3.375% 01/08/2023 944,690 0.62 1,000,000 CPI Property Group SA 4.375% 09/05/2052 930,000 0.61 1,000,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 1,087,500 0.71 2,000,000 Gazprom OAO Via Gaz Capital SA 3.389% 20/03/2020 2,065,000 1.35 400,000 Sberbank of Russia Via SB Capital SA 5.717% 16/06/2021 354,501 0.23 1,000,000 SES SA 4.625% 29/12/2049 1,003,026 0.65 –––––––––––– ––––––– Total Luxembourg 7,390,843 4.83 –––––––––––– –––––––

Mexico: 1.26% (2017: 2.58%)

Corporate Bonds: 1.26% (2017: 2.58%) 1,000,000 Petroleos Mexicanos 2.5% 21/08/2021 983,080 0.64 1,000,000 Petroleos Mexicanos 1.875% 21/04/2022 942,420 0.62 –––––––––––– ––––––– Total Mexico 1,925,500 1.26 –––––––––––– –––––––

Netherlands: 10.01% (2017: 10.58%)

Corporate Bonds: 10.01% (2017: 10.58%) 1,000,000 ABN AMRO Bank NV 5.75% 29/12/2049 1,019,600 0.67 1,000,000 Aegon NV FRN 29/07/2049 664,550 0.43 2,000,000 Aegon NV FRN 29/07/2049 1,149,071 0.75 1,000,000 Cooperatieve Rabobank UA 6.625% 29/12/2049 1,085,560 0.71 1,000,000 Dufry One BV 2.5% 15/10/2024 952,471 0.62 1,700,000 ING Groep NV FRN 29/06/2049 1,224,714 0.80 800,000 Intertrust Group BV 3.375% 15/11/2025 786,400 0.51 1,950,000 NIBC Bank NV FRN 29/03/2049 1,370,090 0.90 500,000 NXP BV / NXP Funding LLC 4.125% 15/06/2020 435,354 0.28 1,000,000 Saipem Finance International BV 3% 08/03/2021 1,015,000 0.66 500,000 Saipem Finance International BV 2.75% 05/04/2022 497,690 0.33 500,000 Schaeffler Finance BV 2.5% 15/05/2020 500,157 0.33 300,000 Telefonica Europe BV 5% 31/03/2049 310,466 0.20 800,000 Telefonica Europe BV 7.625% 29/09/2049 909,736 0.60 500,000 Telefonica Europe BV 4.2% 29/12/2049 510,659 0.33 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 0.375% 25/07/2020 972,463 0.64 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 1.25% 31/03/2023 902,942 0.59 1,000,000 Volkswagen International Finance NV 3.75% 29/03/2049 1,010,460 0.66 –––––––––––– ––––––– Total Netherlands 15,317,383 10.01 –––––––––––– –––––––

Portugal: 0.68% (2017: 0.00%)

Corporate Bonds: 0.68% (2017: 0.00%) 1,000,000 EDP - Energias de Portugal SA 5.375% 16/09/2075 1,047,500 0.68 –––––––––––– ––––––– Total Portugal 1,047,500 0.68 –––––––––––– –––––––

ANIMA Funds Plc 570 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Credit Opportunities (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.84% (2017: 87.11%)

Spain: 3.96% (2017: 1.40%)

Corporate Bonds: 3.96% (2017: 1.40%) 1,000,000 Banco Bilbao Vizcaya Argentaria SA 7% 29/12/2049 997,296 0.65 1,000,000 Banco Santander SA 6.25% 12/03/2049 950,620 0.62 2,000,000 Banco Santander SA FRN 29/09/2049 1,385,000 0.90 400,000 BBVA Subordinated Capital SA 3.5% 11/04/2024 402,426 0.26 300,000 Cellnex Telecom SA 3.125% 27/07/2022 317,364 0.21 1,000,000 Criteria Caixa SAU 1.625% 21/04/2022 1,004,077 0.66 1,000,000 El Corte Ingles SA 3% 15/03/2024 1,002,500 0.66 –––––––––––– ––––––– Total Spain 6,059,283 3.96 –––––––––––– –––––––

Sweden: 1.63% (2017: 3.16%)

Corporate Bonds: 1.63% (2017: 3.16%) 1,500,000 Intrum AB 2.75% 15/07/2022 1,379,151 0.90 800,000 Telefonaktiebolaget LM Ericsson 0.875% 01/03/2021 801,755 0.53 300,000 Volvo Car AB 3.25% 18/05/2021 312,000 0.20 –––––––––––– ––––––– Total Sweden 2,492,906 1.63 –––––––––––– –––––––

Turkey: 0.32% (2017: 0.00%)

Corporate Bonds: 0.32% (2017: 0.00%) 500,000 Arcelik AS 3.875% 16/09/2021 493,800 0.32 –––––––––––– ––––––– Total Turkey 493,800 0.32 –––––––––––– –––––––

United Kingdom: 8.99% (2017: 10.99%)

Corporate Bonds: 8.99% (2017: 10.99%) 500,000 Barclays Bank Plc 6% 14/01/2021 538,217 0.35 1,000,000 Barclays Bank Plc 10% 21/05/2021 1,281,908 0.84 500,000 Barclays Bank Plc 7.625% 21/11/2022 453,243 0.30 500,000 BAT International Finance Plc 2.375% 19/01/2023 521,226 0.34 1,000,000 HSBC Bank Plc FRN 29/06/2049 594,848 0.39 600,000 Ineos Finance Plc 4% 01/05/2023 600,060 0.39 900,000 International Game Technology Plc 4.125% 15/02/2020 923,616 0.60 1,500,000 International Game Technology Plc 4.75% 15/02/2023 1,593,690 1.04 500,000 National Westminster Bank Plc 6.5% 07/09/2021 611,676 0.40 300,000 OTE Plc 2.375% 18/07/2022 305,685 0.20 500,000 Sky Plc 1.5% 15/09/2021 512,625 0.33 1,000,000 Standard Chartered Plc 3.625% 23/11/2022 1,064,425 0.70 289,000 Tesco Corporate Treasury Services Plc 1.375% 01/07/2019 290,315 0.19 500,000 Tesco Corporate Treasury Services Plc 2.125% 12/11/2020 512,792 0.34 600,000 Thomas Cook Group Plc 6.25% 15/06/2022 459,000 0.30 625,000 Titan Global Finance Plc 4.25% 10/07/2019 632,812 0.41 800,000 Titan Global Finance Plc 3.5% 17/06/2021 812,840 0.53 1,000,000 William Hill Plc 4.25% 05/06/2020 1,103,753 0.72 900,000 Worldpay Finance Plc 3.75% 15/11/2022 949,050 0.62 –––––––––––– ––––––– Total United Kingdom 13,761,781 8.99 –––––––––––– –––––––

ANIMA Funds Plc 571 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Credit Opportunities (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.84% (2017: 87.11%)

United States: 4.97% (2017: 6.49%)

Corporate Bonds: 4.97% (2017: 6.49%) 1,000,000 AT&T 2.65% 17/12/2021 1,059,262 0.69 1,000,000 Ball Corp 3.5% 15/12/2020 1,049,372 0.68 500,000 Bank of America Corp 5% 13/05/2021 454,022 0.30 700,000 Energy Transfer Equity LP 7.5% 15/10/2020 636,837 0.42 1,500,000 General Electric Co 0.375% 17/05/2022 1,412,505 0.92 700,000 Goldman Sachs Group Inc 4.75% 12/10/2021 763,617 0.50 600,000 Tenneco 4.875% 15/04/2022 609,750 0.40 1,000,000 UGI International LLC 3.25% 01/11/2025 1,000,000 0.65 600,000 ZF North America Capital Inc 2.75% 27/04/2023 621,174 0.41 –––––––––––– ––––––– Total United States 7,606,539 4.97 –––––––––––– ––––––– Total Bonds 123,712,703 80.84 –––––––––––– –––––––

Forward Currency Contracts: 0.05% (2017: 0.12%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Nomura EUR 13,618,864 USD 15,600,000 07/03/2019 44,224 0.03 Unicredit Bank EUR 8,108,259 GBP 7,250,000 07/03/2019 48,678 0.03 Goldman Sachs EUR 452,783 USD 520,000 07/03/2019 295 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 93,197 0.06 –––––––––––– ––––––– Goldman Sachs USD 4,280,000 EUR 3,737,175 07/03/2019 (12,851) (0.01) Morgan Stanley USD 400,000 EUR 349,371 07/03/2019 (1,304) (0.00) JP Morgan USD 50,000 EUR 43,825 07/03/2019 (316) (0.00) Goldman Sachs GBP 2,870,000 EUR 3,190,537 07/03/2019 (55) (0.00) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (14,526) (0.01) –––––––––––– ––––––– Total Forward Currency Contracts 78,671 0.05 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 131,421,320) 123,791,374 80.89

Cash and Cash Equivalents 29,716,652 19.42

Other Net Liabilities (472,521) (0.31) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 153,035,505 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 79.71 Over the counter financial derivative instruments 0.06 Other Assets 20.23 ––––––– 100.00 –––––––

ANIMA Funds Plc 572 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Tesoreria Imprese

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 81.96% (2017: 92.11%)

Australia: 1.70% (2017: 0.74%)

Corporate Bonds: 1.70% (2017: 0.74%) 500,000 Origin Energy Finance Ltd 4% 16/09/2074 505,250 1.70 –––––––––––– ––––––– Total Australia 505,250 1.70 –––––––––––– –––––––

Belgium: 0.67% (2017: 0.00%)

Corporate Bonds: 0.67% (2017: 0.00%) 200,000 KBC Group NV 5.625% 29/03/2049 199,392 0.67 –––––––––––– ––––––– Total Belgium 199,392 0.67 –––––––––––– –––––––

Czech Republic: 0.00% (2017: 0.49%)

Corporate Bonds: 0.00% (2017: 0.49%)

Denmark: 0.68% (2017: 0.51%)

Corporate Bonds: 0.68% (2017: 0.51%) 200,000 Orsted A/S 3% 31/12/2049 203,002 0.68 –––––––––––– ––––––– Total Denmark 203,002 0.68 –––––––––––– –––––––

France: 2.37% (2017: 2.96%)

Corporate Bonds: 2.37% (2017: 2.96%) 100,000 Safran SA 0.261% 28/06/2021 99,575 0.33 600,000 Solvay Finance SA 4.199% 31/12/2049 605,214 2.04 –––––––––––– ––––––– Total France 704,789 2.37 –––––––––––– –––––––

Germany: 2.33% (2017: 0.51%)

Corporate Bonds: 2.33% (2017: 0.51%)

300,000 Bayer AG 3% 01/07/2075 298,323 1.01 200,000 Bayer AG 3% 01/07/2075 198,882 0.67 200,000 Deutsche Bank AG 0.375% 18/01/2021 193,980 0.65 –––––––––––– ––––––– Total Germany 691,185 2.33 –––––––––––– –––––––

Ireland: 0.67% (2017: 0.50%)

Corporate Bonds: 0.67% (2017: 0.50%) 200,000 Bank of Ireland 4.25% 11/06/2024 200,500 0.67 –––––––––––– ––––––– Total Ireland 200,500 0.67 –––––––––––– –––––––

ANIMA Funds Plc 573 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Tesoreria Imprese (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 81.96% (2017: 92.11%)

Italy: 61.36% (2017: 80.81%)

Corporate Bonds: 8.24% (2017: 1.86%) 400,000 Banco BPM SpA 4.25% 30/01/2019 401,200 1.35 300,000 Banco BPM SpA 3.5% 14/03/2019 301,442 1.01 100,000 Enel SpA 5.451% 10/01/2074 105,530 0.36 100,000 Intesa Sanpaolo SpA 5% 23/09/2019 102,841 0.35 200,000 Intesa Sanpaolo SpA 5% 23/09/2019 205,681 0.69 300,000 Intesa Sanpaolo SpA 5.15% 16/07/2020 317,694 1.07 400,000 Intesa Sanpaolo SpA 7% 29/12/2049 404,644 1.36 500,000 Poste Vita SpA 2.875% 30/05/2019 500,752 1.69 100,000 UniCredit SpA 6.125% 19/04/2021 106,274 0.36 Government Bonds: 53.12% (2017: 78.95%) 500,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 522,161 1.76 100,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 109,697 0.37 2,000,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 2,002,032 6.74 100,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 95,271 0.32 100,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/06/2025 96,016 0.32 2,000,000 Italy Certificati di Credito Del Tesoro FRN 15/12/2020 1,998,100 6.73 5,000,000 Italy Certificati di Credito Del Tesoro FRN 15/12/2022 4,854,620 16.34 4,000,000 Italy Certificati di Credito Del Tesoro FRN 15/07/2023 3,817,200 12.85 1,000,000 Italy Certificati di Credito Del Tesoro FRN 15/02/2024 942,380 3.17 1,000,000 Italy Certificati di Credito Del Tesoro FRN 15/10/2024 946,300 3.18 410,000 Italy Certificati di Credito Del Tesoro FRN 15/06/2022 398,355 1.34 –––––––––––– ––––––– Total Italy 18,228,190 61.36 –––––––––––– –––––––

Luxembourg: 2.45% (2017: 1.23%)

Corporate Bonds: 2.45% (2017: 1.23%) 200,000 Fiat Chrysler Finance Europe SA 6.75% 14/10/2019 209,860 0.70 500,000 UniCredit International Bank Luxembourg SA 8.125% 29/12/2049 518,920 1.75 –––––––––––– ––––––– Total Luxembourg 728,780 2.45 –––––––––––– –––––––

Netherlands: 2.04% (2017: 1.73%)

Corporate Bonds: 2.04% (2017: 1.73%) 100,000 Telefonica Europe BV 4.2% 29/12/2049 102,132 0.34 500,000 Vonovia Finance BV 4.625% 08/04/2074 503,750 1.70 –––––––––––– ––––––– Total Netherlands 605,882 2.04 –––––––––––– –––––––

Spain: 4.29% (2017: 0.00%)

Corporate Bonds: 4.29% (2017: 0.00%) 600,000 Banco Bilbao Vizcaya Argentaria SA 7% 29/12/2049 598,378 2.02 500,000 Banco Santander SA 6.25% 12/03/2049 475,310 1.60 200,000 Bankia SA 4% 22/05/2024 200,100 0.67 –––––––––––– ––––––– Total Spain 1,273,788 4.29 –––––––––––– –––––––

ANIMA Funds Plc 574 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Tesoreria Imprese (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 81.96% (2017: 92.11%)

Sweden: 2.71% (2017: 0.52%)

Corporate Bonds: 2.71% (2017: 0.52%) 400,000 Svenska Handelsbanken AB 2.656% 15/01/2024 400,242 1.35 200,000 Swedbank AB 2.375% 26/02/2024 200,651 0.67 200,000 Volvo Treasury AB 4.2% 10/06/2075 204,796 0.69 –––––––––––– ––––––– Total Sweden 805,689 2.71 –––––––––––– –––––––

United Kingdom: 0.69% (2017: 2.11%)

Corporate Bonds: 0.69% (2017: 2.11%) 200,000 NGG Finance Plc 4.25% 18/06/2076 204,544 0.69 –––––––––––– ––––––– Total United Kingdom 204,544 0.69 –––––––––––– ––––––– Total Bonds 24,350,991 81.96 –––––––––––– ––––––– Investment Funds: 3.36% (2017: 2.44%)

Ireland: 3.36% (2017: 2.44%)

Equity Funds: 3.36% (2017: 2.44%) 29 ANIMA Europe Equity*/** 325 0.00 177,324 ANIMA Liquidity* 998,423 3.36 –––––––––––– ––––––– Total Ireland 998,748 3.36 –––––––––––– ––––––– Total Investment Funds 998,748 3.36 –––––––––––– –––––––

Options: 0.00% (2017: 0.00%) (50) Euro STOXX 50 Put 2,700 January 2019 (BNP Paribas) (375) 0.00 (50) Euro STOXX 50 Put 2,600 March 2019 (BNP Paribas) (1,375) 0.00 –––––––––––– ––––––– Total Options Written – Loss (1,750) 0.00 –––––––––––– –––––––

Futures Contracts: (0.48)% (2017: 0.38%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets (3,327,210) (27) Euro-BTP March 2019 (123,930) (0.42) (2,573,470) (23) Euro-Schatz March 2019 (1,150) 0.00 (2,196,000) (20) Short Euro-BTP March 2019 (18,400) (0.06) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (143,480) (0.48) –––––––––––– ––––––– Total Futures Contracts (143,480) (0.48) –––––––––––– –––––––

Forward Currency Contracts: 0.00% (2017: (0.06)%)

ANIMA Funds Plc 575 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Tesoreria Imprese (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 26,141,929) 25,204,509 84.84

Cash and Cash Equivalents and Due From Broker 4,313,396 14.52

Other Net Assets 190,874 0.64 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 29,708,779 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 81.50 UCITS and non-UCITS Investment funds 3.34 Other Assets 15.16 ––––––– 100.00 –––––––

*The indicated holdings are cross holdings in the Company. **The indicated holding is managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 576 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Italy

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 53.91% (2017: 46.80%)

Italy: 50.53% (2017: 42.95%)

Corporate Bonds: 1.10% (2017: 1.21%) 500,000 Enel SpA 6.5% 10/01/2074 527,652 1.10 Government Bonds: 49.43% (2017: 41.74%) 1,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2019 999,334 2.07 500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2019 499,356 1.04 3,000,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/2019 3,008,046 6.24 11,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2019 11,072,776 22.97 2,250,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/08/2019 2,264,013 4.70 6,000,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 5,985,000 12.41 –––––––––––– ––––––– Total Italy 24,356,177 50.53 –––––––––––– –––––––

Luxembourg: 3.38% (2017: 3.85%)

Corporate Bonds: 3.38% (2017: 3.85%) 1,500,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 1,631,250 3.38 –––––––––––– ––––––– Total Luxembourg 1,631,250 3.38 –––––––––––– ––––––– Total Bonds 25,987,427 53.91 –––––––––––– ––––––– Equities: 33.91% (2017: 48.73%)

Germany: 0.95% (2017: 0.00%)

Auto Manufacturers: 0.95% (2017: 0.00%) 10,000 Daimler AG Com NPV 459,100 0.95 –––––––––––– ––––––– Total Germany 459,100 0.95 –––––––––––– –––––––

Italy: 29.83% (2017: 43.76%)

Aerospace/Defense: 0.33% (2017: 0.00%) 21,000 Leonardo SpA Com EUR 4.40 161,238 0.33 Banks: 7.06% (2017: 9.69%) 12,000 Banca Generali SpA Com EUR 1.00 217,560 0.45 600,000 Intesa Sanpaolo SpA Com EUR 0.52 1,163,880 2.42 140,000 Mediobanca SpA Com EUR 0.50 1,032,640 2.14 100,000 UniCredit SpA Com NPV 989,400 2.05 Beverages: 0.41% (2017: 0.27%) 53,050 Masi Agricola SpA Com NPV 195,754 0.41 Building Materials: 3.29% (2017: 3.33%) 165,673 Buzzi Unicem SpA CVS EUR 0.60 1,585,491 3.29 Commercial Services: 0.58% (2017: 0.66%) 29,600 Sprintitaly SpA NPV 281,792 0.58 Diversified Financial Services: 0.00% (2017: 0.34%)

Electric: 1.23% (2017: 3.15%) 110,000 Enel SpA Com EUR 1.00 554,840 1.15 17,400 Iren SpA Com EUR 1.00 36,470 0.08 Electrical Components & Equipment: 0.52% (2017: 0.00%) 15,000 Prysmian SpA Com EUR 0.10 253,050 0.52 Engineering & Construction: 1.06% (2017: 1.15%) 120,000 Enav SpA Com EUR 1.00 509,040 1.06

ANIMA Funds Plc 577 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Italy (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 33.91% (2017: 48.73%)

Italy (continued): 29.83% (2017: 43.76%)

Food Service: 1.25% (2017: 0.00%) 82,000 Autogrill SpA Com NPV 603,520 1.25 Holding Companies-Diversified: 2.22% (2017: 1.60%) 27,200 ALPI SpA Com NPV 270,912 0.56 28,618 EPS Equita PEP SPAC 2 SpA Com NPV 269,009 0.56 26,951 EPS Equita PEP SPAC Com SpA NPV 161,706 0.33 40,000 Life Care Capital SpA Com NPV 369,960 0.77 Insurance: 0.51% (2017: 4.50%) 70,000 Unipol Gruppo SpA Com NPV 246,260 0.51 Internet: 0.57% (2017: 0.69%) 26,000 Alkemy SpA Com NPV 272,480 0.57 Investment Companies: 0.20% (2017: 0.69%) 12,412 Crescita Spa Com NPV 98,055 0.20 Machinery, Construction & Mining: 1.37% (2017: 2.12%) 43,000 Danieli & C Officine Meccaniche SpA CVS EUR 1.00 554,700 1.15 7,000 Danieli & C Officine Meccaniche SpA Com EUR 1.00 106,820 0.22 Machinery-Diversified: 0.00% (2017: 1.19%)

Media: 2.76% (2017: 1.70%) 160,000 Arnoldo Mondadori Editore Com EUR 0.26 273,600 0.57 200,000 Cairo Communication SpA Com NPV 685,000 1.42 135,000 Mediaset SpA Com EUR 0.52 370,440 0.77 Oil & Gas: 2.17% (2017: 4.16%) 65,000 Eni SpA Com NPV 893,620 1.85 90,000 Saras SpA Com NPV 152,190 0.32 Oil & Gas Services: 0.47% (2017: 0.00%) 70,000 Saipem SpA Com NPV 228,550 0.47 Retail: 0.00% (2017: 1.83%)

Software: 0.00% (2017: 0.30%)

Telecommunications: 3.46% (2017: 5.97%) 4,000,000 Telecom Italia SpA CVS NPV 1,668,000 3.46 Textiles: 0.37% (2017: 0.42%) 19,601 Aquafil SpA Com NPV 176,017 0.37 –––––––––––– ––––––– Total Italy 14,381,994 29.83 –––––––––––– –––––––

Luxembourg: 0.59% (2017: 1.94%)

Metal Fabricate/Hardware: 0.59% (2017: 1.94%) 30,000 Tenaris SA Com USD 1.00 283,200 0.59 –––––––––––– ––––––– Total Luxembourg 283,200 0.59 –––––––––––– –––––––

Netherlands: 2.54% (2017: 3.03%)

Auto Manufacturers: 0.00% (2017: 0.43%)

Investment Companies: 0.88% (2017: 0.00%) 9,000 EXOR NV Com EUR 0.01 425,340 0.88 Machinery-Diversified: 0.72% (2017: 2.60%) 44,000 CNH Industrial NV Com EUR 0.01 345,312 0.72

ANIMA Funds Plc 578 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Italy (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 33.91% (2017: 48.73%)

Netherlands (continued): 2.54% (2017: 3.03%)

Semiconductors: 0.94% (2017: 0.00%) 37,000 STMicroelectronics NV Com EUR 1.04 452,510 0.94 –––––––––––– ––––––– Total Netherlands 1,223,162 2.54 –––––––––––– ––––––– Total Equities 16,347,456 33.91 –––––––––––– –––––––

Warrants: 0.08% (2017: 0.13%)

Italy: 0.08% (2017: 0.13%)

Commercial Services: 0.00% (2017: 0.01%) 5,920 Sprintitaly SpA 20/07/2022 948 0.00 Investment Companies: 0.01% (2017: 0.03%) 15,723 Crescita Spa 15/03/2022 6,918 0.01 Holding Companies-Diversified: 0.04% (2017: 0.04%) 5,440 ALPI SpA 01/02/2023 4,896 0.01 6,040 EPS Equita PEP SPAC 2 SpA 30/04/2022 1,450 0.00 13,158 ICF Group SpA 20/07/2022 4,132 0.01 8,000 Life Care Capital SpA 07/03/2023 1,480 0.01 16,000 Space4 SpA 21/12/2022 3,584 0.01 Textiles: 0.03 % (2017: 0.05%) 15,525 Aquafil SpA 05/12/2022 15,525 0.03 –––––––––––– ––––––– Total Italy 38,933 0.08 –––––––––––– ––––––– Total Warrants 38,933 0.08 –––––––––––– –––––––

Investment Funds: 0.43% (2017: 0.27%)

Italy: 0.43% (2017: 0.27%)

Equity Funds: 0.43% (2017: 0.27%) 30,000 ANIMA Iniziativa Italia PMI* 208,170 0.43 –––––––––––– ––––––– Total Italy 208,170 0.43 –––––––––––– ––––––– Total Investment Funds 208,170 0.43 –––––––––––– –––––––

Options: 0.00% (2017: 0.06%)

Futures Contracts: 0.58% (2017: 0.66%)

Unrealised Notional No. of Gain/Loss % of Amount Contracts EUR Net Assets (90) (18) FTSE/MIB Index March 2019 764 0.00 (3,500,000) (3,500) Telecom Italia SpA March 2019 276,500 0.58 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 277,264 0.58 –––––––––––– ––––––– Total Futures Contracts 277,264 0.58 –––––––––––– –––––––

ANIMA Funds Plc 579 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Italy (continued)

Unrealised Notional Gain/Loss % of Amount EUR Net Assets Total Return Swaps: 0.40% (2017: 0.06%) 100,000 Buzzi Unicem SpA Com EUR 0.60 (Goldman Sachs) 165,000 0.34 100,000 Unione di Banche Italiane SpA Com NPV (Goldman Sachs) 30,400 0.06 –––––––––––– ––––––– Total Fair Value Gains on Total Return Swaps 195,400 0.40 –––––––––––– ––––––– Total Total Return Swaps 195,400 0.40 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 46,400,330) 43,054,650 89.31

Cash and Cash Equivalents and Due From Broker 4,173,735 8.66

Other Net Assets 975,783 2.03 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 48,204,168 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to an official stock exchange listing 33.89 Transferable securities dealt in on another regulated market 53.74 UCITS and non-UCITS Investment Funds 0.43 Financial derivative instruments dealt in on a regulated market 0.57 Over the counter financial derivatives instruments 0.40 Other Assets 10.97 ––––––– 100.00 –––––––

*The Indicated holding is managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 580 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 60.85% (2017: 29.98%)

Australia: 0.16% (2017: 0.67%)

Corporate Bonds: 0.16% (2017: 0.67%) 200,000 Australia & New Zealand Banking Group Ltd FRN 29/10/2049 117,107 0.16 –––––––––––– ––––––– Total Australia 117,107 0.16 –––––––––––– –––––––

Austria: 0.27% (2017: 0.28%)

Corporate Bonds: 0.27% (2017: 0.28%) 200,000 Erste Group Bank AG 6.5% 31/12/2099 203,750 0.27 –––––––––––– ––––––– Total Austria 203,750 0.27 –––––––––––– –––––––

Belgium: 0.25% (2017: 0.26%)

Corporate Bonds: 0.25% (2017: 0.26%) 250,000 BNP Paribas Fortis SA FRN 29/12/2049 187,500 0.25 –––––––––––– ––––––– Total Belgium 187,500 0.25 –––––––––––– –––––––

Brazil: 0.00% (2017: 0.27%)

Corporate Bonds: 0.00% (2017: 0.27%)

Denmark: 0.00% (2017: 0.35%)

Corporate Bonds: 0.00% (2017: 0.35%)

France: 0.64% (2017: 3.03%)

Corporate Bonds: 0.64% (2017: 3.03%) 200,000 Banque Federative du Credit Mutuel SA FRN 28/02/2049 128,000 0.17 300,000 CMA CGM SA 5.25% 15/01/2025 250,212 0.34 100,000 Electricite de France SA 5% 22/01/2049 97,227 0.13 –––––––––––– ––––––– Total France 475,439 0.64 –––––––––––– –––––––

Italy: 46.43% (2017: 8.15%)

Corporate Bonds: 0.66% (2017: 3.21%) 200,000 Assicurazioni Generali SpA 4.596% 30/11/2049 193,775 0.26 100,000 Assicurazioni Generali SpA 6.269% 29/06/2049 107,000 0.14 200,000 UniCredit SpA 6.75% 29/12/2049 190,500 0.26 Government Bonds: 45.77% (2017: 4.94%) 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 5,500,957 7.40 1,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 1,499,504 2.02 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 5,496,337 7.39

ANIMA Funds Plc 581 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 60.85% (2017: 29.98%)

Italy (continued): 46.43% (2017: 8.15%)

Government Bonds (continued): 45.77% (2017: 4.94%) 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 5,492,916 7.39 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 2,995,200 4.03 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 4,986,950 6.71 3,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2019 3,019,848 4.06 5,000,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/05/2019 5,035,670 6.77 –––––––––––– ––––––– Total Italy 34,518,657 46.43 –––––––––––– –––––––

Japan: 10.65% (2017: 0.00%)

Government Bonds: 10.63% (2017: 0.00%) 205,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2024 1,742,321 2.34 165,000,000 Japanese Government CPI Linked Bond 0.1% 10/09/2024 1,367,340 1.84 205,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2025 1,706,319 2.29 165,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2026 1,378,418 1.85 205,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 1,720,071 2.31 –––––––––––– ––––––– Total Japan 7,914,469 10.63 –––––––––––– –––––––

Jersey: 0.00% (2017: 0.38%)

Corporate Bonds: 0.00% (2017: 0.38%)

Luxembourg: 0.76% (2017: 2.90%)

Corporate Bonds: 0.76% (2017: 2.90%) 200,000 Aldesa Financial Services SA 7.25% 01/04/2021 95,288 0.13 200,000 Horizon Parent Holdings Sarl 8.25% 15/02/2022 202,100 0.27 500,000 Mitsubishi UFJ Investor Services & Banking Luxembourg SA FRN 15/12/2050 264,460 0.36 –––––––––––– ––––––– Total Luxembourg 561,848 0.76 –––––––––––– –––––––

Netherlands: 0.44% (2017: 2.39%)

Corporate Bonds: 0.44% (2017: 2.39%)

300,000 ING Groep NV FRN 29/06/2049 216,126 0.29 300,000 Nyrstar Netherlands Holdings BV 6.875% 15/03/2024 110,022 0.15 –––––––––––– ––––––– Total Netherlands 326,148 0.44 –––––––––––– ––––––– Russian Federation: 0.48% (2017: 0.43%)

Government Bonds: 0.48% (2017: 0.43%) 200,000 Russian Foreign Bond - Eurobond 4.5% 04/04/2022 176,996 0.24 200,000 Russian Foreign Bond - Eurobond 4.875% 16/09/2023 178,356 0.24 –––––––––––– ––––––– Total Russian Federation 355,352 0.48 –––––––––––– –––––––

ANIMA Funds Plc 582 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 60.85% (2017: 29.98%)

Spain: 0.00% (2017: 0.62%)

Corporate Bonds: 0.00% (2017: 0.62%)

Sweden: 0.00% (2017: 0.51%)

Corporate Bonds: 0.00% (2017: 0.51%)

Switzerland: 0.24% (2017: 0.50%)

Corporate Bonds: 0.24% (2017: 0.50%) 200,000 Credit Suisse Group AG 7.5% 29/12/2049 177,842 0.24 –––––––––––– ––––––– Total Switzerland 177,842 0.24 –––––––––––– –––––––

United Kingdom: 0.55% (2017: 2.08%)

Corporate Bonds: 0.55% (2017: 2.08%) 200,000 Barclays Plc 8% 15/12/2049 211,760 0.29 300,000 National Westminster Bank Plc FRN 29/11/2049 194,201 0.26 –––––––––––– ––––––– Total United Kingdom 405,961 0.55 –––––––––––– –––––––

United States: 0.00% (2017: 7.16%)

Corporate Bonds: 0.00% (2017: 0.90%)

Government Bonds: 0.00% (2017: 6.26%) –––––––––––– ––––––– Total Bonds 45,244,073 60.85 –––––––––––– –––––––

Equities 19.78% (2017: 44.89%)

Bermuda: 0.00% (2017: 0.54%)

Commercial Services: 0.00% (2017: 0.54%)

Canada: 0.00% (2017: 0.55%)

Transportation: 0.00% (2017: 0.55%)

Cayman Islands: 0.59% (2017: 0.71%)

Internet: 0.59% (2017: 0.71%) 12,500 Tencent Holdings Ltd Com HKD 0.00002 438,542 0.59 –––––––––––– ––––––– Total Cayman Islands 438,542 0.59 –––––––––––– –––––––

ANIMA Funds Plc 583 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 19.78% (2017: 44.89%)

France: 0.71% (2017: 4.91%)

Apparel: 0.00% (2017: 1.05%)

Engineering & Construction: 0.00% (2017: 0.55%)

Food: 0.00% (2017: 0.76%)

Insurance: 0.00% (2017: 0.60%)

Media: 0.00% (2017: 0.70%)

Oil & Gas: 0.00% (2017: 0.72%)

Pharmaceuticals: 0.71% (2017: 0.00%) 7,000 Sanofi Com EUR 2.00 529,620 0.71 Telecommunications: 0.00% (2017: 0.53%) –––––––––––– ––––––– Total France 529,620 0.71 –––––––––––– –––––––

Germany: 0.64% (2017: 3.00%)

Auto Manufacturers: 0.00% (2017: 1.06%)

Auto Parts & Equipment: 0.00% (2017: 0.69%)

Semiconductors: 0.00% (2017: 0.74%)

Software: 0.64% (2017: 0.00%) 5,500 SAP SE Com NPV 478,115 0.64 Transportation: 0.00% (2017: 0.51%) –––––––––––– ––––––– Total Germany 478,115 0.64 –––––––––––– –––––––

India: 0.00% (2017: 0.44%)

Banks: 0.00% (2017: 0.44%)

Ireland: 0.75% (2017: 0.00%)

Healthcare-Products: 0.75% (2017: 0.00%) 7,000 Medtronic Plc Com USD 0.10 556,987 0.75 –––––––––––– ––––––– Total Ireland 556,987 0.75 –––––––––––– –––––––

Italy: 0.02% (2017: 0.23%)

Apparel: 0.02% (2017: 0.00%) 6,400 PRADA SpA Com EUR 0.10 18,449 0.02 Insurance: 0.00% (2017: 0.23%) –––––––––––– ––––––– Total Italy 18,449 0.02 –––––––––––– –––––––

ANIMA Funds Plc 584 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 19.78% (2017: 44.89%)

Japan: 0.00% (2017: 4.63%)

Auto Manufacturers: 0.00% (2017: 0.58%)

Banks: 0.00% (2017: 1.98%)

Cosmetics & Personal Care: 0.00% (2017: 0.73%)

Home Furnishings: 0.00% (2017: 0.68%)

Toys/Games/Hobbies: 0.00% (2017: 0.66%)

Netherlands: 1.90% (2017: 2.21%)

Aerospace/Defense: 0.28% (2017: 0.75%) 2,500 Airbus SE Com EUR 1.00 209,900 0.28 Auto Manufacturers: 0.00% (2017: 0.72%)

Banks: 0.76% (2017: 0.74%) 60,000 ING Groep NV Com EUR 0.01 564,600 0.76 Telecommunications: 0.86% (2017: 0.00%) 250,000 Koninklijke KPN NV Com EUR 0.04 640,000 0.86 –––––––––––– ––––––– Total Netherlands 1,414,500 1.90 –––––––––––– –––––––

People's Republic of China: 1.66% (2017: 0.00%)

Insurance: 1.66% (2017: 0.00%) 225,000 China Life Insurance Co Ltd Com CNY 1.00 418,318 0.57 105,000 Ping An Insurance Group Co of China Ltd Com CNY 1.00 811,246 1.09 –––––––––––– ––––––– Total People's Republic of China 1,229,564 1.66 –––––––––––– –––––––

Spain: 0.92% (2017: 0.98%)

Banks: 0.00% (2017: 0.98%)

Electric: 0.92% (2017: 0.00%) 97,714 Iberdrola SA Com EUR 0.75 685,757 0.92 –––––––––––– ––––––– Total Spain 685,757 0.92 –––––––––––– –––––––

Switzerland: 0.91% (2017: 1.12%)

Food: 0.00% (2017: 1.12%)

Pharmaceuticals: 0.91% (2017: 0.00%) 9,000 Novartis AG Com CHF 0.50 671,176 0.91 –––––––––––– ––––––– Total Switzerland 671,176 0.91 –––––––––––– –––––––

ANIMA Funds Plc 585 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 19.78% (2017: 44.89%)

United Kingdom: 0.00% (2017: 3.59%)

Agriculture: 0.00% (2017: 0.68%)

Insurance: 0.00% (2017: 1.24%)

Oil & Gas: 0.00% (2017: 0.95%)

Telecommunications: 0.00% (2017: 0.72%)

United States: 11.68% (2017: 21.98%)

Agriculture: 0.00% (2017: 0.79%)

Banks: 0.63% (2017: 3.53%) 10,250 Citigroup Inc Com USD 0.01 466,794 0.63 Beverages: 0.00% (2017: 0.80%)

Biotechnology: 0.00% (2017: 0.58%)

Chemicals: 0.00% (2017: 0.64%)

Commercial Services: 0.00% (2017: 0.68%)

Cosmetics & Personal Care: 1.08% (2017: 0.00%) 10,000 Procter & Gamble Co Com NPV 804,094 1.08 Diversified Financial Services: 0.00% (2017: 1.00%)

Electronics: 0.00% (2017: 1.10%)

Healthcare-Products: 0.00% (2017: 0.66%)

Healthcare-Services: 0.00% (2017: 0.77%)

Internet: 1.61% (2017: 1.06%) 625 Alphabet Inc Com USD 0.001 571,316 0.77 475 Amazon.com Inc Com USD 0.01 624,096 0.84 Iron/Steel: 0.00% (2017: 0.51%)

Leisure Time: 0.68% (2017: 0.69%) 12,500 Brunswick Corp Com USD 0.75 507,917 0.68 Machinery-Diversified: 0.00% (2017: 0.55%)

Minning 0.81% (2017: 0.00%) 20,000 Newmont Mining Corp Com USD 1.6 606,220 0.82 Oil & Gas: 0.95% (2017: 1.76%) 13,000 ConocoPhillips Com USD 0.01 709,050 0.95 Oil & Gas Services: 0.00% (2017: 1.10%)

Pharmaceuticals: 1.49% (2017: 0.00%) 3,250 Cigna Corp Com USD 0.01 539,947 0.73 8,500 Merck & Co Inc Com USD 0.50 568,154 0.76 Real Estate Investment Trusts: 0.77% (2017: 0.00%) 6,000 Crown Castle International Corp REIT USD.01 570,162 0.77 Retail: 1.43% (2017: 1.82%) 2,400 Ulta Salon Cosmetics & Fragrance Inc Com USD 0.01 514,032 0.69

ANIMA Funds Plc 586 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 19.78% (2017: 44.89%)

United States: (continued) 11.68% (2017: 21.98%) 6,750 Walmart Inc Com USD 0.10 550,026 0.74 Semiconductors: 0.00% (2017: 1.59%)

Software: 0.99% (2017: 1.03%) 8,250 Microsoft Corp Com USD 0.00000625 733,021 0.99 Telecommunications: 1.24% (2017: 0.00%) 14,000 Cisco Systems Inc Com USD 0.001 530,657 0.71 7,000 T Mobile US Inc Com USD 0.0001 389,511 0.52 Transportation: 0.00% (2017: 1.32%)

Total United States 8,684,997 11.68 –––––––––––– ––––––– Total Equities 14,707,707 19.78 –––––––––––– –––––––

Investment Funds: 0.00% (2017: 5.62%)

France: 0.00% (2017: 5.62%)

Asset Allocation Funds: 0.00% (5.62%)

Options: 0.00% (2017: 0.12%)

Futures Contracts (0.09)% (2017: 0.19%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets (3,882,282) (35) Nasdaq 100 E Mini March 2019 4,161 0.01 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 4,161 0.01 –––––––––––– ––––––– (8,484,004) (7) Japan 10 Year Bond (OSE) March 2019 (26,406) (0.04) 2,977,458 70 MSCI Emerging Markets March 2019 (17,395) (0.02) (1,947,579) (18) S&P 500 E Mini March 2019 (24,767) (0.04) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (68,568) (0.10) –––––––––––– ––––––– Total Futures Contracts (64,407) (0.09) –––––––––––– –––––––

Forward Currency Contracts: (0.29)% (2017: (0.02)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs EUR 1,481,710 USD 1,700,000 07/03/2019 2,422 0.00 JP Morgan EUR 3,278,104 HKD 29,400,000 20/03/2019 7,018 0.01 JP Morgan EUR 239,492 NZD 400,000 20/03/2019 6,047 0.01 Morgan Stanley EUR 1,704,076 RUB 132,100,000 15/03/2019 61,780 0.08 Morgan Stanley EUR 24,771,693 USD 28,427,500 20/03/2019 64,026 0.09 Morgan Stanley GBP 1,000,000 EUR 1,111,012 20/03/2019 60 0.00 Morgan Stanley JPY 490,000,000 EUR 3,847,211 07/03/2019 58,325 0.08 Morgan Stanley MXM 9,500,000 EUR 407,376 20/03/2019 6,943 0.01 Morgan Stanley NOK 3,500,000 EUR 352,386 20/03/2019 112 0.00

ANIMA Funds Plc 587 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts (continued): (0.29)% (2017: (0.02)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Nomura EUR 1,482,205 USD 1,700,000 07/03/2019 2,917 0.00 Nomura JPY 38,600,000 EUR 300,925 07/03/2019 6,735 0.01 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 216,385 0.29 –––––––––––– –––––––

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs EUR 1,649,376 GBP 1,500,000 07/03/2019 (18,124) (0.02) Goldman Sachs EUR 1,281,425 INR 105,000,000 15/03/2019 (16,183) (0.02) Goldman Sachs EUR 291,360 SEK 3,000,000 20/03/2019 (4,555) (0.01) Goldman Sachs NOK 14,900,000 EUR 1,533,237 07/03/2019 (31,644) (0.04) Goldman Sachs RUB 130,000,000 EUR 1,683,414 15/03/2019 (67,226) (0.09) JP Morgan EUR 931,024 CFH 1,050,000 20/03/2019 (1,415) (0.00) JP Morgan EUR 10,715,542 JPY 1,371,000,000 20/03/2019 (212,575) (0.29) Nomura CAD 2,300,000 EUR 1,524,289 07/03/2019 (56,701) (0.08) Unicredit BRL 6,800,000 EUR 1,538,114 15/03/2019 (20,383) (0.03) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (428,806) (0.58) –––––––––––– ––––––– Total Forward Currency Contracts (212,421) (0.29) –––––––––––– –––––––

Unrealised Notional Gain/(Loss) % of Amount EUR Net Assets Total Return Swaps: 0.07% (2017: 0.00%) 1,600 Charter Communications Inc (Goldman Sachs) 22,428 0.04 500 Chipotle Mexican Grill Inc (Morgan Stanley) 18,116 0.03 225,000 Glencore Plc Com USD 0.01 (Morgan Stanley) 3,008 0.00 3,000 Skyworks Solutions (Morgan Stanley) 15,090 0.02 2,200 Texas Instruments Inc (Goldman Sachs) 10,296 0.01 –––––––––––– ––––––– Total Fair Value Gains on Total Return Swaps 68,938 0.10 –––––––––––– –––––––

1,200 BlackRock Inc Com USD 0.01 (Morgan Stanley) (22,876) (0.03) –––––––––––– ––––––– Total Fair Value Losses on Total Return Swaps (22,876) (0.03) –––––––––––– ––––––– Total Total Return Swaps 46,062 0.07 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 60,549,608) 59,721,014 80.32

Cash and Cash Equivalents and Due From Broker 14,581,611 19.61

Other Net Assets 50,221 0.07 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 74,352,846 100.00 –––––––––––– –––––––

ANIMA Funds Plc 588 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Star High Potential Global (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to an official stock exchange listing 19.61 Transferable securities dealt in on another regulated market 60.32 Financial derivative instruments dealt in on a regulated market 0.01 Over the counter financial derivatives instruments 0.38 Other Assets 19.68 ––––––– 100.00 –––––––

ANIMA Funds Plc 589 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Active Selection

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 87.37% (2017: 99.51%)

Ireland: 18.71% (2017: 18.34%)

Debt Fund: 7.03% (2017: 0.00%) 143,082 ANIMA Short Term Corporate Bond*/** 802,318 3.36 165,916 ANIMA Star Bond*/** 877,049 3.67 Equity Fund: 11.68% (2017: 18.34%) 61,700 ANIMA Emerging Markets Equity*/** 362,142 1.52 80,754 ANIMA Global Equity*/** 909,629 3.81 81,963 ANIMA Star High Potential Europe*/** 606,263 2.54 55,292 ANIMA U.S. Equity*/** 912,312 3.81 0.077 AXA Rosenberg Global Equity Alpha 1 0.00 0.444 AXA Rosenberg Global Small Cap Alpha 15 0.00 –––––––––––– ––––––– Total Ireland 4,469,729 18.71 –––––––––––– –––––––

Italy: 30.35% (2017: 32.52%)

Debt Fund: 11.57% (2017: 0.00%) 163,007 ANIMA Fix Obbligazionario Globale** 1,870,179 7.83 118,345 ANIMA Risparmio** 893,740 3.74 Equity Fund: 18.78% (2017: 32.52%) 23,476 ANIMA America** 538,947 2.26 107,757 ANIMA Emergenti** 1,265,605 5.30 51,176 ANIMA Iniziativa Europa** 629,361 2.63 160,133 ANIMA Pacifico** 1,138,066 4.76 16,950 ANIMA Selezione Globale** 916,430 3.83 –––––––––––– ––––––– Total Italy 7,252,328 30.35 –––––––––––– –––––––

Luxembourg: 38.31% (2017: 48.65%)

Debt Fund: 11.78% (2017: 0.00%) 17,859 AXA World Funds - Defensive Optimal Income 1,831,927 7.67 7,269 AXA World Funds - Euro Credit Short Duration 983,729 4.11 Equity Fund: 26.53% (2017: 48.65%) 116,301 AB SICAV I - European Equity Portfolio 2,105,048 8.81 44,857 AB SICAV I - Eurozone Equity Portfolio 1,133,985 4.75 79,805 AB SICAV I - Select US Equity Portfolio 2,251,415 9.42 3,976 AXA World Funds - Framlington Eurozone 848,002 3.55 –––––––––––– ––––––– Total Luxembourg 9,154,106 38.31 –––––––––––– ––––––– Total Investment Funds 20,876,163 87.37 –––––––––––– –––––––

ANIMA Funds Plc 590 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Active Selection (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 22,269,774) 20,876,163 87.37

Cash and Cash Equivalents 3,027,207 12.67

Other Net Liabilities (9,762) (0.04) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 23,893,608 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets UCITS and non-UCITS Investment Funds 87.34 Other Assets 12.66 ––––––– 100.00 –––––––

*The indicated holdings are cross holdings in the Company. **The Indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 591 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Dividends Europe

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 14.93% (2017: 5.99%)

Italy: 14.93% (2017: 5.99%)

Government Bonds: 14.93% (2017: 5.99%) 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 798,720 5.51 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 797,912 5.50 570,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 568,575 3.92 –––––––––––– ––––––– Total Italy 2,165,207 14.93 –––––––––––– ––––––– Total Bonds 2,165,207 14.93 –––––––––––– –––––––

Equities: 75.75% (2017: 93.10%)

Belgium: 1.76% (2017: 2.35%)

Investment Companies: 1.76% (2017: 2.35%) 3,348 Groupe Bruxelles Lambert SA Com NPV 254,716 1.76 –––––––––––– ––––––– Total Belgium 254,716 1.76 –––––––––––– –––––––

Denmark: 5.82% (2017: 6.83%)

Chemicals: 1.84% (2017: 2.45%) 6,845 Novozymes A/S Com DKK 2.00 266,832 1.84 Healthcare-Products: 1.96% (2017: 2.00%) 3,515 Coloplast A/S Com DKK 1.00 284,971 1.96 Pharmaceuticals: 2.02% (2017: 2.38%) 7,340 Novo Nordisk A/S Com DKK 0.20 Com 293,013 2.02 –––––––––––– ––––––– Total Denmark 844,816 5.82 –––––––––––– –––––––

France: 8.38% (2017: 9.16%)

Apparel: 1.96% (2017: 2.25%) 586 Hermes International Com NPV 284,093 1.96 Cosmetics & Personal Care: 2.12% (2017: 2.35%) 1,530 L'Oreal SA Com EUR 0.20 307,836 2.12 Healthcare-Products: 1.93% (2017: 2.61%) 2,531 Essilor International SA Com EUR 0.18 279,549 1.93 Pharmaceuticals: 2.37% (2017: 1.95%) 4,539 Sanofi Com EUR 2.00 343,421 2.37 –––––––––––– ––––––– Total France 1,214,899 8.38 –––––––––––– –––––––

Germany: 2.60% (2017: 4.49%)

Healthcare-Services: 2.60% (2017: 4.49%) 3,366 Fresenius Medical Care AG & Co KGaA Com NPV 190,650 1.31 4,411 Fresenius SE & Co KGaA Com NPV 186,938 1.29 –––––––––––– ––––––– Total Germany 377,588 2.60 –––––––––––– –––––––

ANIMA Funds Plc 592 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Dividends Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.75% (2017: 93.10%)

Ireland: 3.89% (2017: 5.24%)

Entertainment: 1.69% (2017: 2.65%) 3,409 Paddy Power Betfair Plc Com EUR 0.09 244,255 1.69 Food: 2.20% (2017: 2.59%) 3,691 Kerry Group Plc Com EUR 0.125 319,271 2.20 –––––––––––– ––––––– Total Ireland 563,526 3.89 –––––––––––– –––––––

Jersey: 1.56% (2017: 4.70%)

Advertising: 1.56% (2017: 2.26%) 23,992 WPP Plc Com GBP 0.10 226,295 1.56 Pharmaceuticals: 0.00% (2017: 2.44%) –––––––––––– ––––––– Total Jersey 226,295 1.56 –––––––––––– –––––––

Luxembourg: 2.48% (2017: 1.81%)

Telecommunications: 2.48% (2017: 1.81%) 21,549 SES SA Com NPV 360,084 2.48 –––––––––––– ––––––– Total Luxembourg 360,084 2.48 –––––––––––– –––––––

Netherlands: 4.39% (2017: 4.60%)

Cosmetics & Personal Care: 2.16% (2017: 2.24%) 6,605 Unilever NV CVS EUR 0.16 313,209 2.16 Media: 2.23% (2017: 2.36%) 6,260 Wolters Kluwer NV Com EUR 0.12 323,392 2.23 –––––––––––– ––––––– Total Netherlands 636,601 4.39 –––––––––––– –––––––

Spain: 4.50% (2017: 6.85%)

Commercial Services: 0.00% (2017: 2.23%)

Electric: 2.32% (2017: 2.29%) 17,209 Red Electrica Corp SA Com EUR 0.50 335,489 2.32 Gas: 2.18% (2017: 2.33%) 13,403 Enagas SA Com EUR 1.50 316,445 2.18 –––––––––––– ––––––– Total Spain 651,934 4.50 –––––––––––– –––––––

Sweden: 2.18% (2017: 0.00%)

Banks: 2.18% (2017: 0.00%) 37,295 Skandinaviska Enskilda Banken AB Com SEK 10.00 316,833 2.18 –––––––––––– ––––––– Total Sweden 316,833 2.18 –––––––––––– –––––––

ANIMA Funds Plc 593 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Dividends Europe (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 75.75% (2017: 93.10%)

Switzerland: 9.29% (2017: 8.94%)

Food: 4.55% (2017: 4.51%) 60 Chocoladefabriken Lindt & Spruengli AG Com CHF10.00 324,780 2.24 4,729 Nestle SA Com CHF 0.10 334,873 2.31 Pharmaceuticals: 4.74% (2017: 4.43%) 4,420 Novartis AG Com CHF 0.50 329,622 2.27 1,658 Roche Holding AG Com NPV 358,107 2.47 –––––––––––– ––––––– Total Switzerland 1,347,382 9.29 –––––––––––– –––––––

United Kingdom: 28.90% (2017: 38.13%)

Aerospace/Defense: 1.57% (2017: 2.12%) 44,521 BAE Systems Plc Com GBP 0.025 227,770 1.57 Agriculture: 3.15% (2017: 4.71%) 6,973 British American Tobacco Plc Com GBP 0.25 194,218 1.34 9,900 Imperial Tobacco Group Plc Com GBP 0.10 262,177 1.81 Beverages: 2.36% (2017: 2.32%) 10,994 Diageo Plc Com GBP 0.2893518 342,348 2.36 Chemicals: 1.78% (2017: 2.04%) 8,268 Johnson Matthey Plc Com GBP 1.109245 257,830 1.78 Commercial Services: 5.66% (2017: 8.52%) 12,890 Ashtead Group Plc Com GBP 0.10 235,088 1.62 12,736 Bunzl Plc Com GBP 0.3214285 336,146 2.32 4,676 Intertek Group Plc Com GBP 0.01 250,061 1.72 Electric: 1.70% (2017: 2.15%) 20,474 SSE Plc Com GBP 0.50 246,694 1.70 Food: 3.89% (2017: 4.30%) 10,889 Associated British Foods Plc Com GBP 0.0568 247,849 1.71 17,230 Compass Group Plc Com GBP 0.1105 316,737 2.18 Insurance: 1.66% (2017: 2.44%) 15,374 Prudential Plc Com GBP 0.05 240,140 1.66 Lodging: 2.58% (2017: 2.32%) 7,341 Whitbread Plc Com GBP 0.7679739 374,503 2.58 Media: 0.00% (2017: 2.47%)

Retail: 0.00% (2017: 2.13%)

Software: 4.55% (2017: 2.61%) 23,127 Micro Focus International Com GBP 0.10 356,345 2.46 45,274 Sage Group Plc Com GBP 0.01051948 303,349 2.09 –––––––––––– ––––––– Total United Kingdom 4,191,255 28.90 –––––––––––– ––––––– Total Equities 10,985,929 75.75 –––––––––––– –––––––

ANIMA Funds Plc 594 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Smart Dividends Europe (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 13,918,486) 13,151,136 90.68

Cash and Cash Equivalents 1,339,461 9.24

Other Net Assets 12,055 0.08 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 14,502,652 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to official stock exchange listing 75.66 Transferable securities dealt in on another regulated market 14.91 Other Assets 9.43 ––––––– 100.00 –––––––

ANIMA Funds Plc 595 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Bond*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 72.94%

Australia: 1.01%

Corporate Bonds: 1.01% 100,000 Origin Energy Finance Ltd 4% 16/09/2074 101,050 1.01 –––––––––––– ––––––– Total Australia 101,050 1.01 –––––––––––– –––––––

Austria: 1.07%

Corporate Bonds: 1.07% 100,000 OMV AG 5.25% 29/12/2049 107,116 1.07 –––––––––––– ––––––– Total Austria 107,116 1.07 –––––––––––– –––––––

Costa Rica: 0.45%

Government Bonds: 0.45% 50,000 Costa Rica Government International Bond 9.995% 01/08/2020 45,160 0.45 –––––––––––– ––––––– Total Costa Rica 45,160 0.45 –––––––––––– –––––––

Dominican Republic: 0.91%

Government Bonds: 0.91% 100,000 Dominican Republic International Bond 6.875% 29/01/2026 91,742 0.91 –––––––––––– ––––––– Total Dominican Republic 91,742 0.91 –––––––––––– –––––––

Finland: 1.12%

Corporate Bonds: 1.12% 129,000 Nokia OYJ 5.375% 15/05/2019 112,987 1.12 –––––––––––– ––––––– Total Finland 112,987 1.12 –––––––––––– –––––––

France: 2.98%

Corporate Bonds: 2.98% 100,000 Electricite de France SA 4.125% 29/01/2049 101,830 1.01 100,000 Electricite de France SA 4% 31/12/2099 96,925 0.96 100,000 Solvay Finance SA 4.199% 31/12/2049 100,869 1.01 –––––––––––– ––––––– Total France 299,624 2.98 –––––––––––– –––––––

Italy: 52.82%

Corporate Bonds: 2.11% 100,000 BPER Banca 5.125% 31/05/2027 95,310 0.95 100,000 Assicurazioni Generali SpA 7.75% 12/12/2042 116,249 1.16

ANIMA Funds Plc 596 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Bond* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 72.94%

Italy (continued): 52.82%

Government Bonds: 50.71% 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 199,364 1.98 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 199,289 1.98 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 199,212 1.98 1,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/12/2019 1,393,974 13.86 1,400,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 1,462,051 14.54 1,400,000 Italy Buoni Poliennali Del Tesoro 2.3% 15/10/2021 1,446,200 14.38 200,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 200,203 1.99 –––––––––––– ––––––– Total Italy 5,311,852 52.82 –––––––––––– –––––––

Luxembourg: 0.83%

Corporate Bonds: 0.83% 100,000 Aroundtown SA 2.125% 31/12/2099 83,804 0.83 –––––––––––– ––––––– Total Luxembourg 83,804 0.83 –––––––––––– –––––––

Mexico: 0.42%

Corporate Bonds: 0.42% 50,000 Petroleos Mexicanos 6.875% 04/08/2026 42,514 0.42 –––––––––––– ––––––– Total Mexico 42,514 0.42 –––––––––––– –––––––

Panama: 1.72%

Government Bonds: 1.72% 200,000 Panama Government International Bond 3.75% 16/03/2025 173,295 1.72 –––––––––––– ––––––– Total Panama 173,295 1.72 –––––––––––– –––––––

United Kingdom: 0.93%

Corporate Bonds: 0.93% 100,000 Vodafone Group Plc 3.1% 03/01/2079 93,497 0.93 –––––––––––– ––––––– Total United Kingdom 93,497 0.93 –––––––––––– –––––––

United States: 8.68%

Government Bonds: 8.68% 500,000 United States Treasury Inflation Indexed Bonds 0.625% 15/04/2023 437,879 4.35 500,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 434,921 4.33 –––––––––––– ––––––– Total United States 872,800 8.68 –––––––––––– ––––––– Total Bonds 7,335,441 72.94 –––––––––––– –––––––

ANIMA Funds Plc 597 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Bond* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 7.02%

Ireland: 7.02% 3,500 iShares High Yield Corporate Bond UCITS ETF 349,930 3.48 4,000 iShares J.P. Morgan EM Bond EUR Hedged UCITS ETF USD Dist 356,280 3.54 –––––––––––– ––––––– Total Ireland 706,210 7.02 –––––––––––– ––––––– Total Investment Funds 706,210 7.02 –––––––––––– –––––––

Forward Currency Contracts: (0.03)%

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Morgan Stanley EUR 435,775 USD 500,000 07/03/2019 691 0.01 Morgan Stanley EUR 435,794 USD 500,000 07/03/2019 710 0.01 Morgan Stanley EUR 1,306,666 USD 1,500,000 07/03/2019 1,412 0.02 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 2,813 0.04 –––––––––––– ––––––– Morgan Stanley AUD 500,000 EUR 310,210 07/03/2019 (3,559) (0.04) Morgan Stanley EUR 520,481 USD 600,000 07/03/2019 (1,621) (0.02) Morgan Stanley EUR 86,954 USD 100,000 07/03/2019 (63) 0.00 Morgan Stanley EUR 434,926 USD 500,000 07/03/2019 (158) 0.00 Morgan Stanley RUB 7,800,000 EUR 97,793 15/03/2019 (822) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (6,223) (0.07) –––––––––––– ––––––– Total Forward Currency Contracts (3,410) (0.03) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 8,040,039) 8,038,241 79.93

Cash and Cash Equivalents 1,962,854 19.52

Other Net Assets 55,508 0.55 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 10,056,603 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 72.85 UCITS and non-UCITS Investment funds 7.01 Over the counter financial derivative instruments 0.03 Other Assets 20.11 ––––––– 100.00 –––––––

*This Fund launched on 5 December 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 598 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Income

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 74.67% (2017: 90.26%)

Australia: 0.00% (2017: 0.70%)

Corporate Bonds: 0.00% (2017: 0.70%)

Austria: 1.12% (2017: 0.00%)

Government Bonds: 1.12% (2017: 0.00%) 500,000 Austria Government Bond Zero Coupon 15/07/2023 504,050 1.12 –––––––––––– ––––––– Total Austria 504,050 1.12 –––––––––––– –––––––

Brazil: 1.42% (2017: 0.82%)

Government Bonds: 1.42% (2017: 0.82%) 520,000 Brazilian Government International Bond 4.875% 22/01/2021 465,118 1.04 200,000 Brazilian Government International Bond 4.25% 07/01/2025 172,331 0.38 –––––––––––– ––––––– Total Brazil 637,449 1.42 –––––––––––– –––––––

Colombia: 1.38% (2017: 0.80%)

Government Bonds: 1.38% (2017: 0.80%) 500,000 Colombia Government International Bond 7.375% 18/03/2019 441,110 0.98 200,000 Colombia Government International Bond 4.375% 12/07/2021 177,580 0.40 –––––––––––– ––––––– Total Colombia 618,690 1.38 –––––––––––– –––––––

Cyprus: 1.14% (2017: 0.00%)

Corporate Bonds: 1.14% (2017: 0.00%) 400,000 Abigrove Ltd 0.5% 29/04/2021 512,269 1.14 –––––––––––– ––––––– Total Cyprus 512,269 1.14 –––––––––––– –––––––

France: 0.72% (2017: 3.30%)

Corporate Bonds: 0.72% (2017: 3.30%) 300,000 BPCE SA 12.5% 29/09/2049 325,432 0.72 –––––––––––– ––––––– Total France 325,432 0.72 –––––––––––– –––––––

Germany: 0.16% (2017: 0.83%)

Corporate Bonds: 0.16% (2017: 0.83%) 150,000 Kirk Beauty One GmbH 8.75% 15/07/2023 72,993 0.16 –––––––––––– ––––––– Total Germany 72,993 0.16 –––––––––––– –––––––

ANIMA Funds Plc 599 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Income (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 74.67% (2017: 90.26%)

Greece: 0.00% (2017: 0.43%)

Corporate Bonds: 0.00% (2017: 0.43%)

Hungary: 0.78% (2017: 0.77%)

Government Bonds: 0.78% (2017: 0.77%) 400,000 Hungary Government International Bond 4% 25/03/2019 350,211 0.78 –––––––––––– ––––––– Total Hungary 350,211 0.78 –––––––––––– –––––––

Indonesia: 2.90% (2017: 2.79%)

Government Bonds: 2.90% (2017: 2.79%) 200,000 Indonesia Government International Bond 11.625% 04/03/2019 177,571 0.40 700,000 Indonesia Government International Bond 5.875% 13/03/2020 629,479 1.40 350,000 Indonesia Government International Bond 5.875% 13/03/2020 314,739 0.70 200,000 Indonesia Government International Bond 4.875% 05/05/2021 178,714 0.40 –––––––––––– ––––––– Total Indonesia 1,300,503 2.90 –––––––––––– –––––––

Ireland: 0.46% (2017: 0.50%)

Corporate Bonds: 0.46% (2017: 0.50%) 200,000 Bank of Ireland 7.375% 29/12/2049 208,530 0.46 –––––––––––– ––––––– Total Ireland 208,530 0.46 –––––––––––– –––––––

Italy: 15.07% (2017: 50.65%)

Corporate Bonds: 0.00% (2017: 1.17%)

Government Bonds: 15.07% (2017: 49.48%) 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 1,000,174 2.23 2,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 2,749,090 6.13 2,000,000 Italy Buoni Poliennali del Tesoro 2.5% 01/05/2019 2,014,268 4.49 1,000,000 Italy Buoni Poliennali del Tesoro 0.05% 15/10/2019 997,030 2.22 –––––––––––– ––––––– Total Italy 6,760,562 15.07 –––––––––––– –––––––

Japan: 9.80% (2017: 0.00%)

Government Bonds: 9.80% (2017: 0.00%) 115,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2024 977,399 2.18 90,000,000 Japanese Government CPI Linked Bond 0.1% 10/09/2024 745,822 1.66 115,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2025 957,203 2.13 90,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2026 751,865 1.68 115,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 964,918 2.15 –––––––––––– ––––––– Total Japan 4,397,207 9.80 –––––––––––– –––––––

ANIMA Funds Plc 600 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Income (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 74.67% (2017: 90.26%)

Lithuania: 2.16% (2017: 0.83%)

Government Bonds: 2.16% (2017: 0.83%) 850,000 Lithuania Government International Bond 7.375% 11/02/2020 777,391 1.73 200,000 Lithuania Government International Bond 6.625% 01/02/2022 190,676 0.43 –––––––––––– ––––––– Total Lithuania 968,067 2.16 –––––––––––– –––––––

Luxembourg: 7.13% (2017: 1.35%)

Corporate Bonds: 7.13% (2017: 1.35%) 200,000 Aldesa Financial Services SA 7.25% 01/04/2021 95,288 0.21 200,000 Altice Luxembourg SA 7.25% 15/05/2022 185,760 0.42 2,850,000 European Financial Stability Facility 0.5% 20/01/2023 2,917,639 6.50 –––––––––––– ––––––– Total Luxembourg 3,198,687 7.13 –––––––––––– –––––––

Mexico: 2.63% (2017: 1.98%)

Corporate Bonds: 0.59% (2017: 0.00%) 300,000 Petroleos Mexicanos 8.000% 03/05/2019 265,320 0.59 Government Bonds: 2.04% (2017: 1.98%) 9,500,000 Mexican Bonos 5% 11/12/2019 408,312 0.91 9,500,000 Mexican Bonos 8% 11/06/2020 418,832 0.93 40,000 Mexico Government International Bond 3.625% 15/03/2022 34,601 0.08 60,000 Mexico Government International Bond 4% 02/10/2023 52,240 0.12 –––––––––––– ––––––– Total Mexico 1,179,305 2.63 –––––––––––– –––––––

Netherlands: 2.14% (2017: 1.65%)

Corporate Bonds: 2.14% (2017: 1.65%) 300,000 Bayer Capital Corp BV 5.625% 22/11/2019 224,946 0.50 300,000 Constellium NV 4.625% 15/05/2021 297,876 0.67 200,000 Nyrstar Netherlands Holdings BV 8.5% 15/09/2019 84,184 0.19 400,000 STMicroelectronics NV Zero Coupon 03/07/2022 351,694 0.78 –––––––––––– ––––––– Total Netherlands 958,700 2.14 –––––––––––– –––––––

Poland: 0.70% (2017: 0.70%)

Government Bonds: 0.70% (2017: 0.70%) 350,000 Poland Government International Bond 6.375% 15/07/2019 312,174 0.70 –––––––––––– ––––––– Total Poland 312,174 0.70 –––––––––––– –––––––

Russian Federation: 3.46% (2017: 2.73%)

Government Bonds: 3.46% (2017: 2.73%) 400,000 Russian Foreign Bond - Eurobond 3.5% 16/01/2019 349,591 0.78 400,000 Russian Foreign Bond - Eurobond 3.5% 16/01/2019 349,591 0.78 200,000 Russian Foreign Bond - Eurobond 4.5% 04/04/2022 176,996 0.39

ANIMA Funds Plc 601 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Income (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 74.67% (2017: 90.26%)

Russian Federation (continued): 3.46% (2017: 2.73%)

Government Bonds (continued): 3.46% (2017: 2.73%) 200,000 Russian Foreign Bond - Eurobond 4.875% 16/09/2023 178,357 0.40 100,000 Russian Foreign Bond - Eurobond 12.75% 24/06/2028 138,274 0.31 400,000 Russian Foreign Bond - Eurobond 5.625% 04/04/2042 357,712 0.80 –––––––––––– ––––––– Total Russian Federation 1,550,521 3.46 –––––––––––– –––––––

Serbia: 1.53% (2017: 0.86%)

Government Bonds: 1.53% (2017: 0.86%) 350,000 Serbia International Bond 4.875% 25/02/2020 308,789 0.69 400,000 Serbia International Bond 7.25% 28/09/2021 376,612 0.84 –––––––––––– ––––––– Total Serbia 685,401 1.53 –––––––––––– –––––––

South Africa: 4.45% (2017: 1.73%)

Government Bonds: 4.45% (2017: 1.73%) 7,700,000 South Africa Government Bond 6.75% 31/03/2021 463,832 1.03 7,000,000 South Africa Government Bond 10.5% 21/12/2026 463,067 1.03 650,000 South Africa Government International Bond 5.5% 09/03/2020 576,215 1.29 350,000 South Africa Government International Bond 5.5% 09/03/2020 310,269 0.69 200,000 South Africa Government International Bond 5.875% 30/05/2022 181,299 0.41 –––––––––––– ––––––– Total South Africa 1,994,682 4.45 –––––––––––– –––––––

Spain: 9.39% (2017: 1.16%)

Corporate Bonds: 1.15% (2017: 1.16%) 200,000 Bankia SA 4% 22/05/2024 200,100 0.45 300,000 Ence Energia y Celulosa 1.25% 05/03/2023 315,603 0.70 Government Bonds: 8.24% (2017: 0.00%) 2,300,000 Spain Government Bond 2.75% 30/04/2019 2,322,761 5.18 470,000 Spain Government Bond 0.4% 30/04/2022 476,322 1.06 770,000 Spain Government Bond 3.8% 30/04/2024 900,459 2.00 –––––––––––– ––––––– Total Spain 4,215,245 9.39 –––––––––––– –––––––

Sweden: 0.00% (2017: 0.94%)

Corporate Bonds: 0.00% (2017: 0.94%)

United Kingdom: 1.43% (2017 3.94%)

Corporate Bonds: 1.43% (2017: 3.94%) 300,000 International Game Technology Plc 4.125% 15/02/2020 307,872 0.69 200,000 Pizzaexpress Financing 2 Plc 6.625% 01/08/2021 180,134 0.40 200,000 Thomas Cook Group Plc 6.25% 15/06/2022 153,000 0.34 –––––––––––– ––––––– Total United Kingdom 641,006 1.43 –––––––––––– –––––––

ANIMA Funds Plc 602 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Income (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 74.67% (2017: 90.26%)

United States: 4.70% (2017: 10.80%)

Corporate Bonds: 0.00% (2017: 1.19%)

Government Bonds: 4.70% (2017: 9.61%) 2,400,000 United States Treasury Note/Bond 2.75% 30/09/2020 2,107,040 4.70 –––––––––––– ––––––– Total United States 2,107,040 4.70 –––––––––––– ––––––– Total Bonds 33,498,724 74.67 –––––––––––– –––––––

Investment Funds: 5.51% (2017: 6.27%)

Ireland: 5.51% (2017: 6.27%) 44,000 iShares MSCI World EUR Hedged UCITS ETF 2,010,140 4.48 9,000 iShares JP Morgan EM Local Government Bond UCITS ETF 462,813 1.03 –––––––––––– ––––––– Total Ireland 2,472,953 5.51 –––––––––––– ––––––– Total Investment Funds 2,472,953 5.51 –––––––––––– –––––––

Options: 0.01% (2017: 0.20%) 2,300,000 Fxopt EUR RUB Put 74 February 2019 (Deutsche Bank) 1,148 0.01 –––––––––––– ––––––– Total Options Purchased - Gain 1,148 0.01 –––––––––––– ––––––– Total Options 1,148 0.01 –––––––––––– –––––––

Futures Contracts: (0.36)% (2017: 0.54%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 2,321,800 76 Euro STOXX 50 March 2019 (61,560) (0.14) 1,395,645 11 Euro BTP March 2019 (10,375) (0.02) 4,881,000 30 Euro Bund March 2019 (25,200) (0.06) 4,848,002 4 Japan 10 Year Bond (OSE) March 2019 (15,089) (0.03) 4,006,672 38 US 10 Year Note (CBT) March 2019 (49,322) (0.11) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (161,546) (0.36) –––––––––––– ––––––– Total Futures Contracts (161,546) (0.36) –––––––––––– –––––––

Forward Currency Contracts: (0.11)% (2017: (0.16)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets JP Morgan CHF 126,000 EUR 111,377 07/03/2019 496 0.00 Deutsche Bank EUR 523,525 USD 600,000 07/03/2019 1,423 0.00 Unicredit EUR 18,855,298 USD 21,555,000 07/03/2019 98,801 0.22 Morgan Stanley EUR 998,901 ZAR 15,900,000 07/03/2019 44,381 0.10

ANIMA Funds Plc 603 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Flexible Income (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts (continued): (0.11)% (2017: (0.16)%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Nomura EUR 448,632 BRL 2,000,000 15/03/2019 2,241 0.00 Goldman Sachs JPY 175,000,000 EUR 1,359,181 07/03/2019 35,653 0.08 Morgan Stanley GBP 600,000 EUR 662,603 07/03/2019 4,397 0.01 Credit Suisse EUR 98,417 CAD 150,000 07/03/2019 2,705 0.01 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 190,097 0.42 –––––––––––– ––––––– Morgan Stanley PLN 580,000 EUR 134,677 07/03/2019 (140) 0.00 Nomura BRL 2,000,000 EUR 448,622 15/03/2019 (2,230) (0.01) Morgan Stanley TRY 4,100,000 EUR 649,526 07/03/2019 (1,418) 0.00 Nomura RUB 36,700,000 EUR 473,854 07/03/2019 (16,796) (0.04) Morgan Stanley RUB 52,800,000 EUR 681,466 15/03/2019 (25,045) (0.06) Morgan Stanley EUR 1,952,393 JPY 250,000,000 07/03/2019 (40,227) (0.09) Nomura EUR 4,027,080 JPY 519,000,000 07/03/2019 (109,599) (0.24) Nomura EUR 841,295 MXN 19,900,000 07/03/2019 (29,460) (0.07) JP Morgan EUR 139,098 PLN 600,000 07/03/2019 (78) 0.00 JP Morgan EUR 40,111 HUF 13,000,000 07/03/2019 (373) 0.00 Nomura EUR 869,082 USD 1,000,000 07/03/2019 (1,088) 0.00 Morgan Stanley EUR 637,874 TRY 4,100,000 07/03/2019 (10,233) (0.02) Nomura EUR 89,654 JPY 11,500,000 07/03/2019 (2,007) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (238,694) (0.53) –––––––––––– ––––––– Total Forward Currency Contracts (48,597) (0.11) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 37,271,383) 35,762,682 79.72

Cash and Cash Equivalents and Due From Broker 8,821,253 19.66

Other Net Assets 278,949 0.62 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 44,862,884 100.00 –––––––––––– –––––––

Analysis of Gross Assets % of Gross Assets Transferable securities dealt in on another regulated market 73.95 UCITS and non-UCITS Investment funds 5.46 Over the counter financial derivative instruments 0.42 Other Assets 20.17 ––––––– 100.00 –––––––

ANIMA Funds Plc 604 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Infrastructure*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 42.46%

Bermuda: 0.10%

Water: 0.10% 192,000 Beijing Enterprises Water Group Ltd Com HKD 0.10 85,594 0.10 –––––––––––– ––––––– Total Bermuda 85,594 0.10 –––––––––––– –––––––

Canada: 2.05%

Pipelines: 1.19% 12,502 Enbridge Inc Com NPV 339,592 0.40 25,790 Pembina Pipeline Corp Com NPV 669,150 0.79 Transportation: 0.86% 4,677 Canadian Pacific Railway Ltd Com NPV 725,643 0.86 –––––––––––– ––––––– Total Canada 1,734,385 2.05 –––––––––––– –––––––

France: 3.04%

Engineering & Construction: 1.99% 13,671 Bouygues SA Com EUR 1.00 428,449 0.51 17,165 Eiffage SA Com EUR 4.00 1,252,359 1.48 Telecommunications: 1.05% 62,388 Orange SA Com EUR 4.00 883,102 1.05 –––––––––––– ––––––– Total France 2,563,910 3.04 –––––––––––– –––––––

Italy: 8.57%

Commercial Services: 1.07% 50,000 Atlantia SpA Com EUR 1.00 903,500 1.07 Electric: 4.17% 2,114 ACEA SpA Com EUR 5.16 25,389 0.03 165,779 Enel SpA Com EUR 1.00 836,189 0.99 150,110 ERG SpA Com EUR 0.10 2,476,815 2.93 87,708 Iren SpA Com EUR 1.00 183,836 0.22 Engineering & Construction: 1.67% 332,345 Enav SpA Com EUR 1.00 1,409,808 1.67 Healthcare-Services: 0.32% 74,467 Garofalo Health Care SpA Com NPV 272,549 0.32 Telecommunications: 1.34% 170,000 Infrastrutture Wireless Italiane SpA Com NPV 1,014,050 1.20 275,926 Telecom Italia SpA CVS NPV 115,061 0.14 –––––––––––– ––––––– Total Italy 7,237,197 8.57 –––––––––––– –––––––

Japan: 0.94%

Transportation: 0.94% 1,900 Central Japan Railway Co Com NPV 350,927 0.42 7,100 West Japan Railway Co Com NPV 439,346 0.52 –––––––––––– ––––––– Total Japan 790,273 0.94 –––––––––––– –––––––

ANIMA Funds Plc 605 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Infrastructure* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 42.46%

Netherlands: 1.48%

Telecommunications: 1.48% 488,867 Koninklijke KPN NV Com EUR 0.04 1,251,499 1.48 –––––––––––– ––––––– Total Netherlands 1,251,499 1.48 –––––––––––– –––––––

China: 0.38% Engineering & Construction: 0.38% 1,953,755 China Tower Corp Ltd Com CNY 1.00 323,075 0.38 –––––––––––– ––––––– Total China 323,075 0.38 –––––––––––– –––––––

Spain: 4.85%

Electric: 4.85% 363,602 EDP Renovaveis SA Com EUR 5.00 2,827,006 3.35 180,566 Iberdrola SA Com EUR 0.75 1,267,212 1.50 –––––––––––– ––––––– Total Spain 4,094,218 4.85 –––––––––––– –––––––

Sweden: 0.54%

Telecommunications: 0.54% 41,197 Tele2 AB Com SEK 1.25 459,122 0.54 –––––––––––– ––––––– Total Sweden 459,122 0.54 –––––––––––– –––––––

Switzerland: 2.07%

Telecommunications: 2.07% 4,185 Swisscom AG Com CHF 1.00 1,744,312 2.07 –––––––––––– ––––––– Total Switzerland 1,744,312 2.07 –––––––––––– –––––––

United Kingdom: 0.69%

Electric: 0.37% 25,736 SSE Plc Com GBP 0.50 310,097 0.37 Gas: 0.32% 179,590 Centrica Plc Com GBP 0.06 269,913 0.32 –––––––––––– ––––––– Total United Kingdom 580,010 0.69 –––––––––––– –––––––

United States: 17.75%

Commercial Services: 1.75% 41,982 Service Corp International Com USD 1.00 1,478,542 1.75 Electric: 9.62% 20,834 Entergy Corp Com USD 0.01 1,568,633 1.86 24,750 Evergy Inc Com NPV 1,229,110 1.45 34,830 Exelon Corp Com NPV 1,374,127 1.63

ANIMA Funds Plc 606 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Infrastructure* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 42.46%

United States (continued): 17.75%

Electric (continued): 9.62% 38,757 First Energy Corp Com USD 1.00 1,273,085 1.51 5,750 NextEra Energy Inc Com USD 0.01 874,308 1.03 29,000 Dominion Energy Inc Com NPV 1,812,833 2.14 Healthcare-Services: 0.41% 3,381 Universal Health Services Inc Com USD 0.01 344,740 0.41 Pipelines: 1.31% 35,216 Williams Cos Inc Com USD 1.00 679,275 0.80 9,068 ONEOK Inc Com USD 0.01 427,956 0.51 Real Estate Investment Trusts: 2.09% 18,566 Crown Castle International Corp Reits USD 0.01 1,764,270 2.09 Transportation: 1.96% 7,500 CSX Corp Com USD 1.00` 407,624 0.49 9,506 Norfolk Southern Corp Com USD 1.00 1,243,518 1.47 Water: 0.61% 6,497 American Water Works Co Inc Com USD 0.01 515,884 0.61 –––––––––––– ––––––– Total United States 14,993,905 17.75 –––––––––––– ––––––– Total Equities 35,857,500 42.46 –––––––––––– –––––––

Bonds: 33.84%

Italy: 33.73%

Corporate Bonds: 2.04% 300,000 Banco BPM SpA 3.5% 14/03/2019 301,442 0.36 200,000 Enel SpA 5% 15/01/2075 206,900 0.25 550,000 UniCredit SpA 8.5% 31/01/2019 551,946 0.65 500,000 Unione di Banche Italiane SpA 2.875% 18/02/2019 501,492 0.59 163,000 Unione di Banche Italiane SpA 1.582% 13/03/2019 162,647 0.19 Government Bonds: 31.69% 2,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 2,400,418 2.84 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 2,498,993 2.96 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 2,498,750 2.96 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,498,335 2.96 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 3,994,848 4.73 4,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 4,492,800 5.32 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 2,992,170 3.54 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 3,987,287 4.72 1,400,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/04/2019 1,399,440 1.66 –––––––––––– ––––––– Total Italy 28,487,468 33.73 –––––––––––– –––––––

Netherlands: 0.11%

Corporate Bonds: 0.11% 100,000 Telefonica Europe BV 2.625% 31/12/2099 91,750 0.11 –––––––––––– ––––––– Total Netherlands 91,750 0.11 –––––––––––– ––––––– Total Bonds 28,579,218 33.84 –––––––––––– –––––––

ANIMA Funds Plc 607 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Infrastructure* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 3.59%

Ireland: 0.50%

Equity Funds: 0.50% 10,679 Invesco Morningstar US Energy Infrastructure MLP UCITS ETF 421,125 0.50 –––––––––––– ––––––– Total Ireland 421,125 0.50 –––––––––––– –––––––

Luxembourg: 1.45%

Asset Allocation Funds: 1.45% 704,314 BBGI SICAV SA 1,220,187 1.45 –––––––––––– ––––––– Total Luxembourg 1,220,187 1.45 –––––––––––– –––––––

Jersey: 1.64%

Asset Allocation Funds: 1.64% 481,863 3i Infrastructure Plc 1,387,760 1.64 –––––––––––– ––––––– Total Jersey 1,387,760 1.64 –––––––––––– ––––––– Total Investment Funds 3,029,072 3.59 –––––––––––– –––––––

Futures Contracts: 0.21%

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets (2,366,725) (128) STOXX 600 Construction March 2019 5 0.00 (2,105,040) (168) STOXX 600 TLCM March 2019 51,240 0.06 (4,082,680) (285) STOXX 600 Utilities March 2019 82,705 0.10 (1,764,309) (37) XAU Utilities March 2019 41,116 0.05 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 175,066 0.21 –––––––––––– ––––––– Total Futures Contracts 175,066 0.21 –––––––––––– –––––––

Forward Currency Contracts: (0.01)% Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Credit Agricole EUR 696,803 USD 800,000 20/03/2019 1,486 0.00 Goldman Sachs EUR 7,313,506 USD 8,400,000 20/03/2019 12,674 0.02 Goldman Sachs GBP 200,000 EUR 222,109 20/03/2019 106 0.00 Morgan Stanley EUR 599,309 CAD 920,000 20/03/2019 12,809 0.02 Morgan Stanley EUR 609,427 USD 700,000 20/03/2019 1,024 0.00 Morgan Stanley EUR 304,867 USD 350,000 20/03/2019 666 0.00 Morgan Stanley GBP 250,000 EUR 276,994 20/03/2019 774 0.00 Morgan Stanley SEK 104,000 EUR 10,106 20/03/2019 152 0.00 Morgan Stanley USD 240,000 EUR 208,432 20/03/2019 164 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 29,855 0.04 –––––––––––– –––––––

ANIMA Funds Plc 608 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Infrastructure* (continued)

Forward Currency Contracts (continued): (0.01)%

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs EUR 3,017,045 GBP 2,717,000 20/03/2019 (1,738) 0.00 Goldman Sachs EUR 97,384 SEK 1,000,000 20/03/2019 (1,254) 0.00 Goldman Sachs EUR 386,341 SEK 4,000,000 20/03/2019 (8,212) (0.02) Goldman Sachs EUR 1,302,112 USD 1,500,000 20/03/2019 (1,608) 0.00 Goldman Sachs HKD 326,000 EUR 36,374 20/03/2019 (103) 0.00 Goldman Sachs USD 800,000 EUR 697,563 20/03/2019 (2,246) 0.00 Morgan Stanley AUD 969,000 EUR 608,095 20/03/2019 (14,402) (0.03) Morgan Stanley CAD 170,000 EUR 110,302 20/03/2019 (1,927) 0.00 Morgan Stanley EUR 1,308,464 CHF 1,476,000 20/03/2019 (2,279) 0.00 Morgan Stanley EUR 28,919 JPY 3,700,000 20/03/2019 (574) 0.00 Morgan Stanley EUR 51,458 MXN 1,200,000 20/03/2019 (877) 0.00 Morgan Stanley EUR 347,569 USD 400,000 20/03/2019 (89) 0.00 Morgan Stanley USD 600,000 EUR 523,888 20/03/2019 (2,400) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (37,709) (0.05) –––––––––––– ––––––– Total Forward Currency Contracts (7,854) (0.01) –––––––––––– –––––––

Total Return Swaps: 0.84%

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 8,925 Canadian National Railway Co Com NPV (Goldman Sachs) 46,213 0.05 29,255 Enagas SA Com EUR 1.50 (Goldman Sachs) 20,632 0.02 2,596 MSCI World Core Infrastructure Index (Goldman Sachs) 641,239 0.77 24,250 Severn Trent Plc Ord GBP 0.98 (Goldman Sachs) 4,765 0.01 150,000 Telia Co AB Ord EUR 0.22 (Goldman Sachs) 10,225 0.01 –––––––––––– ––––––– Total Fair Value Gains on Total Return Swaps 723,074 0.86 –––––––––––– ––––––– 14,435 Fortum OYJ Com EUR 3.40 (Goldman Sachs) (9,215) (0.01) 80,000 Veolia Environnement SA Com EUR 5.00 (Morgan Stanley) (5,002) (0.01) 71,090 Terna Rete Elettrica Nazionale SpA Com EUR 5.00 (Goldman Sachs) (665) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Total Return Swaps (14,882) (0.02) –––––––––––– ––––––– Total Return Swaps 708,192 0.84 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 68,547,901) 68,341,194 80.93

Cash and Cash Equivalents and Due From Broker 16,588,352 19.64

Other Net Liabilities (487,661) (0.57) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 84,441,885 100.00 –––––––––––– –––––––

ANIMA Funds Plc 609 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Infrastructure* (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to official stock exchange listing. 41.48 Transferable securities dealt in on another regulated market. 33.06 UCITS and non-UCITS Investment Funds. 3.50 Financial derivative instruments dealt in on a regulated market. 0.20 Over the counter financial derivative instruments. 0.87 Other Assets. 20.89 ––––––– 100.00 –––––––

*This Fund launched on 11 June 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 610 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-I

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 69.69% (2017: 45.60%)

Austria: 1.23% (2017: 0.81%)

Corporate Bonds: 1.23% (2017: 0.81%)

500,000 Raiffeisen Bank International AG 6.625% 18/05/2021 558,932 1.23 –––––––––––– ––––––– Total Austria 558,932 1.23 –––––––––––– –––––––

Denmark: 0.00% (2017: 1.14%)

Corporate Bonds: 0.00% (2017: 1.14%)

France: 0.00% (2017: 0.79%)

Corporate Bonds: 0.00% (2017: 0.79%)

Germany: 3.54% (2017: 2.69%)

Corporate Bonds: 3.54% (2017: 2.69%) 800,000 Commerzbank AG 7.75% 16/03/2021 907,625 1.99 500,000 Deutsche Bank AG 1.25% 08/09/2021 490,183 1.08 200,000 K&S AG 4.125% 06/12/2021 212,429 0.47 –––––––––––– ––––––– Total Germany 1,610,237 3.54 –––––––––––– –––––––

Italy: 55.75% (2017: 29.69%)

Corporate Bonds: 5.09% (2017: 2.76%) 375,000 Intesa Sanpaolo SpA 3.5% 17/01/2022 394,234 0.86 930,000 Intesa Sanpaolo SpA 1.125% 04/03/2022 913,433 2.01 500,000 Telecom Italia SpA 5.25% 10/02/2022 541,250 1.19 450,000 Unipol Gruppo SpA 4.375% 05/03/2021 467,993 1.03 Government Bonds: 50.66% (2017: 26.93%) 250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 250,039 0.55 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 2,000,348 4.39 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 2,499,172 5.49 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 2,498,750 5.49 2,035,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,033,645 4.46 150,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 160,521 0.35 320,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 351,032 0.77 1,190,000 Italy Buoni Poliennali Del Tesoro 0.35% 01/11/2021 1,170,426 2.57 4,750,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 4,902,437 10.77 4,445,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2022 4,962,869 10.90 2,300,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 2,241,332 4.92 –––––––––––– ––––––– Total Italy 25,387,481 55.75 –––––––––––– –––––––

Jersey: 1.77% (2017: 1.12%)

Corporate Bonds: 1.77% (2017: 1.12%) 800,000 Glencore Finance Europe Ltd 1.625% 18/01/2022 804,226 1.77 –––––––––––– ––––––– Total Jersey 804,226 1.77 –––––––––––– –––––––

ANIMA Funds Plc 611 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-I (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 69.69% (2017: 45.60%)

Luxembourg: 0.00% (2017: 1.57%)

Corporate Bonds: 0.00% (2017: 1.57%)

Netherlands: 0.00% (2017: 0.57%)

Corporate Bonds: 0.00% (2017: 0.57%)

Spain: 2.44% (2017: 1.54%)

Corporate Bonds: 2.44% (2017: 1.54%) 1,100,000 Banco Santander SA 1.375% 09/02/2022 1,113,459 2.44 –––––––––––– ––––––– Total Spain 1,113,459 2.44 –––––––––––– –––––––

Sweden: 0.00% (2017: 1.34%)

Government Bonds: 0.00% (2017: 1.34%)

United Kingdom: 2.69% (2017: 2.53%)

Corporate Bonds: 2.69% (2017: 2.53%) 550,000 Barclays Bank Plc 6.625% 30/03/2022 616,337 1.36 600,000 Merlin Entertainments Plc 2.75% 15/03/2022 606,852 1.33 –––––––––––– ––––––– Total United Kingdom 1,223,189 2.69 –––––––––––– –––––––

United States: 2.27% (2017: 1.81%)

Corporate Bonds: 2.27% (2017: 1.81%) 650,000 Goldman Sachs Group Inc 4.75% 12/10/2021 709,073 1.56 320,000 Kinder Morgan Inc 1.5% 16/03/2022 324,665 0.71 –––––––––––– ––––––– Total United States 1,033,738 2.27 –––––––––––– ––––––– Total Bonds 31,731,262 69.69 –––––––––––– –––––––

Investment Funds: 15.77% (2017: 53.46%)

France: 0.00% (2017: 3.96%)

Ireland: 12.90% (2017: 37.54%) 195,400 AXA Rosenberg Pan-European Equity Alpha 2,944,678 6.47 264,000 ANIMA Europe Equity*/** 2,927,787 6.43 –––––––––––– ––––––– Total Ireland 5,872,465 12.90 –––––––––––– –––––––

Italy: 1.48% (2017: 4.27%) 30,911 ANIMA Geo Italia** 675,191 1.48 –––––––––––– ––––––– Total Italy 675,191 1.48 –––––––––––– –––––––

ANIMA Funds Plc 612 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-I (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds (continued): 15.77% (2017: 53.46%)

Luxembourg: 1.39% (2017: 7.69%) 7,300 AXA World Funds - Framlington Italy 635,100 1.39 –––––––––––– ––––––– Total Luxembourg 635,100 1.39 –––––––––––– ––––––– Total Investment Funds 7,182,756 15.77 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 39,859,703) 38,914,018 85.46

Cash and Cash Equivalents 5,720,350 12.56

Other Net Assets 901,501 1.98 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 45,535,869 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 69.64 UCITS and non-UCITS Investment Funds 15.76 Other Assets 14.60 ––––––– 100.00 –––––––

*The indicated holdings are cross holdings in the Company. **The indicated holding is managed by ANIMA SGR SpA.

ANIMA Funds Plc 613 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-II

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 71.65% (2017: 46.06%)

Austria: 1.09% (2017: 0.56%)

Corporate Bonds: 1.09% (2017: 0.56%) 400,000 Raiffeisen Bank International AG 6.625% 18/05/2021 447,146 1.09 –––––––––––– ––––––– Total Austria 447,146 1.09 –––––––––––– –––––––

Denmark 0.00% (2017: 1.06%)

Corporate Bonds 0.00% (2017: 1.06%)

France 0.00% (2017: 0.82%)

Corporate Bonds 0.00% (2017: 0.82%)

Germany: 3.64% (2017: 2.81%)

Corporate Bonds: 3.64% (2017: 2.81%) 800,000 Commerzbank AG 7.75% 16/03/2021 907,625 2.21 550,000 K&S AG 4.125% 06/12/2021 584,181 1.43 –––––––––––– ––––––– Total Germany 1,491,806 3.64 –––––––––––– –––––––

Guernsey 0.00% (2017:1.27%)

Corporate Bonds 0.00% (2017: 1.27%)

Italy: 53.84% (2017: 25.75%)

Corporate Bonds: 5.72% (2017: 3.09%) 1,000,000 Intesa Sanpaolo SpA 1.125% 04/03/2022 982,186 2.40 750,000 Salini Impregilo SpA 3.75% 24/06/2021 614,940 1.50 700,000 UniCredit SpA 6.125% 19/04/2021 743,918 1.82 Government Bonds: 48.12% (2017: 22.66%) 2,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,100,332 5.13 3,350,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 3,348,325 8.17 3,050,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 3,047,969 7.44 400,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 412,837 1.01 1,400,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2022 1,563,108 3.82 3,285,000 Italy Buoni Poliennali Del Tesoro 1.2% 01/04/2022 3,281,524 8.01 3,400,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 3,409,697 8.32 650,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/09/2022 744,684 1.82 1,800,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 1,801,829 4.40 –––––––––––– ––––––– Total Italy 22,051,349 53.84 –––––––––––– –––––––

Luxembourg: 1.33% (2017: 2.10%)

Corporate Bonds: 1.33% (2017: 2.10%) 500,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 543,750 1.33 –––––––––––– ––––––– Total Luxembourg 543,750 1.33 –––––––––––– –––––––

ANIMA Funds Plc 614 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-II (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 71.65% (2017: 46.06%)

Netherlands 0.00% (2017: 2.61%)

Corporate Bonds: 0.00% (2017: 2.61%)

Spain: 2.78% (2017: 3.05%)

Corporate Bonds: 2.78% (2017: 2.46%) 1,100,000 Merlin Properties Socimi SA 2.375% 23/05/2022 1,140,409 2.78 Government Bonds: 0.00% (2017: 0.59%) –––––––––––– ––––––– Total Spain 1,140,409 2.78 –––––––––––– –––––––

Sweden: 0.00% (2017:0.93%)

Corporate Bonds: 0.00% (2017: 0.93%)

United Kingdom: 6.30% (2017: 3.82%)

Corporate Bonds: 6.30% (2017: 3.82%) 900,000 Barclays Bank Plc 6.625% 30/03/2022 1,008,551 2.46 500,000 Barclays Plc 1.5% 01/04/2022 497,898 1.22 400,000 Merlin Entertainments Plc 2.75% 15/03/2022 404,568 0.99 650,000 Trinity Acquisition Plc 2.125% 26/05/2022 669,399 1.63 –––––––––––– ––––––– Total United Kingdom 2,580,416 6.30 –––––––––––– –––––––

United States: 2.67% (2017: 1.28%)

Corporate Bonds: 2.67% (2017: 1.28%) 1,100,000 Flowserve Corp 1.25% 17/03/2022 1,095,221 2.67 –––––––––––– ––––––– Total United States 1,095,221 2.67 –––––––––––– ––––––– Total Bonds 29,350,097 71.65 –––––––––––– –––––––

Investment Funds: 21.99% (2017: 53.10%)

Italy: 6.95% (2017: 16.97%)

Equity Funds: 6.95% (2017: 16.97%) 130,226 ANIMA Geo Italia** 2,844,531 6.95 –––––––––––– ––––––– Total Italy 2,844,531 6.95 –––––––––––– –––––––

Ireland: 3.26% (2017: 10.85%)

Debt Funds: 2.00% (2017: 10.19%) 75,000 iShares FTSE MIB UCITS ETF EUR Dist 818,550 2.00 Equity Funds: 1.26% (2017: 0.66%) 100,000 ANIMA Italian Equity*/** 518,360 1.26 –––––––––––– ––––––– Total Ireland 1,336,910 3.26 –––––––––––– –––––––

ANIMA Funds Plc 615 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-II (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds (continued): 21.99% (2017: 53.10%)

Luxembourg: 8.07% (2017:14.78%)

Equity Funds: 8.07% (2017: 14.78%) 38,000 AXA World Funds - Framlington Italy 3,306,000 8.07 –––––––––––– ––––––– Total Luxembourg 3,306,000 8.07 –––––––––––– –––––––

France: 3.71% (2017: 10.50%)

Asset Allocation Funds: 3.71% (2017: 10.50%) 85,500 Lyxor FTSE MIB UCITS ETF 1,518,138 3.71 –––––––––––– ––––––– Total France 1,518,138 3.71 –––––––––––– ––––––– Total Investment Funds 9,005,579 21.99 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 38,236,570 ) 38,355,676 93.64

Cash and Cash Equivalents 2,348,679 5.73

Other Net Assets 256,412 0.63 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 40,960,767 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 71.61 UCITS and non-UCITS Investment funds 21.97 Other Assets 6.42 ––––––– 100.00 –––––––

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 616 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-III

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 54.24% (2017: 47.04%)

Austria: 1.20% (2017: 1.14%)

Corporate Bonds: 1.20% (2017: 1.14%) 300,000 Erste Group Bank AG 7.125% 10/10/2022 364,075 1.20 –––––––––––– ––––––– Total Austria 364,075 1.20 –––––––––––– –––––––

Denmark: 0.84% (2017: 0.76%)

Corporate Bonds: 0.84% (2017: 0.76%) 250,000 AP Moller - Maersk A/S 1.5% 24/11/2022 255,506 0.84 –––––––––––– ––––––– Total Denmark 255,506 0.84 –––––––––––– –––––––

France: 2.76% (2017: 2.51%)

Corporate Bonds: 2.76% (2017: 2.51%) 400,000 CNP Assurances 1.875% 20/10/2022 405,991 1.34 200,000 Crown European Holdings SA 4% 15/07/2022 215,720 0.71 200,000 TDF Infrastructure SAS 2.875% 19/10/2022 212,748 0.71 –––––––––––– ––––––– Total France 834,459 2.76 –––––––––––– –––––––

Germany: 2.45% (2017: 2.32%)

Corporate Bonds: 2.45% (2017: 2.32%) 300,000 Commerzbank AG 7.75% 16/03/2021 340,359 1.13 400,000 Deutsche Bank AG 2.375% 11/01/2023 400,198 1.32 –––––––––––– ––––––– Total Germany 740,557 2.45 –––––––––––– –––––––

Guernsey: 0.67% (2017: 0.60%)

Corporate Bonds: 0.67% (2017: 0.60%) 200,000 Credit Suisse Group Funding Guernsey Ltd 1.25% 14/04/2022 201,497 0.67 –––––––––––– ––––––– Total Guernsey 201,497 0.67 –––––––––––– –––––––

Ireland: 0.84% (2017: 0.82%)

Corporate Bonds: 0.84% (2017: 0.82%) 200,000 Bank of Ireland 10% 19/12/2022 253,029 0.84 –––––––––––– ––––––– Total Ireland 253,029 0.84 –––––––––––– –––––––

Italy: 28.88% (2017: 18.99%)

Corporate Bonds: 3.25% (2017: 3.10%) 200,000 Intesa Sanpaolo SpA 3.5% 17/01/2022 210,258 0.69 200,000 Leonardo SpA 5.25% 21/01/2022 220,814 0.73

ANIMA Funds Plc 617 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-III (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 54.24% (2017: 47.04%)

Italy (continued): 28.88% (2017: 18.99%)

Corporate Bonds (continued): 3.25% (2017: 3.10%) 200,000 Telecom Italia SpA/Milano 5.25% 10/02/2022 216,500 0.72 300,000 UniCredit SpA 6.95% 31/10/2022 335,744 1.11 Government Bonds: 25.63% (2017: 15.89%) 1,700,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 1,698,868 5.61 1,500,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/09/2022 1,718,502 5.68 1,300,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 1,301,321 4.30 1,750,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 2,007,061 6.63 650,000 Italy Buoni Poliennali Del Tesoro 0.95% 15/03/2023 633,600 2.09 300,000 Italy Buoni Poliennali Del Tesoro 9% 01/11/2023 399,960 1.32 –––––––––––– ––––––– Total Italy 8,742,628 28.88 –––––––––––– –––––––

Japan: 0.69% (2017: 0.64%)

Corporate Bonds: 0.69% (2017: 0.64%) 200,000 SoftBank Group Corp 4% 30/07/2022 210,060 0.69 –––––––––––– ––––––– Total Japan 210,060 0.69 –––––––––––– –––––––

Jersey: 0.70% (2017: 0.65%)

Corporate Bonds: 0.70% (2017: 0.65%) 200,000 Atrium European Real Estate Ltd 3.625% 17/10/2022 210,616 0.70 –––––––––––– ––––––– Total Jersey 210,616 0.70 –––––––––––– –––––––

Luxembourg: 1.41% (2017: 1.93%)

Corporate Bonds: 1.41% (2017: 1.93%) 200,000 ArcelorMittal 3.125% 14/01/2022 209,559 0.69 200,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 217,500 0.72 –––––––––––– ––––––– Total Luxembourg 427,059 1.41 –––––––––––– –––––––

Netherlands: 3.49% (2017: 4.43%)

Corporate Bonds: 3.49% (2017: 4.43%) 300,000 ABN AMRO Bank NV 7.125% 06/07/2022 358,567 1.18 300,000 Cooperatieve Rabobank UA 4.125% 14/09/2022 333,924 1.10 350,000 EXOR NV 2.125% 02/12/2022 364,771 1.21 –––––––––––– ––––––– Total Netherlands 1,057,262 3.49 –––––––––––– –––––––

ANIMA Funds Plc 618 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-III (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 54.24% (2017: 47.04%)

Spain: 1.68% (2017: 2.79%)

Corporate Bonds: 1.68% (2017: 1.52%) 300,000 Criteria Caixa SAU 1.625% 21/04/2022 301,223 1.00 200,000 Merlin Properties Socimi SA 2.375% 23/05/2022 207,347 0.68 Government Bonds: 0.00% (2017: 1.27%) –––––––––––– ––––––– Total Spain 508,570 1.68 –––––––––––– –––––––

United Kingdom: 8.63% (2017: 8.85%)

Corporate Bonds: 8.63% (2017: 8.85%) 200,000 Anglo American Capital Plc 3.5% 28/03/2022 212,597 0.70 250,000 Barclays Bank Plc 6.625% 30/03/2022 280,153 0.93 200,000 Barclays Plc 1.5% 01/04/2022 199,159 0.66 200,000 DS Smith Plc 2.25% 16/09/2022 207,210 0.68 250,000 Hammerson Plc 2% 01/07/2022 252,680 0.83 350,000 ITV Plc 2.125% 21/09/2022 360,335 1.19 250,000 Leeds Building Society 1.375% 05/05/2022 247,937 0.82 200,000 Merlin Entertainments Plc 2.75% 15/03/2022 202,284 0.67 300,000 Standard Chartered Plc 3.625% 23/11/2022 319,327 1.06 320,000 Trinity Acquisition Plc 2.125% 26/05/2022 329,550 1.09 –––––––––––– ––––––– Total United Kingdom 2,611,232 8.63 –––––––––––– –––––––

United States: 0.00% (2017: 0.61%) –––––––––––– ––––––– Total Bonds 16,416,550 54.24 –––––––––––– –––––––

Investment Funds: 30.92% (2017: 52.13%)

Ireland: 24.45% (2017: 37.00%)

Asset Allocation Funds: 24.45% (2017: 37.00%) 110,000 ANIMA Smart Dividends Europe*/** 516,769 1.71 78,500 iShares Euro Dividend UCITS ETF EUR Dist 1,517,719 5.01 41,000 iShares Asia Pacific Dividend UCITS ETF USD Dist 894,620 2.95 58,000 iShares MSCI USA Dividend IQ UCITS ETF 1,611,530 5.32 45,000 SPDR S&P Emerging Markets Dividend UCITS ETF 604,710 2.00 21,000 SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF 789,285 2.61 34,000 SPDR S&P US Dividend Aristocrats UCITS ETF 1,466,760 4.85 –––––––––––– ––––––– Total Ireland 7,401,393 24.45 –––––––––––– –––––––

ANIMA Funds Plc 619 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2022-III (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds (continued): 30.92% (2017: 52.13%)

Germany: 6.47% (2017: 15.13%)

Asset Allocation Funds: 6.47% (2017: 15.13%) 128,000 iShares STOXX Europe Select Dividend 30 UCITS ETF 1,956,864 6.47 –––––––––––– ––––––– Total Germany 1,956,864 6.47 –––––––––––– ––––––– Total Investment Funds 9,358,257 30.92 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 26,513,232) 25,774,807 85.16

Cash and Cash Equivalents 4,301,229 14.21

Other Net Assets 191,535 0.63 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 30,267,571 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 54.21 UCITS and non-UCITS Investment Funds 30.90 Other Assets 14.89 ––––––– 100.00 –––––––

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 620 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2023-I

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 90.30% (2017: 97.66%)

Ireland: 22.39% (2017: 40.18%)

Asset Allocation Funds: 3.58% (2017: 15.65%) 74,511 iShares MSCI Europe UCITS ETF EUR Dist 1,568,457 3.58 Debt Funds: 3.43% (2017: 0.00%) 268,008 ANIMA Short Term Corporate Bond*/** 1,502,831 3.43 Equity Funds: 15.38% (2017: 24.53%) 780,399 ANIMA Star Bond*/** 4,125,268 9.41 18,973 ANIMA Italian Equity*/** 98,348 0.22 114,238 ANIMA Euro Equity*/** 817,738 1.87 153,144 ANIMA Europe Equity*/** 1,698,382 3.88 –––––––––––– ––––––– Total Ireland 9,811,024 22.39 –––––––––––– –––––––

Italy: 30.00% (2017: 8.33%)

Debt Funds: 27.25% (2017: 0.00%) 27,955 ANIMA Fix High Yield** 357,820 0.82 259,531 ANIMA Fix Imprese** 2,394,172 5.46 410,037 ANIMA Fix Obbligazionario Globale** 4,704,352 10.74 593,545 ANIMA Risparmio** 4,482,450 10.23 Equity Funds: 2.25% (2017: 8.33%) 19,835 ANIMA Geo Italia** 433,252 0.99 63,135 ANIMA Iniziativa Europa** 776,431 1.76 –––––––––––– ––––––– Total Italy 13,148,477 30.00 –––––––––––– ––––––– Luxembourg: 37.91% (2017: 49.15%)

Asset Allocation Funds: 0.00% (2017: 15.61%)

Debt Funds: 26.39% (2017: 0.00%) 30,831 AXA World Funds - Global Inflation Bonds 4,702,617 10.73 22,339 AXA World Funds - Euro Credit Short Duration 3,023,118 6.90 46,472 AB SICAV I - Short Duration High Yield Portfolio 849,971 1.94 147,382 AB FCP I - Emerging Markets Debt Portfolio 2,990,379 6.82 Equity Funds: 11.52% (2017: 33.54%) 30,874 db x-trackers MSCI Europe Index UCITS ETF 1,566,856 3.58 3,237 AXA World Funds - Framlington Eurozone 690,387 1.58 39,837 AB SICAV I - European Equity Portfolio 1,007,079 2.30 98,363 AB SICAV I - Eurozone Equity Portfolio 1,780,370 4.06 –––––––––––– ––––––– Total Luxembourg 16,610,777 37.91 –––––––––––– ––––––– Total Investment Funds 39,570,278 90.30 –––––––––––– –––––––

ANIMA Funds Plc 621 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution 2023-I (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 41,237,303) 39,570,278 90.30

Cash and Cash Equivalents 4,269,782 9.74

Other Net Liabilities (18,355) (0.04) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 43,821,705 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets UCITS and non-UCITS Investment Funds 90.26 Other Assets 9.74 ––––––– 100.00 –––––––

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 622 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution EM*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 87.74%

France: 1.11%

Equity Fund: 1.11% 18,304 Lyxor MSCI Eastern Europe UCITS ETF 381,821 1.11 –––––––––––– ––––––– Total France 381,821 1.11 –––––––––––– –––––––

Ireland: 19.05%

Equity Fund: 19.05%

Asset Allocation Funds: 1.97% 20,612 iShares MSCI EM UCITS ETF 674,734 1.97 Debt Funds: 13.70% 631,751 ANIMA Star Bond **/*** 3,339,502 9.75 241,386 ANIMA Short Term Corporate Bond **/*** 1,353,546 3.95 Equity Funds: 3.38% 197,455 ANIMA Emerging Markets Equity **/*** 1,158,942 3.38 –––––––––––– ––––––– Total Ireland 6,526,724 19.05 –––––––––––– –––––––

Italy: 27.12%

Debt Funds: 16.55% 40,940 ANIMA Fix High Yield *** 524,029 1.53 232,696 ANIMA Fix Imprese *** 2,146,623 6.26 261,552 ANIMA Fix Obbligazionario Globale *** 3,000,787 8.76 Equity Funds: 10.57% 40,701 ANIMA Emergenti *** 478,038 1.40 99,880 ANIMA Pacifico *** 709,847 2.07 322,120 ANIMA Risparmio *** 2,432,647 7.10 –––––––––––– ––––––– Total Italy 9,291,971 27.12 –––––––––––– –––––––

Luxembrourg: 40.46%

Equity Funds: 40.46% 131,659 AB FCP I - Emerging Markets Debt Portfolio 2,671,359 7.80 33,560 AB FCP I - Emerging Markets Growth Portfolio 1,242,424 3.63 35,620 AB SICAV I - Short Duration High Yield Portfolio 651,493 1.90 14,730 Amundi Msci EM Asia UCITS ETF 379,445 1.11 10,000 Amundi Msci EM Latin America UCITS ETF (France listed) 125,300 0.37 18,791 Amundi Msci EM Latin America UCITS ETF (Italy listed) 232,670 0.68 182,317 Amundi Msci Emerging Markets UCITS ETF 677,763 1.98 19,925 AXA World Funds - Euro Credit Short Duration 2,696,506 7.87 13,343 AXA World Funds - Framlington Emerging Markets 1,313,816 3.83 25,374 AXA World Funds - Global Inflation Bonds 3,870,265 11.29 –––––––––––– ––––––– Total Luxembourg 13,861,041 40.46 –––––––––––– ––––––– Total Investment Funds 30,061,557 87.74 –––––––––––– –––––––

ANIMA Funds Plc 623 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Solution EM* (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 31,465,023) 30,061,557 87.74

Cash and Cash Equivalents 4,216,112 12.29

Other Net Liabilities (11,817) (0.03) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 34,265,852 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets UCITS and non-UCITS Investment Funds 87.70 Other Assets 12.30 ––––––– 100.00 –––––––

*This Fund launched on 7 February 2018, hence, there are no comparative percentages. **The indicated holdings are cross holdings in the Company. ***The indicated holdings are managed by ANIMA SGR S.p.A

ANIMA Funds Plc 624 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Italian Bond

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 95.95% (2017: 97.87%)

Italy: 95.95% (2017: 97.87%)

Government Bonds: 95.95% (2017: 97.87%) 880,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 878,592 2.21 2,070,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 2,064,597 5.19 1,360,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 1,355,678 3.41 1,760,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 1,767,216 4.45 1,370,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 1,372,493 3.45 2,500,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 2,667,543 6.71 2,290,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 2,450,621 6.17 900,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 902,567 2.27 1,740,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 1,741,768 4.38 2,200,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 2,461,822 6.19 2,670,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 2,910,311 7.32 2,140,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 2,361,778 5.94 1,800,000 Italy Buoni Poliennali Del Tesoro 2% 01/12/2025 1,771,546 4.46 1,950,000 Italy Buoni Poliennali Del Tesoro 1.6% 01/06/2026 1,860,323 4.68 750,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 916,447 2.31 1,170,000 Italy Buoni Poliennali Del Tesoro 1.25% 01/12/2026 1,081,165 2.72 220,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 259,815 0.65 2,950,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 (Germany listed) 2,793,302 7.03 600,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 (Italy listed) 568,129 1.43 1,280,000 Italy Buoni Poliennali Del Tesoro 2.25% 01/09/2036 1,138,883 2.88 760,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 842,408 2.12 710,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 870,853 2.19 400,000 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/2041 480,505 1.21 730,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 880,276 2.21 920,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 895,438 2.25 950,000 Italy Buoni Poliennali Del Tesoro 2.7% 01/03/2047 842,686 2.12 –––––––––––– ––––––– Total Italy 38,136,762 95.95 –––––––––––– ––––––– Total Bonds 38,136,762 95.95 –––––––––––– –––––––

Futures Contracts: (1.22)% (2017: 0.62%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets (6,154,225) (55) Euro-Schatz March 2019 (2,475) (0.01) (11,022,226) (90) Euro-BTP March 2019 (481,574) (1.21) –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (484,049) (1.22) –––––––––––– ––––––– Total Futures Contracts (484,049) (1.22) –––––––––––– –––––––

Forward Currency Contracts: 0.00% (2017: 0.02%)

ANIMA Funds Plc 625 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Italian Bond (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 40,308,176) 37,652,713 94.73

Cash and Cash Equivalents and Due From Broker 1,935,436 4.86

Other Net Assets 161,111 0.41 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 39,749,260 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 94.61 Other Assets 5.39 ––––––– 100.00 –––––––

ANIMA Funds Plc 626 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Italian Equity

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 95.23% (2017: 84.76%)

Italy: 95.23% (2017: 76.87%)

Aerospace/Defense: 1.11% (2017: 0.00%) 13,285 Avio SpA Com NPV 148,261 0.78 8,000 Leonardo SpA Com EUR 4.40 61,424 0.33 Apparel: 1.78% (2017: 0.77%) 76,159 Aeffe SpA Com EUR 0.25 178,593 0.94 2,600 Monnalisa SpA Com NPV 24,700 0.13 70,463 Piquadro SpA Com NPV 118,730 0.63 371 Tod's SpA Com EUR 2.00 15,315 0.08 Auto Parts & Equipment: 2.67% (2017: 0.28%) 10,000 Brembo Com NPV 88,950 0.47 52,316 Carraro SpA/Campodarsego Com EUR.52 87,891 0.46 88,664 Pininfarina SpA Com EUR 1.00 201,267 1.06 90,000 Sogefi SpA Com EUR 0.52 128,790 0.68 Banks: 24.34% (2017: 21.34%) 23,625 Banca Generali SpA Com EUR 1.00 428,321 2.26 66,215 Banca Mediolanum SpA Com EUR 0.10 337,034 1.78 386,790 Banco BPM SpA Com NPV 761,203 4.02 74,504 Banco di Desio e della Brianza SpA Com EUR 0.52 128,892 0.68 4,917 Credito Emiliano SpA Com EUR 1.00 24,733 0.13 76,040 FinecoBank Banca Fineco SpA Com EUR 0.33 667,479 3.52 121,218 Intesa Sanpaolo SpA Com EUR 0.52 235,139 1.24 219,809 Mediobanca Banca di Credito Finanziario SpA Com EUR 0.50 1,621,311 8.55 41,480 UniCredit SpA Com NPV 410,403 2.16 Beverages: 0.22% (2017: 0.23%) 6,519 Masi Agricola SpA Com NPV 24,055 0.13 3,000 Massimo Zanetti Beverage Group SpA Com NPV 17,250 0.09 Building Materials: 1.91% (2017: 0.66%) 37,753 Buzzi Unicem SpA CVS EUR 0.60 361,296 1.91 Chemicals: 0.17% (2017: 0.00%) 2,914 SOL Com EUR.52 31,704 0.17 Commercial Services: 4.09% (2017: 5.13%) 7,524 ASTM SpA Com NPV 131,520 0.69 1,863 Autostrade Meridionali SpA Com EUR 2.07 50,301 0.27 39,226 Openjobmetis agenzia per il lavoro SpA Com EUR 1.00 313,808 1.66 23,171 Societa Iniziative Autostradali e Servizi SpA Com EUR 0.50 279,442 1.47 Distribution/Wholesale: 2.04% (2017: 0.00%) 18,227 MARR SpA Com EUR 0.50 375,476 1.98 15,555 Safilo Group SpA Com EUR 5.00 10,889 0.06 Diversified Financial Services: 1.63% (2017: 0.00%) 43,665 Banca Farmafactoring SpA Com NPV 198,239 1.04 34,500 Equita Group SpA Com NPV 111,780 0.59 Electric: 9.44% (2017: 10.56%) 207,000 A2A SpA Com EUR 0.52 325,508 1.72 14,031 ACEA SpA Com EUR 5.16 168,512 0.89 372,732 Iren SpA Com EUR 1.00 781,246 4.12 104,000 Terna Rete Elettrica Nazionale SpA Com EUR 0.22 515,112 2.71 Electrical Components & Equipment: 0.10% (2017: 0.20%) 1,254 Sabaf SpA Com EUR 1.00 18,660 0.10 Electronics: 0.37% (2017: 0.00%) 3,412 Datalogic SpA Com EUR 0.52 69,605 0.37

ANIMA Funds Plc 627 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Italian Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 95.23% (2017: 84.76%)

Italy (continued): 95.23% (2017: 76.87%)

Engineering & Construction: 4.99% (2017: 1.52%) 45,000 Caltagirone SpA Com EUR 1.00 102,600 0.54 198,799 Enav SpA Com EUR 1.00 843,305 4.45 Entertainment: 1.51% (2017: 1.13%) 66,127 RAI Way SpA Com NPV 286,661 1.51 Food: 0.39% (2017: 0.00%) 9,322 La Doria SpA Com EUR 1.22 73,830 0.39 Gas: 4.98% (2017: 2.44%) 146,450 Acsm - Agam SpA Com EUR 1.00 242,375 1.28 80,000 Ascopiave SpA Com EUR 1.00 248,800 1.31 118,546 Snam SpA Com NPV 452,727 2.39 Healthcare-Products: 0.41% (2017: 0.71%) 1,103 DiaSorin SpA Com EUR 1.00 77,982 0.41 Healthcare-Services: 0.50% (2017: 0.00%) 26,100 Garofalo Health Care Com NPV 95,526 0.50 Holding Companies-Diversified: 0.01% (2017: 0.00%) 250 ALPI Com NPV 2,490 0.01 Home Furnishings: 0.30% (2017: 0.00%) 2,583 De' Longhi SpA Com EUR 1.50 57,084 0.30 Insurance: 1.58% (2017: 9.63%) 20,500 Assicurazioni Generali SpA Com EUR 1.00 299,300 1.58 Internet: 1.28% (2017: 0.17%) 34,000 Cerved Group SpA Com NPV 243,270 1.28 Machinery, Construction & Mining: 0.53% (2017: 0.37%) 7,759 Danieli & C Officine Meccaniche SpA CVS EUR 1.00 100,091 0.53 Machinery-Diversified: 0.95% (2017: 0.00%) 2,000 Biesse Com EUR 1.00 34,340 0.18 2,000 Prima Industrie Com EUR 2.5 34,400 0.18 7,074 SAES Getters SpA CVS 111,769 0.59 Media: 3.31% (2017: 0.43%) 41,000 Cairo Communication SpA Com NPV 140,425 0.74 177,376 Mediaset SpA Com EUR 0.52 486,720 2.57 Oil & Gas: 3.77% (2017: 8.28%) 11,000 Eni SpA Com NPV 151,228 0.80 333,738 Saras SpA Com NPV 564,351 2.97 Oil & Gas Services: 1.59% (2017: 0.90%) 92,500 Saipem SpA Com NPV 302,012 1.59 Packaging & Containers: 0.29% (2017: 0.82%) 6,497 Zignago Vetro SpA Com EUR 0.10 55,225 0.29 Pharmaceuticals: 2.05% (2017: 0.00%) 42,000 Fine Foods & Pharmaceuticals NTM 388,500 2.05 Real Estate Investment Trusts: 8.99% (2017: 2.47%) 2,515,486 Beni Stabili SpA SIIQ Reits EUR 0.10 1,705,500 8.99 Retail: 0.39% (2017: 2.89%) 6,500 Autogrill SpA Com NPV 47,840 0.25 1,475 Salvatore Ferragamo SpA Com EUR 0.10 26,041 0.14 Software: 3.17% (2017: 1.92%) 8,200 GPI SpA Com NPV 63,796 0.34 23,118 Sesa SpA Com NPV 536,338 2.83 Telecommunications: 1.87% (2017: 3.39%) 59,500 Infrastrutture Wireless Italiane SpA Com NPV 354,917 1.87 Textiles: 0.17% (2017: 0.00%) 11,321 Ratti SpA Com NPV 32,038 0.17

ANIMA Funds Plc 628 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Italian Equity (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 95.23% (2017: 84.76%)

Italy (continued): 95.23% (2017: 76.87%)

Transportation: 2.33% (2017: 0.63%) 890,304 FNM SpA Com NPV 441,591 2.33 –––––––––––– ––––––– Total Italy 18,055,911 95.23 –––––––––––– –––––––

Luxembourg: 0.00% (2017: 2.01%)

Metal Fabricate/Hardware: 0.00% (2017: 2.01%)

Netherlands: 0.00% (2017: 5.88%)

Auto Manufacturers: 0.00% (2017: 1.54%)

Investment Companies: 0.00% (2017: 2.21%)

Machinery-Diversified: 0.00% (2017:2.13%) –––––––––––– ––––––– Total Equities 18,055,911 95.23 –––––––––––– ––––––– Warrants: 0.04% (2017: 0.00%)

Italy: 0.04% (2017: 0.00%)

Pharmaceuticals: 0.04% (2017: 0.00%) 12,600 Fine Foods & Pharmaceuticals NTM 19/10/2021 8,568 0.04 –––––––––––– ––––––– Total Italy 8,568 0.04 –––––––––––– ––––––– Total Warrants 8,568 0.04 –––––––––––– –––––––

Futures Contracts: (0.00%) (2017: 0.18%)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 19,371,329) 18,064,479 95.27

Cash and cash equivalents 882,027 4.65

Other Net Assets 14,409 0.08 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 18,960,915 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 94.51 Other Assets 5.49 ––––––– 100.00 –––––––

ANIMA Funds Plc 629 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA High Yield Bond*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 80.40%

Canada: 0.87%

Corporate Bonds: 0.87% 100,000 Bausch Health Cos Inc 4.5% 15/05/2023 94,312 0.87 –––––––––––– ––––––– Total Canada 94,312 0.87 –––––––––––– –––––––

France: 10.78%

Corporate Bonds: 10.78% 200,000 3AB Optique Developpement SAS 4% 01/10/2023 186,278 1.72 100,000 AXA SA FRN 29/12/2049 69,203 0.64 100,000 Banque Federative du Credit Mutuel SA FRN 28/02/2049 64,000 0.59 100,000 Banque Federative du Credit Mutuel SA FRN 29/12/2049 64,025 0.59 100,000 Casino Guichard Perrachon SA 4.561% 25/01/2023 93,099 0.86 100,000 CMA CGM SA 6.5% 15/07/2022 92,820 0.85 200,000 Credit Agricole SA FRN 29/12/2049 151,208 1.39 100,000 Crown European Holdings SA 3.375% 15/05/2025 100,585 0.93 100,000 Nexans SA 3.75% 08/08/2023 99,250 0.91 100,000 Orano SA 4.785% 23/09/2024 98,736 0.91 100,000 Societe Generale SA FRN 29/11/2049 54,674 0.50 100,000 SPIE SA 3.125% 22/03/2024 96,180 0.89 –––––––––––– ––––––– Total France 1,170,058 10.78 –––––––––––– –––––––

Germany: 4.35%

Corporate Bonds: 4.35% 200,000 Blitz F18-674 GmbH 6% 30/07/2026 188,495 1.74 100,000 Deutsche Bank AG 2.75% 17/02/2025 94,253 0.87 100,000 Tele Columbus AG 3.875% 02/05/2025 90,350 0.83 100,000 Wittur International Holding GmbH 8.5% 15/02/2023 98,466 0.91 –––––––––––– ––––––– Total Germany 471,564 4.35 –––––––––––– –––––––

Isle Of Man: 0.90%

Corporate Bonds: 0.90% 100,000 Playtech Plc 75 3.75% 12/10/2023 97,450 0.90 –––––––––––– ––––––– Total Isle Of Man 97,450 0.90 –––––––––––– –––––––

Italy: 15.20%

Corporate Bonds: 15.20% 100,000 Astaldi SpA 7.125% 01/12/2020 25,940 0.24 100,000 Banca IFIS SpA 4.5% 17/10/2027 81,420 0.75 200,000 Banca Monte dei Paschi di Siena SpA 3.625% 01/04/2019 200,465 1.85 100,000 Bormioli Pharma Bidco SpA FRN 15/11/2024 93,500 0.86 100,000 Fabric BC SpA 4.125% 30/11/2024 97,500 0.90 100,000 Fire BC SpA FRN 30/09/2024 94,511 0.87 100,000 Gamenet Group SpA FRN 27/04/2023 96,000 0.88 100,000 International Design Group SpA 6.5% 15/11/2025 90,468 0.83 100,000 Intesa Sanpaolo SpA 3.928% 15/09/2026 99,937 0.92

ANIMA Funds Plc 630 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA High Yield Bond* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.40%

Italy (continued): 15.20%

Corporate Bonds (continued): 15.20% 200,000 Intesa Sanpaolo SpA 7% 29/12/2049 202,322 1.86 200,000 Intesa Sanpaolo Vita SpA 4.75% 31/12/2049 188,294 1.74 100,000 Sisal Group SpA 7% 31/07/2023 99,935 0.92 200,000 UniCredit SpA 6.75% 29/12/2049 190,500 1.76 100,000 Wind Tre SpA 3.125% 20/01/2025 88,916 0.82 –––––––––––– ––––––– Total Italy 1,649,708 15.20 –––––––––––– –––––––

Luxembourg: 10.10%

Corporate Bonds: 10.10% 100,000 Aldesa Financial Services SA 7.25% 01/04/2021 47,644 0.44 100,000 Altice Luxembourg SA 7.25% 15/05/2022 92,880 0.86 100,000 Amigo Luxembourg SA 7.625% 15/01/2024 108,967 1.00 100,000 ARD Finance SA 6.625% 15/09/2023 95,420 0.88 100,000 ContourGlobal Power Holdings SA 3.375% 01/08/2023 94,469 0.87 100,000 CPI Property Group SA 4.375% 09/05/2052 93,000 0.86 100,000 Garrett LX I Sarl / Garrett Borrowing LLC 5.125% 15/10/2026 88,230 0.81 100,000 Matterhorn Telecom SA 3.875% 01/05/2022 97,152 0.90 200,000 Mitsubishi UFJ Investor Services & Banking Luxembourg SA FRN 15/12/2050 105,784 0.98 100,000 Rossini Sarl 6.75% 30/10/2025 99,100 0.91 100,000 SES SA 5.625% 29/12/2049 101,800 0.94 100,000 Takko Luxembourg 2 SCA 5.375% 15/11/2023 70,996 0.65 –––––––––––– ––––––– Total Luxembourg 1,095,442 10.10 –––––––––––– –––––––

Netherlands: 15.43%

Corporate Bonds: 15.43% 200,000 Aegon NV FRN 29/07/2049 132,910 1.22 200,000 Eagle Intermediate Global Holding BV/Ruyi US Finance LLC 5.375% 01/05/2023 183,460 1.69 100,000 Fiat Chrysler Automobiles NV 3.75% 29/03/2024 104,889 0.97 100,000 Gas Natural Fenosa Finance BV 4.125% 29/11/2049 102,127 0.94 200,000 ING Groep FRN 0.51% 29/06/2049 144,084 1.33 100,000 Intertrust Group BV 3.375% 15/11/2025 98,300 0.91 300,000 InterXion Holding NV 4.75% 15/06/2025 306,874 2.83 200,000 NIBC Bank NV 6% 31/12/2099 184,000 1.69 100,000 Nyrstar Netherlands Holdings BV 6.875% 15/03/2024 36,674 0.34 100,000 OCI NV 5% 15/04/2023 101,918 0.94 200,000 Volkswagen International Finance NV 3.5% 29/12/2049 174,886 1.61 100,000 Ziggo Bond Co BV 7.125% 15/05/2024 104,550 0.96 –––––––––––– ––––––– Total Netherlands 1,674,672 15.43 –––––––––––– –––––––

Portugal: 3.50%

Corporate Bonds: 3.50% 200,000 Caixa Geral de Depositos SA 10.75% 31/12/2099 218,000 2.01 100,000 Novo Banco SA/Luxembourg 3.5% 02/01/2043 81,232 0.75 100,000 Novo Banco SA/Luxembourg 3.5% 19/02/2043 80,980 0.74 –––––––––––– ––––––– Total Portugal 380,212 3.50 –––––––––––– –––––––

ANIMA Funds Plc 631 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA High Yield Bond* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 80.40%

Singapore: 0.88%

Corporate Bonds: 0.88% 100,000 Mulhacen Pte Ltd 6.5% 01/08/2023 95,704 0.88 –––––––––––– ––––––– Total Singapore 95,704 0.88 –––––––––––– –––––––

Spain: 5.35%

Corporate Bonds: 5.35% 100,000 Banco Santander SA FRN 29/09/2049 69,250 0.64 200,000 Banco Santander SA 4.75% 31/12/2099 158,876 1.46 100,000 Grupo-Antolin Irausa SA 3.375% 30/04/2026 79,176 0.73 200,000 Ibercaja Banco SA 7% 31/12/2099 181,682 1.68 100,000 Tendam Brands SAU 5% 15/09/2024 91,496 0.84 –––––––––––– ––––––– Total Spain 580,480 5.35 –––––––––––– –––––––

Sweden: 0.85%

Corporate Bonds: 0.85% 100,000 Intrum AB 2.75% 15/07/2022 91,943 0.85 –––––––––––– ––––––– Total Sweden 91,943 0.85 –––––––––––– –––––––

United Kingdom: 6.00%

Corporate Bonds: 6.00% 100,000 Arqiva Broadcast Finance 6.75% 30/09/2023 111,412 1.03 100,000 Nemean Bondco Plc 7.375% 01/02/2024 97,512 0.90 250,000 Pinnacle Bidco 6.375% 15/02/2025 276,314 2.55 100,000 Shop Direct Funding Plc 7.75% 15/11/2022 88,965 0.82 100,000 Thomas Cook Group Plc 6.25% 15/06/2022 76,500 0.70 –––––––––––– ––––––– Total United Kingdom 650,703 6.00 –––––––––––– –––––––

United States: 6.19%

Corporate Bonds: 6.19% 100,000 Ball Corp 3.5% 15/12/2020 104,937 0.97 100,000 Banff Merger Sub Inc 9.75% 01/09/2026 80,042 0.74 100,000 Deutsche Postbank Funding Trust III FRN 29/06/2049 70,631 0.65 100,000 Kraton Polymers LLC 5.25% 15/05/2026 89,516 0.82 100,000 Refinitiv US Holdings Inc 6.875% 15/11/2026 92,250 0.85 100,000 Superior Industries International Inc 6% 15/06/2025 84,200 0.78 150,000 UGI International LLC 3.25% 01/11/2025 150,000 1.38 –––––––––––– ––––––– Total United States 671,576 6.19 –––––––––––– ––––––– Total Bonds 8,723,824 80.40 –––––––––––– –––––––

ANIMA Funds Plc 632 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA High Yield Bond* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Investment Funds: 8.39%

Italy: 8.39%

Debt Funds: 8.39% 71,164 ANIMA Fix High Yield** 910,333 8.39 –––––––––––– ––––––– Total Italy 910,333 8.39 –––––––––––– ––––––– Total Investment Funds 910,333 8.39 –––––––––––– –––––––

Forward Currency Contracts: 0.06%

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Morgan Stanley EUR 1,108,238 GBP 990,000 07/03/2019 7,688 0.07 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 7,688 0.07 –––––––––––– ––––––– Goldman Sachs GBP 350,000 EUR 389,090 07/03/2019 (7) (0.00) Goldman Sachs USD 200,000 EUR 174,634 07/03/2019 (600) (0.01) Morgan Stanley EUR 347,829 USD 400,000 07/03/2019 (239) (0.00) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (846) (0.01) –––––––––––– ––––––– Total Forward Currency Contracts 6,842 0.06 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 10,690,841) 9,640,999 88.85

Cash and Cash Equivalents 1,079,917 9.95

Other Net Assets 129,520 1.20 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 10,850,436 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 80.31 Over the counter financial derivative instruments 0.07 UCITS and non-UCITS Investment Funds 8.38 Other Assets 11.24 ––––––– 100.00 –––––––

*This Fund launched on 13 April 2018, hence, there are no comparative percentages. **The indicated holding is managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 633 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond 2022 Opportunities*

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 86.36% (2017: 86.08%)

Argentina: 1.35% (2017: 1.30%)

Corporate Bonds: 1.35% (2017: 1.30%) 700,000 YPF SA 3.75% 30/09/2019 619,118 1.35 –––––––––––– ––––––– Total Argentina 619,118 1.35 –––––––––––– –––––––

Australia: 0.00% (2017: 0.89%)

Corporate Bonds: 0.00% (2017: 0.89%)

Cayman Islands: 1.48% (2017: 2.37%)

Corporate Bonds: 1.48% (2017: 2.37%) 400,000 Agile Group Holdings Ltd 9% 21/05/2020 359,206 0.78 400,000 Fantasia Holdings Group Co Ltd 10.75% 22/01/2020 320,168 0.70 –––––––––––– ––––––– Total Cayman Islands 679,374 1.48 –––––––––––– –––––––

Czech Republic: 0.00% (2017: 0.64%)

Corporate Bonds: 0.00% (2017: 0.64%)

France: 8.51% (2017: 12.73%)

Corporate Bonds: 8.51% (2017: 12.73%) 200,000 3AB Optique Developpement SAS 4.125% 01/10/2023 186,900 0.41 400,000 Arkema SA 4.75% 29/10/2049 415,000 0.90 300,000 Casino Guichard Perrachon SA 4.407% 06/08/2019 304,140 0.66 700,000 Casino Guichard Perrachon SA 4.561% 25/01/2023 651,697 1.42 500,000 Dexia Credit Local SA 0.404% 12/02/2019 497,675 1.08 700,000 Italcementi Finance SA 5.375% 19/03/2020 738,426 1.61 1,100,000 Orano SA 4.375% 06/11/2019 1,119,096 2.43 –––––––––––– ––––––– Total France 3,912,934 8.51 –––––––––––– –––––––

Germany: 6.68% (2017: 4.35%)

Corporate Bonds: 6.68% (2017: 4.35%) 300,000 Bilfinger SE 2.375% 07/12/2019 302,801 0.66 200,000 Commerzbank AG 6.625% 30/08/2019 229,773 0.50 700,000 Deutsche Bank AG 5% 24/06/2020 723,632 1.57 200,000 Senvion Holding GmbH 3.875% 25/10/2022 131,300 0.29 700,000 Thyssenkrupp AG 3.125% 25/10/2019 709,275 1.54 1,000,000 Thyssenkrupp AG 1.375% 03/03/2022 973,994 2.12 –––––––––––– ––––––– Total Germany 3,070,775 6.68 –––––––––––– –––––––

Greece: 0.00% (2017: 1.07%)

Corporate Bonds: 0.00% (2017: 1.07%)

ANIMA Funds Plc 634 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond 2022 Opportunities* (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 86.36% (2017: 86.08%)

Ireland: 3.90% (2017: 2.63%)

Corporate Bonds: 3.90% (2017: 2.63%) 500,000 Bank of Ireland 10% 12/02/2020 540,627 1.18 500,000 Bank of Ireland 10% 19/12/2022 632,572 1.37 600,000 Smurfit Kappa Acquisitions ULC 4.125% 30/01/2020 618,876 1.35 –––––––––––– ––––––– Total Ireland 1,792,075 3.90 –––––––––––– –––––––

Italy: 26.84% (2017: 19.04%)

Corporate Bonds: 22.32% (2017: 19.04%) 500,000 Almaviva-The Italian Innovation Co SpA 7.25% 15/10/2022 408,500 0.89 500,000 Banca Monte dei Paschi di Siena SpA 3.625% 01/04/2019 501,162 1.09 400,000 Banco BPM SpA 2.75% 27/07/2020 403,932 0.88 1,000,000 Banco BPM SpA 6% 05/11/2020 1,033,840 2.25 1,500,000 Iccrea Banca SpA 1.5% 21/02/2020 1,493,901 3.25 400,000 Iccrea Banca SpA 1.875% 25/11/2019 399,842 0.87 800,000 Intesa Sanpaolo SpA 5% 23/09/2019 822,725 1.79 400,000 Intesa Sanpaolo SpA 1.125% 14/01/2020 401,836 0.88 500,000 Intesa Sanpaolo SpA 7% 29/12/2049 505,805 1.10 400,000 Leonardo SpA 8% 16/12/2019 467,746 1.02 1,000,000 Mediobanca Banca di Credito Finanziario SpA 0.75% 17/02/2020 997,826 2.17 1,000,000 Mediobanca SpA 5% 15/11/2020 1,044,786 2.27 500,000 RAI-Radiotelevisione Italiana SpA 1.5% 28/05/2020 497,740 1.08 600,000 Telecom Italia SpA 5.25% 10/02/2022 649,500 1.41 700,000 Wind Tre SpA 2.625% 20/01/2023 631,050 1.37 Government Bonds: 4.52% (2017: 0.00%) 1,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 1,044,322 2.27 1,000,000 Italy Buoni Poliennali Del Tesoro 2.3% 15/10/2021 1,033,000 2.25 –––––––––––– ––––––– Total Italy 12,337,513 26.84 –––––––––––– –––––––

Japan: 0.00% (2017: 1.96%)

Corporate Bonds: 0.00% (2017: 1.96%)

Jersey: 1.22% (2017: 1.26%)

Corporate Bonds: 1.22% (2017: 1.26%) 500,000 Glencore Finance Europe SA 6.5% 27/02/2019 560,932 1.22 –––––––––––– ––––––– Total Jersey 560,932 1.22 –––––––––––– –––––––

Luxembourg: 6.57% (2017: 7.16%)

Corporate Bonds: 6.57% (2017: 7.16%) 200,000 Codere Finance 2 Luxembourg SA 6.75% 01/11/2021 172,676 0.37 500,000 eDreams ODIGEO SA 5.5% 01/09/2023 467,240 1.02 1,000,000 Fiat Chrysler Finance Europe 6.75% 14/10/2019 1,049,300 2.28 300,000 Garfunkelux Holdco 3 SA 8.5% 01/11/2022 280,536 0.61 800,000 Gazprom OAO Via Gaz Capital SA 3.389% 20/03/2020 826,000 1.80

ANIMA Funds Plc 635 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond 2022 Opportunities* (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 86.36% (2017: 86.08%)

Luxembourg (continued): 6.57% (2017: 7.16%)

Corporate Bonds (continued): 6.57% (2017: 7.16%) 243,000 LSF9 Balta Issuer SA 7.75% 15/09/2022 224,606 0.49 –––––––––––– ––––––– Total Luxembourg 3,020,358 6.57 –––––––––––– –––––––

Marshall Islands: 0.54% (2017: 0.54%)

Corporate Bonds: 0.54% (2017: 0.54%) 300,000 Teekay Corp 8.5% 15/01/2020 250,295 0.54 –––––––––––– ––––––– Total Marshall Islands 250,295 0.54 –––––––––––– –––––––

Mexico: 1.99% (2017: 2.04%)

Corporate Bonds: 1.99% (2017: 2.04%) 900,000 Petroleos Mexicanos 3.125% 27/11/2020 913,391 1.99 –––––––––––– ––––––– Total Mexico 913,391 1.99 –––––––––––– –––––––

Netherlands: 12.81% (2017: 12.39%)

Corporate Bonds: 12.81% (2017: 12.39%) 800,000 ABN AMRO Bank NV 0.241% 21/07/2020 798,040 1.74 600,000 Cooperatieve Rabobank UA 6.875% 19/03/2020 647,392 1.41 500,000 Cooperatieve Rabobank UA 11% 29/12/2049 451,603 0.98 400,000 Dufry One BV 2.5% 15/10/2024 380,989 0.83 1,000,000 EDP Finance BV 4.875% 14/09/2020 1,080,660 2.35 400,000 Nyrstar Netherlands Holdings BV 8.5% 15/09/2019 168,368 0.37 700,000 OI European Group BV 6.75% 15/09/2020 761,152 1.66 300,000 Saipem Finance International BV 2.75% 05/04/2022 298,614 0.65 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 3.25% 15/04/2022 1,002,593 2.18 300,000 United Group BV 4.375% 01/07/2022 296,879 0.64 –––––––––––– ––––––– Total Netherlands 5,886,290 12.81 –––––––––––– –––––––

Sweden: 2.71% (2017: 1.91%)

Corporate Bonds: 2.71% (2017: 1.91%) 365,000 Hoist Kredit AB 3.125% 09/12/2019 370,475 0.81 400,000 Intrum AB 2.75% 15/07/2022 367,773 0.80 500,000 SSAB AB 3.875% 10/04/2019 505,468 1.10 –––––––––––– ––––––– Total Sweden 1,243,716 2.71 –––––––––––– –––––––

United Kingdom: 8.09% (2017: 8.24%)

Corporate Bonds: 8.09% (2017: 8.24%) 600,000 EnQuest Plc 7% 15/04/2022 351,660 0.76 1,000,000 International Game Technology Plc 4.125% 15/02/2020 1,026,240 2.23 400,000 Jaguar Land Rover Automotive Plc 3.5% 15/03/2020 334,164 0.73

ANIMA Funds Plc 636 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond 2022 Opportunities* (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 86.36% (2017: 86.08%)

United Kingdom (continued): 8.09% (2017: 8.24%)

Corporate Bonds (continued): 8.09% (2017: 8.24%) 300,000 Lloyds Bank Plc 6.5% 24/03/2020 319,750 0.70 225,000 Tesco Corporate Treasury Services Plc 1.375% 01/07/2019 226,024 0.49 400,000 Thomas Cook Group Plc 6.25% 15/06/2022 306,000 0.67 500,000 Titan Global Finance Plc 4.25% 10/07/2019 506,250 1.10 300,000 William Hill Plc 4.25% 05/06/2020 331,126 0.72 300,000 Worldpay Finance Plc 3.75% 15/11/2022 316,350 0.69 –––––––––––– ––––––– Total United Kingdom 3,717,564 8.09 –––––––––––– –––––––

United States: 3.67% (2017: 5.56%)

Corporate Bonds: 3.67% (2017: 5.56%) 500,000 Ball Corp 3.5% 15/12/2020 524,686 1.14 300,000 Catalent Pharma Solutions Inc 4.75% 15/12/2024 300,332 0.65 400,000 Energy Transfer Equity LP 7.5% 15/10/2020 363,907 0.79 500,000 UGI International LLC 3.25% 01/11/2025 500,000 1.09 –––––––––––– ––––––– Total United States 1,688,925 3.67 –––––––––––– ––––––– Total Bonds 39,693,260 86.36 –––––––––––– –––––––

Forward Currency Contracts: 0.05% (2017: 0.17%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Goldman Sachs EUR 348,294 USD 400,000 07/03/2019 227 0.00 Unicredit Bank EUR 1,934,798 GBP 1,730,000 07/03/2019 11,615 0.02 Unicredit Bank EUR 3,324,061 USD 3,800,000 07/03/2019 17,418 0.04 Goldman Sachs GBP 90,000 EUR 100,014 07/03/2019 36 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 29,296 0.06 –––––––––––– –––––––

JP Morgan EUR 601,084 CHF 680,000 07/03/2019 (2,674) 0.00 Goldman Sachs USD 1,410,000 EUR 1,231,172 07/03/2019 (4,234) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (6,908) (0.01) –––––––––––– ––––––– Total Forward Currency Contracts 22,388 0.05 –––––––––––– –––––––

ANIMA Funds Plc 637 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Bond 2022 Opportunities* (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 42,210,090) 39,715,648 86.41

Cash and Cash Equivalents 5,613,139 12.21

Other Net Assets 631,796 1.38 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 45,960,583 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 86.30 Financial derivative instruments dealt in on a regulated market 0.06 Other Assets 13.64 ––––––– 100.00 –––––––

*ANIMA Bond 2020 Opportunities changed its name to ANIMA Bond 2022 Opportunities, see note 24 for further details.

ANIMA Funds Plc 638 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 4.40% (2017: 1.99%)

Belgium: 0.10% (2017: 0.07%)

Beverages: 0.10% (2017: 0.07%) 1,451 Anheuser-Busch InBev SA/NV Com NPV 83,723 0.10 –––––––––––– ––––––– Total Belgium 83,723 0.10 –––––––––––– –––––––

Finland: 0.05% (2017: 0.02%)

Telecommunications: 0.05% (2017: 0.02%) 9,196 Nokia OYJ Com NPV 46,256 0.05 –––––––––––– ––––––– Total Finland 46,256 0.05 –––––––––––– –––––––

France: 1.64% (2017: 0.68%)

Aerospace/Defense: 0.08% (2017: 0.02%) 651 Safran SA Com EUR 0.2 68,615 0.08 Apparel: 0.23% (2017: 0.05%) 157 Kering SA Com EUR 4.00 64,621 0.07 512 LVMH Moet Hennessy Louis Vuitton SE Com EUR 0.30 132,199 0.16 Banks: 0.14% (2017: 0.09%) 1,993 BNP Paribas SA Com EUR 2.00 78,674 0.09 1,372 Societe Generale SA Com EUR 1.25 38,169 0.05 Building Materials: 0.00% (2017: 0.02%)

Chemicals: 0.10% (2017: 0.04%) 754 Air Liquide SA Com EUR 5.50 81,771 0.10 Cosmetics & Personal Care: 0.11% (2017: 0.04%) 449 L'Oreal SA Com EUR 0.20 90,339 0.11 Electric: 0.05% (2017: 0.02%) 3,284 Engie SA Com EUR 1.00 41,132 0.05 Electrical Components & Equipment: 0.07% (2017: 0.03%) 951 Schneider Electric SE Com EUR 4.00 56,794 0.07 Engineering & Construction: 0.08% (2017: 0.04%) 962 Vinci SA Com EUR 2.50 69,283 0.08 Food: 0.08% (2017: 0.04%) 1,139 Danone SA Com EUR 0.25 70,060 0.08 Healthcare-Products: 0.05% (2017: 0.02%) 396 Essilor International SA Com EUR 0.18 43,738 0.05 Insurance: 0.08% (2017: 0.04%) 3,527 AXA SA Com EUR 2.29 66,512 0.08 Media: 0.04% (2017: 0.02%) 1,680 Vivendi SA Com EUR 5.50 35,750 0.04 Oil & Gas: 0.26% (2017: 0.09%) 4,649 TOTAL SA Com EUR 2.50 214,691 0.26 Pharmaceuticals: 0.17% (2017: 0.08%) 1,841 Sanofi Com EUR 2.00 139,290 0.17 Real Estate Investment Trusts: 0.04% (2017: 0.02%) 257 Unibail-Rodamco SE REIT EUR 0.50 34,798 0.04 Telecommunications: 0.06% (2017: 0.02%) 3,302 Orange SA Com EUR 4.00 46,740 0.06 –––––––––––– ––––––– Total France 1,373,176 1.64 –––––––––––– –––––––

ANIMA Funds Plc 639 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 4.40% (2017: 1.99%)

Germany: 1.25% (2017: 0.67%)

Apparel: 0.07% (2017: 0.03%) 311 Adidas AG Com NPV 56,726 0.07 Auto Manufacturers: 0.18% (2017: 0.10%) 534 Bayerische Motoren Werke AG Com EUR 1.00 37,754 0.05 1,552 Daimler AG Com NPV 71,252 0.08 300 Volkswagen AG Pref NPV 41,676 0.05 Banks: 0.00% (2017: 0.02%)

Chemicals: 0.12% (2017: 0.07%) 1,690 BASF SE Com NPV 102,076 0.12 Electric: 0.00% (2017: 0.02%)

Healthcare-Services: 0.03% (2017: 0.02%) 707 Fresenius SE & Co KGaA Com NPV 29,963 0.03 Insurance: 0.21% (2017: 0.09%) 740 Allianz SE Com NPV 129,604 0.15 244 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Com NPV 46,494 0.06 Miscellaneous Manufacturers: 0.18% (2017: 0.09%) 1,528 Siemens AG Com NPV 148,797 0.18 Pharmaceuticals: 0.11% (2017: 0.08%) 1,497 Bayer AG Com NPV 90,658 0.11 Software: 0.21% (2017: 0.08%) 2,003 SAP SE Com NPV 174,121 0.21 Telecommunications: 0.09% (2017: 0.04%) 5,109 Deutsche Telekom AG Com NPV 75,715 0.09 Transportation: 0.05% (2017: 0.03%) 1,709 Deutsche Post AG Com NPV 40,862 0.05 –––––––––––– ––––––– Total Germany 1,045,698 1.25 –––––––––––– –––––––

Ireland: 0.11% (2017: 0.02%)

Building Materials: 0.04% (2017: 0.02%) 1,601 CRH Plc Com EUR 0.32 36,983 0.04 Chemicals: 0.07% (2017: 0.00%) 417 Linde Plc Com EUR 0.001 57,776 0.07 –––––––––––– ––––––– Total Ireland 94,759 0.11 –––––––––––– –––––––

Italy: 0.22% (2017: 0.09%)

Banks: 0.07% (2017: 0.03%) 29,986 Intesa Sanpaolo SpA Com NPV 58,167 0.07 Electric: 0.08% (2017: 0.03%) 12,967 Enel SpA Com EUR 1.00 65,406 0.08 Oil & Gas: 0.07% (2017: 0.03%) 4,463 Eni SpA Com NPV 61,357 0.07 –––––––––––– ––––––– Total Italy 184,930 0.22 –––––––––––– –––––––

ANIMA Funds Plc 640 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 4.40% (2017: 1.99%)

Netherlands: 0.57% (2017: 0.24%)

Aerospace/Defense: 0.10% (2017: 0.04%) 1,024 Airbus SE Com EUR 1.00 85,975 0.10 Banks: 0.08% (2017: 0.05%) 6,768 ING Groep NV Com EUR 0.01 63,687 0.08 Cosmetics & Personal Care: 0.15% (2017: 0.06%) 2,574 U0.00%ever NV CVS EUR 0.16 122,059 0.15 Electronics: 0.00% (2017: 0.03%)

Food: 0.06% (2017: 0.01%) 2,148 Koninklijke Ahold Delhaize NV Com EUR 0.01 47,417 0.06 Healthcare-Products: 0.06% (2017: 0.00%) 1,728 Koninklijke Philips NV Com EUR 0.20 53,447 0.06 Semiconductors: 0.12% (2017: 0.05%) 738 ASML Holding NV Com EUR 0.09 101,224 0.12 –––––––––––– ––––––– Total Netherlands 473,809 0.57 –––––––––––– –––––––

Spain: 0.46% (2017: 0.20%)

Banks: 0.20% (2017: 0.11%) 11,708 Banco Bilbao Vizcaya Argentaria SA Com EUR 0.49 54,272 0.07 27,999 Banco Santander SA Com EUR 0.50 111,240 0.13 Electric: 0.08% (2017: 0.03%) 9,889 Iberdrola SA Com EUR 0.75 69,401 0.08 20 Ferrovial SA Com EUR 0.20 354 0.00 Retail: 0.05% (2017: 0.03%) 1,946 Industria de Diseno Textil SA Com EUR 0.03 43,493 0.05 Software: 0.06% (2017: 0.00%) 802 Amadeus IT Group SA Com EUR 0.01 48,794 0.06 Telecommunications: 0.07% (2017: 0.03%) 7,520 Telefonica SA Com EUR 1.00 55,189 0.07 –––––––––––– ––––––– Total Spain 382,743 0.46 –––––––––––– ––––––– Total Equities 3,685,094 4.40 –––––––––––– –––––––

Bonds: 64.82% (2017: 78.77%)

Australia: 1.98% (2017: 0.90%)

Government Bonds: 1.98% (2017: 0.90%) 258,000 Australia Government Bond 0.75% 21/11/2027 164,073 0.20 2,441,000 Australia Government Bond 2.25% 21/05/2028 1,493,776 1.78 –––––––––––– ––––––– Total Australia 1,657,849 1.98 –––––––––––– –––––––

ANIMA Funds Plc 641 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 64.82% (2017: 78.77%)

Brazil: 0.54% (2017: 0.51%)

Government Bonds: 0.54% (2017: 0.51%) 1,080,000 Brazil Letras do Tesouro Nacional Zero Coupon 01/07/2020 220,586 0.26 990,000 Brazil Notas do Tesouro Nacional 10% 01/01/2023 234,020 0.28 –––––––––––– ––––––– Total Brazil 454,606 0.54 –––––––––––– –––––––

Canada: 3.70% (2017: 3.70%)

Government Bonds: 3.70% (2017: 3.70%) 4,800,000 Canadian Government Bond 1% 01/06/2027 2,848,770 3.40 223,000 Canadian Government Real Return Bond 3% 01/12/2036 254,658 0.30 –––––––––––– ––––––– Total Canada 3,103,428 3.70 –––––––––––– –––––––

Colombia: 0.45% (2017: 0.43%)

Government Bonds: 0.45% (2017: 0.43%) 592,000,000 Colombia Government International Bond 7.75% 14/04/2021 165,925 0.20 640,000,000 Colombia Government International Bond 9.85% 28/06/2027 211,044 0.25 –––––––––––– ––––––– Total Colombia 376,969 0.45 –––––––––––– –––––––

France: 6.41% (2017: 1.15%)

Government Bonds: 6.41% (2017: 1.15%) 958,000 France Government Bond OAT 0.1% 01/03/2025 1,032,360 1.23 575,000 France Government Bond OAT 1.85% 25/07/2027 779,109 0.93 2,983,000 France Government Bond OAT 2.75% 25/10/2027 3,555,283 4.25 –––––––––––– ––––––– Total France 5,366,752 6.41 –––––––––––– –––––––

Germany: 7.61% (2017: 2.04%)

Government Bonds: 7.61% (2017: 2.04%) 3,834,000 Bundesrepublik Deutschland 0.5% 15/08/2027 3,962,592 4.73 1,279,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 1,453,656 1.74 789,000 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 958,576 1.14 –––––––––––– ––––––– Total Germany 6,374,824 7.61 –––––––––––– –––––––

Hungary: 0.40% (2017: 0.22%)

Government Bonds: 0.40% (2017: 0.22%) 51,100,000 Hungary Government Bond 2.5% 27/10/2021 165,057 0.20 51,700,000 Hungary Government Bond 3% 26/06/2024 167,319 0.20 –––––––––––– ––––––– Total Hungary 332,376 0.40 –––––––––––– –––––––

ANIMA Funds Plc 642 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 64.82% (2017: 78.77%)

Indonesia: 0.63% (2017: 0.57%)

Government Bonds: 0.63% (2017: 0.57%) 3,893,000,000 Indonesia Treasury Bond 5.625% 15/05/2023 217,284 0.26 5,490,000,000 Indonesia Treasury Bond 7% 15/05/2027 310,902 0.37 –––––––––––– ––––––– Total Indonesia 528,186 0.63 –––––––––––– –––––––

Italy: 1.32% (2017: 5.73%)

Government Bonds: 1.32% (2017: 5.73%) 507,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 619,518 0.74 493,000 Italy Buoni Poliennali Del Tesoro 1.3% 15/05/2028 490,007 0.58 –––––––––––– ––––––– Total Italy 1,109,525 1.32 –––––––––––– –––––––

Japan: 2.24% (2017: 6.91%)

Government Bonds: 2.24% (2017: 6.91%) 117,600,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 986,733 1.18 106,700,000 Japanese Government CPI Linked Bond 0.1% 10/03/2028 884,696 1.06 –––––––––––– ––––––– Total Japan 1,871,429 2.24 –––––––––––– –––––––

Malaysia: 0.50% (2017: 0.36%)

Government Bonds: 0.50% (2017: 0.36%) 840,000 Malaysia Government Bond 3.9% 30/11/2026 174,997 0.21 1,128,000 Malaysia Government Bond 4.048% 30/09/2021 241,239 0.29 –––––––––––– ––––––– Total Malaysia 416,236 0.50 –––––––––––– –––––––

Mexico: 0.54% (2017: 0.51%)

Government Bonds: 0.54% (2017: 0.51%) 5,420,000 Mexican Bonos 6.5% 09/06/2022 225,940 0.27 5,140,000 Mexican Bonos 8.5% 31/05/2029 224,459 0.27 –––––––––––– ––––––– Total Mexico 450,399 0.54 –––––––––––– –––––––

Norway: 0.00% (2017: 0.85%)

Government Bonds: 0.00% (2017: 0.85%)

Poland: 0.51% (2017: 0.47%)

Government Bonds: 0.51% (2017: 0.47%) 996,000 Poland Government Bond 2% 25/04/2021 234,057 0.28 798,000 Poland Government Bond 3.25% 25/07/2025 194,384 0.23 –––––––––––– ––––––– Total Poland 428,441 0.51 –––––––––––– –––––––

ANIMA Funds Plc 643 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 64.82% (2017: 78.77%)

Portugal: 0.00% (2017: 8.01%)

Government Bonds: 0.00% (2017: 8.01%)

South Africa: 0.54% (2017: 0.54%)

Government Bonds: 0.54% (2017: 0.54%) 3,060,000 South Africa Government Bond 7.75% 28/02/2023 183,807 0.22 6,150,000 South Africa Government Bond 6.25% 31/03/2036 266,960 0.32 –––––––––––– ––––––– Total South Africa 450,767 0.54 –––––––––––– –––––––

Spain: 15.58% (2017: 22.14%)

Government Bonds: 15.58% (2017: 22.14%) 945,000 Spain Government Inflation Linked Bond 1.8% 30/11/2024 1,112,003 1.33 681,000 Spain Government Inflation Linked Bond 0.65% 30/11/2027 738,035 0.88 5,190,000 Spain Letras del Tesoro Zero Coupon 18/01/2019 5,191,204 6.20 6,000,000 Spain Letras del Tesoro Zero Coupon 10/05/2019 6,008,934 7.17 –––––––––––– ––––––– Total Spain 13,050,176 15.58 –––––––––––– –––––––

Thailand: 0.44% (2017: 0.37%)

Government Bonds: 0.44% (2017: 0.37%) 6,210,000 Thailand Government Bond 3.85% 12/12/2025 182,423 0.22 5,600,000 Thailand Government Bond 4.875% 22/06/2029 180,824 0.22 –––––––––––– ––––––– Total Thailand 363,247 0.44 –––––––––––– –––––––

Turkey: 0.36% (2017: 0.71%)

Government Bonds: 0.36% (2017: 0.71%) 986,000 Turkey Government Bond 9.4% 08/07/2020 141,785 0.17 1,400,000 Turkey Government Bond 8% 12/03/2025 157,693 0.19 –––––––––––– ––––––– Total Turkey 299,478 0.36 –––––––––––– –––––––

United Kingdom: 6.57% (2017: 5.51%)

Government Bonds: 6.57% (2017: 5.51%) 1,930,000 United Kingdom Gilt 4.25% 07/12/2027 2,711,420 3.24 597,000 United Kingdom Gilt 3.5% 22/01/2045 890,040 1.06 722,000 United Kingdom Gilt Inflation Linked 0.125% 22/03/2026 1,032,666 1.23 405,000 United Kingdom Gilt Inflation Linked 1.25% 22/11/2027 871,772 1.04 –––––––––––– ––––––– Total United Kingdom 5,505,898 6.57 –––––––––––– –––––––

ANIMA Funds Plc 644 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 64.82% (2017: 78.77%)

United States: 14.50% (2017: 17.14%)

Government Bonds: 14.50% (2017: 17.14%) 4,290,000 United States Treasury Inflation Indexed Bonds 0.125% 15/07/2026 3,716,993 4.44 2,962,000 United States Treasury Inflation Indexed Bonds 1.75% 15/01/2028 3,321,310 3.97 2,029,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 1,764,910 2.11 1,575,000 United States Treasury Inflation Indexed Bonds 2.375% 15/01/2027 1,907,252 2.27 329,000 United States Treasury Note/Bond 4.5% 15/08/2039 359,139 0.43 1,260,000 United States Treasury Note/Bond 2.875% 15/08/2045 1,075,503 1.28 –––––––––––– ––––––– Total United States 12,145,107 14.50 –––––––––––– ––––––– Total Bonds 54,285,693 64.82 –––––––––––– –––––––

Investment Funds: 11.11% (2017: 11.88%)

Ireland: 6.43% (2017: 8.40%) 166,330 Invesco Bloomberg Commodity UCITS ETF 2,328,206 2.78 11,110 iShares EUR High Yield Corp Bond UCITS ETF 1,110,778 1.33 20,520 iShares USD High Yield Corp Bond UCITS ETF 1,736,701 2.07 4,100 UBS ETFs Plc - CMCI Composite SF UCITS ETF 210,999 0.25 –––––––––––– ––––––– Total Ireland 5,386,684 6.43 –––––––––––– –––––––

Jersey: 1.61% (2017: 2.93%) 159,800 ETFS Energy 475,004 0.57 24,130 ETFS Industrial 227,231 0.27 46,040 ETFS Precious 648,422 0.77 –––––––––––– ––––––– Total Jersey 1,350,657 1.61 –––––––––––– –––––––

Switzerland: 3.07% (2017: 0.55%) 34,570 UBS Bloomberg CMCI Composite USD Total Return Index 2,567,159 3.07 –––––––––––– ––––––– Total Switzerland 2,567,159 3.07 –––––––––––– ––––––– Total Investment Funds 9,304,500 11.11 –––––––––––– –––––––

Futures Contracts: (0.07)% (2017: 0.63%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets (480,689) (70) BCOM Comdtyr IND March 2019 11,638 0.02 (567,330) (19) EURO STOXX 50 March 2019 2,270 0.00 2,773,160 17 Euro-Bund March 2019 7,020 0.01 7,267,937 6 Japan Government Ten Year Bonds March 2019 26,727 0.03 6,398,863 61 US 10Yr Note (CBT) March 2019 112,083 0.13 11,471,826 103 US 10Yr Ultra March 2019 248,529 0.30 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 408,267 0.49 –––––––––––– –––––––

ANIMA Funds Plc 645 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Futures Contracts: (0.07)% (2017: 0.63%)

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 3,774,515 25 Euro-OAT March 2019 (4,515) (0.01) 986,326 13 FTSE 100 Index March 2019 (21,964) (0.03) 412,200 3 Long Gilt March 2019 (526) 0.00 1,600,048 37 MSCI Emerging Market March 2019 (35,451) (0.04) 847,548 5 Nikkei 225 March 2019 (50,565) (0.06) 793,105 7 S&P/TSX 60 Index March 2019 (24,346) (0.03) 5,693,521 49 S&P 500 E Mini March 2019 (324,459) (0.39) 344,256 4 SPI 200 March 2019 (1,787) 0.00 (117,564) (1) TOPIX Index March 2019 (1,525) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (465,138) (0.56) –––––––––––– ––––––– Total Futures Contracts (56,871) (0.07) –––––––––––– –––––––

Forward Currency Contracts: 0.26% (2017: 0.19%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Credit Agricole EUR 2,174,649 CAD 3,300,000 15/02/2019 66,355 0.08 Deutsche Bank EUR 5,196,416 USD 5,900,000 15/02/2019 53,713 0.06 Deutsche Bank JPY 62,700,000 EUR 494,816 15/02/2019 4,977 0.01 Goldman Sachs EUR 985,440 CAD 1,500,000 05/02/2019 26,539 0.03 Goldman Sachs EUR 993,483 CAD 1,500,000 05/02/2019 34,582 0.04 Goldman Sachs EUR 1,966,652 CAD 3,000,000 15/02/2019 50,020 0.06 Goldman Sachs EUR 5,785,588 GBP 5,200,000 15/02/2019 738 0.00 JP Morgan EUR 6,064,356 USD 6,900,000 28/01/2019 40,946 0.05 JP Morgan EUR 1,313,283 USD 1,500,000 05/02/2019 4,720 0.01 JP Morgan EUR 1,316,436 USD 1,500,000 15/02/2019 8,969 0.01 JP Morgan GBP 800,000 EUR 883,921 15/02/2019 6,056 0.01 JP Morgan USD 4,700,000 EUR 4,089,983 28/01/2019 12,919 0.02 JP Morgan USD 500,000 EUR 435,061 28/01/2019 1,418 0.00 JP Morgan USD 1,700,000 EUR 1,478,256 28/01/2019 5,773 0.01 Morgan Stanley EUR 257,966 CAD 400,000 15/02/2019 2,416 0.00 Morgan Stanley EUR 2,631,048 USD 3,000,000 15/02/2019 16,114 0.02 Nomura EUR 161,354 RUB 12,300,000 15/02/2019 7,502 0.01 Nomura EUR 2,628,305 USD 3,000,000 15/02/2019 13,371 0.02 Unicredit Bank EUR 2,336,360 AUD 3,700,000 15/02/2019 63,992 0.07 Unicredit Bank EUR 5,284,528 USD 6,000,000 15/02/2019 54,660 0.06 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 475,780 0.57 –––––––––––– ––––––– Deutsche Bank EUR 1,580,376 JPY 202,700,000 15/02/2019 (35,384) (0.04) Deutsche Bank EUR 193,537 JPY 24,900,000 15/02/2019 (4,946) (0.01) Deutsche Bank USD 2,900,000 EUR 2,531,814 15/02/2019 (4,044) 0.00 Goldman Sachs AUD 300,000 EUR 185,734 15/02/2019 (1,488) 0.00 Goldman Sachs CAD 3,000,000 EUR 1,967,951 05/02/2019 (50,150) (0.06) Goldman Sachs CAD 1,500,000 EUR 984,883 15/02/2019 (26,567) (0.03) JP Morgan AUD 300,000 EUR 189,642 15/02/2019 (5,396) (0.01) JP Morgan USD 1,500,000 EUR 1,317,547 05/02/2019 (8,985) (0.01) JP Morgan USD 6,900,000 EUR 6,055,415 15/02/2019 (41,067) (0.05) JP Morgan USD 500,000 EUR 438,887 15/02/2019 (3,064) 0.00 JP Morgan USD 1,500,000 EUR 1,312,225 15/02/2019 (4,759) (0.01) JP Morgan USD 2,800,000 EUR 2,450,309 15/02/2019 (9,704) (0.01)

ANIMA Funds Plc 646 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Global Macro (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Forward Currency Contracts (continued): 0.26% (2017: 0.19%)

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Morgan Stanley EUR 1,105,233 GBP 1,000,000 15/02/2019 (7,238) (0.01) Morgan Stanley EUR 543,438 JPY 70,000,000 15/02/2019 (14,545) (0.02) Nomura EUR 543,065 JPY 70,000,000 15/02/2019 (14,918) (0.02) Nomura RUB 38,300,000 EUR 502,098 15/02/2019 (23,029) (0.03) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (255,284) (0.31) –––––––––––– ––––––– Total Forward Currency Contracts 220,496 0.26 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 68,407,592) 67,438,912 80.52

Cash and Cash Equivalents and Due From Broker 16,170,627 19.31

Other Net Assets 141,064 0.17 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 83,750,603 100.00 –––––––––––– –––––––

Analysis of Gross Assets % of Gross Assets Transferable securities admitted to official stock exchange listing. 4.36 Transferable securities dealt in on another regulated market. 64.19 UCITS and non-UCITS Investment funds. 11.00 Financial derivative instruments dealt in on a regulated market. 0.48 Over the counter financial derivative instruments. 0.56 Other Assets. 19.41 ––––––– 100.00 –––––––

ANIMA Funds Plc 647 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-I

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities: 97.08% (2017: 110.98%)

Belgium: 0.48% (2017: 0.91%)

Beverages: 0.18% (2017: 0.53%) 1,011 Anheuser-Busch InBev SA/NV Com NPV 58,335 0.18 Chemicals: 0.30% (2017: 0.38%) 1,083 Solvay SA Com NPV 94,567 0.30 –––––––––––– ––––––– Total Belgium 152,902 0.48 –––––––––––– –––––––

Finland: 1.46% (2017: 1.08%)

Telecommunications: 1.46% (2017: 1.08%) 92,426 Nokia OYJ Com NPV 464,903 1.46 –––––––––––– ––––––– Total Finland 464,903 1.46 –––––––––––– –––––––

France: 48.69% (2017: 51.61%)

Advertising: 0.47% (2017: 0.51%) 2,989 Publicis Groupe SA Com EUR 0.40 149,689 0.47 Aerospace/Defense: 1.84% (2017: 1.43%) 5,563 Safran SA Com EUR 0.20 586,340 1.84 Apparel: 5.35% (2017: 3.53%) 1,108 Kering SA Com EUR 4.00 456,053 1.44 4,818 LVMH Moet Hennessy Louis Vuitton SE Com EUR 0.30 1,244,007 3.91 Auto Manufacturers: 0.87% (2017: 1.03%) 7,184 Peugeot SA Com EUR 1.00 133,946 0.42 2,639 Renault SA Com EUR 3.81 143,957 0.45 Auto Parts & Equipment: 1.00% (2017: 1.60%) 2,655 Cie Generale des Etablissements Michelin SCA Com EUR 2.00 230,188 0.72 3,488 Valeo SA Com EUR 1.00 88,979 0.28 Banks: 4.10% (2017: 6.05%) 19,568 BNP Paribas SA Com EUR 2.00 772,447 2.43 16,596 Credit Agricole SA Com EUR 3.00 156,500 0.49 13,442 Societe Generale SA Com EUR 1.25 373,956 1.18 Beverages: 1.41% (2017: 1.23%) 3,129 Pernod Ricard SA Com EUR 1.55 448,386 1.41 Building Materials: 0.80% (2017: 1.19%) 8,701 Cie de Saint-Gobain Com EUR 4.00 253,765 0.80 Chemicals: 2.52% (2017: 2.32%) 7,390 Air Liquide SA Com EUR 5.50 801,445 2.52 Commercial Services: 0.38% (2017: 0.45%) 1,352 Sodexo SA Com EUR 4.00 121,004 0.38 Computers: 0.66% (2017: 0.71%) 2,407 Capgemini SE Com EUR 8.00 208,928 0.66 Cosmetics & Personal Care: 2.76% (2017: 2.40%) 4,353 L'Oreal SA Com EUR 0.20 875,824 2.76 Electric: 1.10% (2017: 1.19%) 27,803 Engie SA Com EUR 1.00 348,232 1.10 Electrical Components & Equipment: 2.36% (2017: 2.73%) 3,927 Legrand SA Com EUR 4.00 193,601 0.61 9,340 Schneider Electric SE Com EUR 4.00 557,785 1.75 Engineering & Construction: 2.40% (2017: 2.75%) 3,023 Bouygues SA Com EUR 1.00 94,741 0.30

ANIMA Funds Plc 648 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-I (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 97.08% (2017: 110.98%)

France (continued): 48.69% (2017: 51.61%)

Engineering & Construction (continued): 2.40% (2017: 2.75%) 9,290 Vinci SA Com EUR 2.50 669,066 2.10 Food: 2.36% (2017: 2.57%) 7,879 Carrefour SA Com EUR 2.50 117,476 0.37 10,263 Danone SA Com EUR 0.25 631,277 1.99 Healthcare-Products: 1.26% (2017: 1.24%) 3,626 Essilor International SA Com EUR 0.18 400,492 1.26 Insurance: 2.02% (2017: 2.51%) 34,045 AXA SA Com EUR 2.29 642,021 2.02 Lodging: 0.29% (2017: 0.32%) 2,501 Accor SA Com EUR 3.00 92,812 0.29 Media: 1.13% (2017: 1.13%) 16,899 Vivendi SA Com EUR 5.50 359,611 1.13 Oil & Gas: 5.91% (2017: 5.77%) 40,650 TOTAL SA Com EUR 2.50 1,877,217 5.91 Pharmaceuticals: 4.78% (2017: 4.30%) 20,060 Sanofi Com EUR 2.00 1,517,740 4.78 Real Estate Investment Trusts: 1.01% (2017: 1.43%) 3,227 Klepierre SA Reits EUR 1.40 87,000 0.28 1,721 Unibail-Rodamco SE REIT EUR 0.50 233,023 0.73 Retail: 0.00% (2017: 1.30%)

Telecommunications: 1.51% (2017: 1.47%) 33,973 Orange SA Com EUR 4.00 480,888 1.51 Water: 0.40% (2017: 0.45%) 7,063 Veolia Environnement SA Com EUR 5.00 126,816 0.40 –––––––––––– ––––––– Total France 15,475,212 48.69 –––––––––––– –––––––

Germany: 5.23% (2017: 6.15%)

Apparel: 0.29% (2017: 0.25%) 508 Adidas AG Com NPV 92,659 0.29 Auto Manufacturers: 0.71% (2017: 0.93%) 841 Bayerische Motoren Werke AG Com EUR 1.00 59,459 0.19 2,602 Daimler AG Com NPV 119,458 0.38 329 Volkswagen AG Pref NPV 45,704 0.14 Chemicals: 0.46% (2017: 0.66%) 2,405 BASF SE Com NPV 145,262 0.46 Electric: 0.13% (2017: 0.14%) 4,862 E.ON SE Com NPV 41,944 0.13 Healthcare-Services: 0.14% (2017: 0.21%) 1,065 Fresenius SE & Co KGaA Com NPV 45,135 0.14 Insurance: 1.10% (2017: 1.11%) 1,534 Allianz SE Com NPV 268,665 0.84 427 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Com NPV 81,365 0.26 Miscellaneous Manufacturers: 0.69% (2017: 0.78%) 2,247 Siemens AG Com NPV 218,813 0.69 Pharmaceuticals: 0.42% (2017: 0.67%) 2,176 Bayer AG Com NPV 131,779 0.42

ANIMA Funds Plc 649 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-I (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 97.08% (2017: 110.98%)

Germany (continued): 5.23% (2017: 6.15%)

Software: 0.71% (2017: 0.73%) 2,607 SAP SE Com NPV 226,626 0.71 Telecommunications: 0.39% (2017: 0.37%) 8,390 Deutsche Telekom AG Com NPV 124,340 0.39 Transportation: 0.19% (2017: 0.30%) 2,539 Deutsche Post AG Com NPV 60,707 0.19 –––––––––––– ––––––– Total Germany 1,661,916 5.23 –––––––––––– –––––––

Ireland: 0.16% (2017: 0.20%)

Building Materials: 0.16% (2017: 0.20%) 2,216 CRH Plc Com EUR 0.32 51,190 0.16 –––––––––––– ––––––– Total Ireland 51,190 0.16 –––––––––––– –––––––

Italy: 0.85% (2017: 0.91%)

Banks: 0.24% (2017: 0.32%) 38,436 Intesa Sanpaolo SpA Com EUR 0.52 74,558 0.24 Electric: 0.32% (2017: 0.31%) 20,440 Enel SpA Com EUR 1.00 103,099 0.32 Oil & Gas: 0.29% (2017: 0.28%) 6,780 Eni SpA Com NPV 93,212 0.29 –––––––––––– ––––––– Total Italy 270,869 0.85 –––––––––––– –––––––

Luxembourg: 0.00% (2017: 0.91%)

Iron/Steel: 0.00% (2017: 0.91%)

Netherlands: 4.23% (2017: 4.36%)

Aerospace/Defense: 2.66% (2017: 2.49%) 10,052 Airbus SE Com EUR 1.00 843,966 2.66 Banks: 0.31% (2017: 0.48%) 10,432 ING Groep NV Com EUR 0.01 98,165 0.31 Cosmetics & Personal Care: 0.62% (2017: 0.58%) 4,155 Unilever NV CVS EUR 0.16 197,030 0.62 Electronics: 0.00% (2017: 0.22%)

Food: 0.24% (2017: 0.19%) 3,411 Koninklijke Ahold Delhaize NV Com EUR 0.01 75,298 0.24 Semiconductors: 0.40% (2017: 0.40%) 937 ASML Holding NV Com EUR 0.09 128,519 0.40 –––––––––––– ––––––– Total Netherlands 1,342,978 4.23 –––––––––––– –––––––

ANIMA Funds Plc 650 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-I (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 97.08% (2017: 110.98%)

Spain: 35.42% (2017: 43.91%)

Airlines: 0.94% (2017: 0.93%) 42,989 International Consolidated Airlines Group SA Com EUR 0.50 297,484 0.94 Banks: 11.32% (2017: 15.37%) 198,630 Banco Bilbao Vizcaya Argentaria SA Com EUR 0.49 920,749 2.89 92,110 Banco de Sabadell SA Com EUR 0.125 92,156 0.29 444,697 Banco Santander SA Com EUR 0.50 1,766,781 5.56 49,671 Bankia SA Com EUR 1.00 127,158 0.40 25,841 Bankinter SA Com EUR 0.30 181,352 0.57 161,668 CaixaBank SA Com EUR 1.00 511,518 1.61 Commercial Services: 0.00% (2017: 1.58%)

Computers: 0.00% (2017: 0.02%)

Electric: 5.54% (2017: 5.25%) 12,242 Endesa SA Com EUR 1.20 246,432 0.77 172,511 Iberdrola SA Com EUR 0.75 1,210,682 3.81 15,619 Red Electrica Corp SA Com EUR 0.50 304,492 0.96 Electrical Components & Equipment: 0.00% (2017: 0.28%)

Engineering & Construction: 3.58% (2017: 3.77%) 1,320 Acciona SA Com EUR 1.00 97,548 0.31 9,046 ACS Actividades de Construccion y Servicios SA Com EUR 0.50 306,026 0.96 2,589 Aena SME SA Com EUR 10.00 351,457 1.11 21,586 Ferrovial SA Com EUR 0.20 381,964 1.20 Food: 0.20% (2017: 0.45%) 1,351 Viscofan SA Com EUR 0.70 65,010 0.20 Gas: 1.72% (2017: 1.48%) 6,876 Enagas SA Com EUR 1.50 162,342 0.51 17,296 Gas Natural SDG SA Com EUR 1.00 385,009 1.21 Insurance: 0.39% (2017: 0.43%) 53,113 Mapfre SA Com EUR 0.10 123,222 0.39 Iron/Steel: 0.00% (2017: 0.23%)

Lodging: 0.03% (2017: 0.04%) 1,252 Melia Hotels International SA Com EUR 0.20 10,279 0.03 Media: 0.14% (2017: 0.22%) 7,820 Mediaset Espana Comunicacion SA Com EUR 0.50 42,932 0.14 Oil & Gas: 1.96% (2017: 1.95%) 44,383 Repsol SA Com EUR 1.00 624,913 1.96 Pharmaceuticals: 0.88% (2017: 0.90%) 12,281 Grifols SA Com EUR 0.25 281,235 0.88 Real Estate Investment Trusts: 0.46% (2017: 0.45%) 13,443 Merlin Properties Socimi SA REIT EUR 1.00 144,983 0.46 Retail: 3.35% (2017: 4.92%) 47,687 Industria de Diseno Textil SA Com EUR 0.03 1,065,805 3.35 Software: 2.31% (2017: 2.27%) 12,066 Amadeus IT Group SA Com EUR 0.01 734,095 2.31 Telecommunications: 2.60% (2017: 3.37%) 112,483 Telefonica SA Com EUR 1.00 825,513 2.60 –––––––––––– ––––––– Total Spain 11,261,137 35.42 –––––––––––– –––––––

ANIMA Funds Plc 651 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-I (continued)

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Equities (continued): 97.08% (2017: 110.98%)

Switzerland: 0.56% (2017: 0.94%)

Building Materials: 0.56% (2017: 0.94%) 4,992 LafargeHolcim Ltd Com CHF 2.00 178,863 0.56 –––––––––––– ––––––– Total Switzerland 178,863 0.56 –––––––––––– ––––––– Total Equities 30,859,970 97.08 –––––––––––– –––––––

Rights: 0.06% (2017: 0.05%)

Spain: 0.06% (2017: 0.05%) 44,383 Repsol SA Rts EUR 1.00 17,753 0.06 –––––––––––– ––––––– Total Rights 17,753 0.06 –––––––––––– –––––––

Notional Amount Swaps: 2.86% (2017: (10.87)%) 32,976,774 Equity Swap (MPS Capital Services) 2,582,082 8.12 –––––––––––– ––––––– Total Fair Value Gains on Swaps 2,582,082 8.12 –––––––––––– ––––––– 16,329,289 Equity Swap (MPS Capital Services) (751,147) (2.36) 16,642,987 Equity Swap (MPS Capital Services, J.P. Morgan) (922,022) (2.90) –––––––––––– ––––––– Total Fair Value Losses on Swaps (1,673,169) (5.26) –––––––––––– ––––––– Total Swaps 908,913 2.86 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 32,561,379) 31,786,636 100.00

Cash and Cash Equivalents 48,142 0.15

Other Net Liabilities (47,923) (0.15) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 31,786,855 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities admitted to official stock exchange listing. 92.00 Over the counter financial derivative instruments 7.69 Other Assets. 0.31 ––––––– 100.00 –––––––

ANIMA Funds Plc 652 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-II

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 118.65% (2017: 117.47%)

Italy: 118.65% (2017: 117.47%)

Government Bonds: 118.65% (2017: 117.47%) 26,509,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 31,127,082 20.00 26,507,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 27,070,115 17.39 7,551,000 Italy Buoni Poliennali Del Tesoro 0.95% 15/03/2023 7,360,488 4.73 31,882,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 35,676,277 22.92 32,928,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 41,742,856 26.82 37,772,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 41,686,493 26.79 –––––––––––– ––––––– Total Italy 184,663,311 118.65 –––––––––––– ––––––– Total Bonds 184,663,311 118.65 –––––––––––– –––––––

Notional Amount Swaps: (19.27)% (2017: (18.02)%) 29,318,097 Equity Swap (MPS Capital Services) 1,421,928 0.91 67,454,364 Equity Swap (MPS Capital Services) 701,525 0.45 67,454,364 Equity Swap (MPS Capital Services) 903,888 0.58 40,071,015 Equity Swap (MPS Capital Services) 2,047,629 1.32 95,794,924 Equity Swap (MPS Capital Services) 996,267 0.64 95,794,924 Equity Swap (MPS Capital Services) 1,274,073 0.82 –––––––––––– ––––––– Total Fair Value Gains on Swaps 7,345,310 4.72 –––––––––––– ––––––– 26,507,000 Coupon Swap 0.1% 19/04/2023 (MPS Capital Services) (2,724,920) (1.75) 7,551,000 Coupon Swap 0.95% 19/04/2023 (MPS Capital Services) (344,326) (0.22) 26,509,000 Coupon Swap 2.1% 19/04/2023 (MPS Capital Services) (6,924,151) (4.45) 37,772,000 Coupon Swap 2.35% 19/04/2023 (MPS Capital Services) (8,056,767) (5.18) 32,928,000 Coupon Swap 2.6% 19/04/2023 (MPS Capital Services) (12,818,870) (8.24) 31,882,000 Coupon Swap 4.5% 19/04/2023 (MPS Capital Services) (6,459,293) (4.15) –––––––––––– ––––––– Total Fair Value Losses on Swaps (37,328,327) (23.99) –––––––––––– ––––––– Total Swaps (29,983,017) (19.27) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 188,804,207) 154,680,294 99.38

Cash and Cash Equivalents 139,315 0.09

Other Net Assets 821,986 0.53 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 155,641,595 100.00 –––––––––––– –––––––

ANIMA Funds Plc 653 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-II (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.60 Over the counter financial derivative instruments 3.80 Other Assets 0.60 ––––––– 100.00 –––––––

ANIMA Funds Plc 654 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-III

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 122.82% (2017: 123.09%)

Italy: 122.82% (2017: 123.09%)

Government Bonds: 122.82% (2017: 123.09%) 6,066,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 7,122,746 13.13 5,706,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 5,827,218 10.74 8,667,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 9,835,225 18.13 11,371,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 14,415,028 26.57 13,255,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 14,628,679 26.96 12,116,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 14,804,889 27.29 –––––––––––– ––––––– Total Italy 66,633,785 122.82 –––––––––––– ––––––– Total Bonds 66,633,785 122.82 –––––––––––– –––––––

Notional Amount Swaps: (23.87)% (2017: (24.02)%) 31,486,883 Equity Swap (MPS Capital Services) 1,835,685 3.38 57,179,569 Equity Swap (MPS Capital Services) 594,668 1.10 57,179,569 Equity Swap (MPS Capital Services) 966,334 1.78 –––––––––––– ––––––– Total Fair Value Gains on Swaps 3,396,687 6.26 –––––––––––– ––––––– 6,066,000 Coupon Swap 2.1% 15/09/2021 (MPS Capital Services) (1,627,508) (3.00) 5,706,000 Coupon Swap 0.1% 15/05/2022 (MPS Capital Services) (625,948) (1.15) 8,667,000 Coupon Swap 4.75% 01/08/2023 (MPS Capital Services) (2,072,279) (3.81) 11,371,000 Coupon Swap 2.6% 15/09/2023 (MPS Capital Services) (4,582,513) (8.45) 13,255,000 Coupon Swap 2.35% 15/09/2024 (MPS Capital Services) (2,949,238) (5.44) 12,116,000 Coupon Swap 3.1% 15/09/2026 (MPS Capital Services) (4,491,401) (8.28) –––––––––––– ––––––– Total Fair Value Losses on Swaps (16,348,887) (30.13) –––––––––––– ––––––– Total Swaps (12,952,200) (23.87) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 69,190,583) 53,681,585 98.95

Cash and Cash Equivalents 116,163 0.21

Other Net Assets 455,304 0.84 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 54,253,052 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 94.27 Over the counter financial derivative instruments 4.81 Other Assets 0.92 ––––––– 100.00 –––––––

ANIMA Funds Plc 655 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2023-IV

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 122.81% (2017: 118.95%)

Italy: 122.81% (2017: 118.95%)

Government Bonds: 122.81% (2017: 118.95%) 13,660,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 13,950,193 23.37 6,743,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 7,651,889 12.82 12,724,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 16,130,227 27.03 2,922,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 2,783,818 4.66 14,852,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 16,391,184 27.46 13,412,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 16,388,509 27.47 –––––––––––– ––––––– Total Italy 73,295,820 122.81 –––––––––––– ––––––– Total Bonds 73,295,820 122.81 –––––––––––– –––––––

Notional Amount Swaps: (23.73)% (2017: 19.68%) 16,311,407 Equity Swaps (MPS Capital Services) 579,055 0.97 18,556,451 Equity Swaps (MPS Capital Services) 640,198 1.07 64,318,310 Equity Swaps (MPS Capital Services) 926,184 1.55 64,318,310 Equity Swaps (MPS Capital Services) 668,910 1.12 –––––––––––– ––––––– Total Fair Value Gains on Swaps 2,814,347 4.71 –––––––––––– ––––––– 14,852,000 Coupon Swap 2.35% 04/10/2023 (MPS Capital Services) (3,398,138) (5.69) 13,412,000 Coupon Swap 3.1% 04/10/2023 (MPS Capital Services) (5,075,101) (8.5) 12,724,000 Coupon Swap 2.6% 04/10/2023 (MPS Capital Services) (5,206,661) (8.72) 2,922,000 Coupon Swap 0.65% 04/10/2023 (MPS Capital Services) (93,796) (0.16) 6,743,000 Coupon Swap 4.75% 04/10/2023 (MPS Capital Services) (1,636,526) (2.74) 13,660,000 Coupon Swap 0.1% 04/10/2023 (MPS Capital Services) (1,566,802) (2.63) –––––––––––– ––––––– Total Fair Value Losses on Swaps (16,977,024) (28.44) –––––––––––– ––––––– Total Swaps (14,162,677) (23.73) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 75,397,047) 59,133,143 99.08

Cash and Cash Equivalents 90,957 0.15

Other Net Assets 459,281 0.77 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 59,683,381 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.56 Over the counter financial derivative instruments 3.67 Other Assets 0.77 ––––––– 100.00 –––––––

ANIMA Funds Plc 656 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2024-I

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 122.81% (2017: 101.35%)

Italy: 122.81% (2017: 101.35%)

Government Bonds: 122.81% (2017: 101.35%) 15,600,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 15,931,406 22.58 15,545,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 19,706,411 27.93 3,733,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 3,556,467 5.04 7,800,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 8,768,495 12.42 17,793,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 19,636,974 27.83 15,600,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 19,062,089 27.01 –––––––––––– ––––––– Total Italy 86,661,842 122.81 –––––––––––– ––––––– Total Bonds 86,661,842 122.81 –––––––––––– –––––––

Notional Amount Swaps: (25.28)% (2017: (0.59)%) 38,309,164 Equity Swap (MPS Capital Services) 452,048 0.64 76,070,619 Equity Swap (MPS Capital Services) 1,194,309 1.69 76,070,619 Equity Swap (MPS Capital Services) 1,118,238 1.59 –––––––––––– ––––––– Total Fair Value Gains on Swaps 2,764,595 3.92 –––––––––––– –––––––

15,600,000 Coupon Swap 0.1% 03/01/2024 (MPS Capital Services) (1,898,520) (2.69) 3,733,000 Coupon Swap 0.65% 03/01/2024 (MPS Capital Services) (141,481) (0.2) 17,793,000 Coupon Swap 2.35% 03/01/2024 (MPS Capital Services) (4,220,500) (5.98) 15,545,000 Coupon Swap 2.6% 03/01/2024 (MPS Capital Services) (6,418,530) (9.1) 15,600,000 Coupon Swap 3.1% 03/01/2024 (MPS Capital Services) (6,048,120) (8.57) 7,800,000 Coupon Swap 4.5% 03/01/2024 (MPS Capital Services) (1,879,020) (2.66) –––––––––––– ––––––– Total Fair Value Losses on Swaps (20,606,171) (29.20) –––––––––––– ––––––– Total Swaps (17,841,576) (25.28) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 91,356,661) 68,820,266 97.53

Cash and Cash Equivalents 1,285,618 1.82

Other Net Assets 460,755 0.65 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 70,566,639 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 94.96 Over the counter financial derivative instruments 3.03 Other Assets 2.01 ––––––– 100.00 –––––––

ANIMA Funds Plc 657 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2024-II*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 123.06%

Italy: 123.06%

Government Bonds: 123.06% 14,775,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 15,088,880 16.78 19,691,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 24,962,299 27.76 14,775,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 16,609,553 18.47 4,925,000 Italy Buoni Poliennali Del Tesoro 1.85% 15/05/2024 4,900,986 5.45 22,683,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 25,033,748 27.83 19,700,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 24,071,997 26.77 –––––––––––– ––––––– Total Italy 110,667,463 123.06 –––––––––––– ––––––– Total Bonds 110,667,463 123.06 –––––––––––– –––––––

Notional Amount Swaps: (23.95)% 26,684,196 Equity Swap (JP Morgan) 1,270,168 1.41 26,959,031 Equity Swap (MPS Capital Services) 1,320,993 1.47 96,547,699 Equity Swap (MPS Capital Services) 2,017,847 2.25 96,547,699 Equity Swap (MPS Capital Services) 1,593,036 1.77 –––––––––––– ––––––– Total Fair Value Gains on Swaps 6,202,044 6.90 –––––––––––– ––––––– 14,775,000 Interest Rate Swap 0.1% 03/04/2024 (MPS Capital Services) (1,922,228) (2.14) 4,925,000 Interest Rate Swap 1.85% 03/04/2024 (MPS Capital Services) (478,218) (0.53) 22,683,000 Interest Rate Swap 2.35% 03/04/2024 (MPS Capital Services) (5,589,091) (6.21) 19,691,000 Interest Rate Swap 2.6% 03/04/2024 (MPS Capital Services) (8,244,620) (9.17) 19,700,000 Interest Rate Swap 3.1% 03/04/2024 (MPS Capital Services) (7,811,050) (8.69) 14,775,000 Interest Rate Swap 4.5% 03/04/2024 (MPS Capital Services) (3,698,183) (4.11) –––––––––––– ––––––– Total Fair Value Losses on Swaps (27,743,390) (30.85) –––––––––––– ––––––– Total Swaps (21,541,346) (23.95) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 116,271,440) 89,126,117 99.11

Cash and cash equivalents 97,233 0.11

Other Net Assets 705,184 0.78 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 89,928,534 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 93.99 Over the counter financial derivative instruments 5.27 Other Assets 0.74 ––––––– 100.00 ––––––– *This Fund launched on 14 March 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 658 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2024-III*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 117.70%

Italy: 117.70%

Government Bonds: 117.70% 5,755,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 5,877,259 5.27 5,755,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 5,633,671 5.05 23,003,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 29,160,925 26.16 28,772,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 31,361,595 28.14 28,130,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 31,045,246 27.85 23,019,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 28,127,579 25.23 –––––––––––– ––––––– Total Italy 131,206,275 117.70 –––––––––––– ––––––– Total Bonds 131,206,275 117.70 –––––––––––– –––––––

Notional Amount Swaps: (18.62)% 45,501,149 Equity Swap (MPS Capital Services) 2,757,370 2.47 6,123,031 Equity Swap (JP Morgan) 372,280 0.33 39,061,453 Equity Swap (Goldman Sachs) 2,148,380 1.93 114,520,382 Equity Swap (MPS Capital Services) 5,977,964 5.36 114,520,382 Equity Swap (MPS Capital Services) 1,935,394 1.74 –––––––––––– ––––––– Total Fair Value Gains on Swaps 13,191,388 11.83 –––––––––––– ––––––– 5,755,000 Coupon Swaps 0.1% 15/05/2022 (MPS Capital Services) (784,982) (0.70) 23,019,000 Coupon Swaps 3.1% 15/07/2026 (MPS Capital Services) (9,329,601) (8.37) 5,755,000 Coupon Swaps 0.1% 15/05/2023 (MPS Capital Services) (581,255) (0.52) 28,130,000 Coupon Swaps 2.35% 15/08/2024 (MPS Capital Services) (7,201,280) (6.46) 23,003,000 Coupon Swaps 2.6% 15/08/2023 (MPS Capital Services) (9,792,377) (8.79) 28,772,000 Coupon Swaps 3.75% 01/08/2024 (MPS Capital Services) (6,255,032) (5.61) –––––––––––– ––––––– Total Fair Value Losses on Swaps (33,944,527) (30.45) –––––––––––– ––––––– Total Swaps (20,753,139) (18.62) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 130,447,994) 110,453,136 99.08

Cash and Cash Equivalents 67,557 0.06

Other Net Assets 943,663 0.86 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 111,464,356 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 90.19 Over the counter financial derivative instruments 9.07 Other Assets 0.74 ––––––– 100.00 –––––––

*This Fund launched on 30 May 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 659 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2024-IV*

Notional Fair Value % of Amount Financial assets at fair value through profit or loss EUR Net Assets

Swaps: 2.43% 62,507,874 Equity Swap (JP Morgan) - 0.00 126,637,000 Equity Swap (MPS Capital Services) - 0.00 126,637,000 Equity Swap (MPS Capital Services) - 0.00 62,507,874 Equity Swap (MPS Capital Services) 162,520 0.13 12,664,000 Interest Rate Swap 0.1% 25/09/2024 (MPS Capital Services) 301,403 0.23 6,333,000 Interest Rate Swap 1.45% 25/09/2024 (MPS Capital Services) 178,591 0.14 31,659,000 Interest Rate Swap 2.35% 25/09/2024 (MPS Capital Services) 661,673 0.51 25,327,000 Interest Rate Swap 2.6% 25/09/2024 (MPS Capital Services) 557,195 0.43 25,327,000 Interest Rate Swap 3.1% 25/09/2024 (MPS Capital Services) 473,615 0.37 25,327,000 Interest Rate Swap 3.75% 25/09/2024 (MPS Capital Services) 810,464 0.62 –––––––––––– ––––––– Total Fair Value Gains on Swaps 3,145,461 2.43 –––––––––––– ––––––– Total Swaps 3,145,461 2.43 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR Nil) 3,145,461 2.43

Cash and Cash Equivalents 13,080,129 10.08

Other Net Assets 113,520,057 87.49 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 129,745,647 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Over the counter financial derivative instruments 2.42 Other Assets 97.58 ––––––– 100.00 –––––––

*This Fund launched on 5 September 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 660 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Brightview 2024-V*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 95.85%

Italy: 95.85%

Government Bonds: 95.85% 250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 249,834 95.85 –––––––––––– ––––––– Total Italy 249,834 95.85 –––––––––––– ––––––– Total Bonds 249,834 95.85 –––––––––––– –––––––

Notional Amount Swaps: 4.15% 125,000 Equity Swap (Goldman Sachs, MPS Capital Services) - 0.00 250,000 Equity Swap (MPS Capital Services) - 0.00 250,000 Equity Swap (MPS Capital Services) - 0.00 125,000 Equity Swap (MPS Capital Services) 313 0.12 13,000 Interest Rate Swap 0.1% 18/12/2024 (MPS Capital Services) 478 0.18 63,000 Interest Rate Swap 2.35% 18/12/2024 (MPS Capital Services) 2,690 1.03 13,000 Interest Rate Swap 2.5% 18/12/2024 (MPS Capital Services) 506 0.19 55,000 Interest Rate Swap 2.6% 18/12/2024 (MPS Capital Services) 2,299 0.88 58,000 Interest Rate Swap 3.1% 18/12/2024 (MPS Capital Services) 2,511 0.96 48,000 Interest Rate Swap 5% 18/12/2024 (MPS Capital Services) 2,025 0.79 –––––––––––– ––––––– Total Fair Value Gains on Swaps 10,822 4.15 –––––––––––– ––––––– Total Swaps 10,822 4.15 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 249,924) 260,656 100.00

Cash and Cash Equivalents 76 0.03

Other Net Liabilities (72) (0.03) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 260,660 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.82 Over the counter financial derivative instruments 4.15 Other Assets 0.03 ––––––– 100.00 –––––––

*This Fund launched on 21 November 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 661 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Europa 2022

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 98.77% (2017: 106.34%)

Italy: 98.33% (2017: 106.34%)

Corporate Bonds: 4.36% (2017: 0.00%) 294,000 Autostrada Brescia Verona Vicenza Padova SpA 2.375% 20/03/2020 294,716 0.83 308,000 CDP Reti SpA 1.875% 29/05/2022 296,571 0.84 304,000 FCA Bank SpA 1% 15/11/2021 300,340 0.85 243,000 Mediobanca Banca di Credito Finanziario SpA 0.625% 27/09/2022 230,416 0.65 260,000 Unione di Banche Italiane SpA 0.75% 17/10/2022 243,235 0.69 172,000 Unipol Gruppo SpA 4.375% 05/03/2021 178,878 0.50 Government Bonds: 93.97% (2017: 106.34%) 6,191,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 7,269,522 20.51 6,137,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 6,267,374 17.69 1,371,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/09/2022 1,570,711 4.43 1,444,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 1,656,112 4.67 6,398,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 8,110,751 22.89 7,635,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 8,426,252 23.78 –––––––––––– ––––––– Total Italy 34,844,878 98.33 –––––––––––– –––––––

Luxembourg: 0.44% (2017: 0.00%)

Corporate Bonds: 0.44% (2017: 0.00%) 144,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 156,600 0.44 –––––––––––– ––––––– Total Luxembourg 156,600 0.44 –––––––––––– ––––––– Total Bonds 35,001,478 98.77 –––––––––––– –––––––

Notional Amount Swaps: (11.76%) (2017: 10.44%) 38,394,320 Equity Swap (MPS Capital Services) 2,403,485 6.79 –––––––––––– ––––––– Total Fair Value Gains on Swaps 2,403,485 6.79 –––––––––––– ––––––– 6,191,000 Coupon Swap 2.1% 10/11/2022 (MPS Capital Services) (1,547,131) (4.37) 6,137,000 Coupon Swap 0.1% 10/11/2022 (MPS Capital Services) (564,604) (1.59) 1,444,000 Coupon Swap 5.5% 10/11/2022 (MPS Capital Services) (319,702) (0.90) 1,371,000 Coupon Swap 5.5% 10/11/2022 (MPS Capital Services) (304,773) (0.86) 6,398,000 Coupon Swap 2.6% 10/11/2022 (MPS Capital Services) (2,355,744) (6.65) 7,635,000 Coupon Swap 2.35% 10/11/2022 (MPS Capital Services) (1,480,426) (4.18) –––––––––––– ––––––– Total Fair Value Losses on Swaps (6,572,380) (18.55) –––––––––––– ––––––– Total Swaps (4,168,895) (11.76) –––––––––––– –––––––

ANIMA Funds Plc 662 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Europa 2022 (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 33,592,982) 30,832,583 87.01

Cash and Cash Equivalents 3,410,323 9.62

Other Net Assets 1,193,629 3.37 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 35,436,535 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 83.25 Over the counter financial derivative instruments 5.72 Other Assets 11.03 ––––––– 100.00 –––––––

ANIMA Funds Plc 663 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 98.92% (2017: 111.96%)

Italy: 98.92% (2017: 111.96%)

Corporate Bonds: 4.07% (2017: 0.00%) 100,000 Autostrada Brescia Verona Vicenza Padova SpA 2.375% 20/03/2020 100,244 0.27 365,000 CDP Reti SpA 1.875% 29/05/2022 351,456 0.94 359,000 FCA Bank SpA 1% 15/11/2021 354,678 0.94 257,000 Mediobanca Banca di Credito Finanziario SpA 0.625% 27/09/2022 243,691 0.65 285,000 Unione di Banche Italiane SpA 0.75% 17/10/2022 266,623 0.71 203,000 Unipol Gruppo SpA 4.375% 05/03/2021 211,117 0.56 Government Bonds: 94.85% (2017: 111.96%) 3,468,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 4,072,154 10.86 3,200,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 3,267,981 8.71 4,611,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 5,159,755 13.75 6,090,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 7,720,299 20.58 7,099,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 7,834,703 20.89 6,157,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 7,523,415 20.06 –––––––––––– ––––––– Total Italy 37,106,116 98.92 –––––––––––– ––––––– Total Bonds 37,106,116 98.92 –––––––––––– –––––––

Swaps: (14.23)% (2017: (16.36)%) 41,155,002 Equity Swap (MPS Capital Services) 2,819,118 7.52 –––––––––––– ––––––– Total Fair Value Gains on Swaps 2,819,118 7.52 –––––––––––– –––––––

3,200,000 Coupon Swap 0.1% 25/04/2023 (MPS Capital Services) (331,840) (0.88) 3,468,000 Coupon Swap 2.1% 25/04/2023 (MPS Capital Services) (907,229) (2.42) 7,099,000 Coupon Swap 2.35% 25/04/2023 (MPS Capital Services) (1,489,370) (3.97) 6,090,000 Coupon Swap 2.6% 25/04/2023 (MPS Capital Services) (2,347,086) (6.26) 6,157,000 Coupon Swap 3.1% 25/04/2023 (MPS Capital Services) (2,148,793) (5.73) 4,611,000 Coupon Swap 4.5% 25/04/2023 (MPS Capital Services) (935,111) (2.49) –––––––––––– ––––––– Total Fair Value Losses on Swaps (8,159,429) (21.75) –––––––––––– ––––––– Total Swaps (5,340,311) (14.23) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 34,514,645) 31,765,805 84.69

Cash and Cash Equivalents 4,322,674 11.52

Other Net Assets 1,422,174 3.79 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 37,510,653 100.00 –––––––––––– –––––––

ANIMA Funds Plc 664 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 81.19 Over the counter financial derivative instruments 6.17 Other Assets 12.64 ––––––– 100.00 –––––––

ANIMA Funds Plc 665 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Sostenibile 2023*

The percentages in brackets show the equivalent sector holdings at 31 December 2017.

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 120.86%

France: 11.01%

Government Bonds: 11.01% 24,000,000 France Government Bond OAT Zero Coupon 25/03/2023 24,143,928 11.01 –––––––––––– ––––––– Total France 24,143,928 11.01 –––––––––––– –––––––

Italy: 96.59%

Government Bonds: 96.59% 1,658,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 1,693,223 0.77 2,864,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 3,204,845 1.46 54,946,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 53,787,607 24.53 47,957,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 60,795,134 27.73 57,094,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 63,010,924 28.74 23,978,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 29,299,409 13.36 –––––––––––– ––––––– Total Italy 211,791,142 96.59 –––––––––––– –––––––

Spain: 13.26%

Government Bonds: 13.26% 24,000,000 Spain Government Bond 5.4% 31/01/2023 29,068,632 11.01 –––––––––––– ––––––– Total Spain 29,068,632 13.26 –––––––––––– ––––––– Total Bonds 265,003,702 120.86 –––––––––––– ––––––– Notional Amount Swaps: (26.35)% 227,948,366 Equity Swap (MPS Capital Services) (7,545,091) (3.44) 1,658,000 Coupon Swap 0.1% 15/05/2022 (MPS Capital Services) (171,769) (0.08) 2,864,000 Coupon Swap 4.5% 01/05/2023 (MPS Capital Services) (582,824) (0.27) 54,946,000 Coupon Swap 0.1% 09/05/2023 (MPS Capital Services) (4,027,542) (1.84) 57,094,000 Coupon Swap 2.35% 09/05/2023 (MPS Capital Services) (11,995,449) (5.47) 47,957,000 Coupon Swap 2.6% 09/05/2023 (MPS Capital Services) (18,544,972) (8.46) 23,978,000 Coupon Swap 3.1% 09/05/2023 (MPS Capital Services) (8,401,891) (3.83) 24,000,000 Coupon Swap 5.4% 25/07/2023 (MPS Capital Services) (6,506,400) (2.96) 24,000,000 Coupon Swap 1% 25/07/2023 (MPS Capital Services) - (0.00) –––––––––––– ––––––– Total Fair Value Losses on Swaps (57,775,938) (26.35) –––––––––––– ––––––– Total Swaps (57,775,938) (26.35) –––––––––––– –––––––

ANIMA Funds Plc 666 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Sostenibile 2023* (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 141,941,811) 207,227,764 94.51

Cash and cash equivalents 1,911,136 0.87

Other Net Assets 10,122,887 4.62 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 219,261,787 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 95.49 Other Assets 4.51 ––––––– 100.00 –––––––

*This Fund launched on 8 May 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 667 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Benessere 2023*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 117.38%

Germany: 22.22%

Government Bonds: 22.22% 59,445,000 Bundesrepublik Deutschland Bundesanleihe 1.5% 15/05/2023 64,390,586 22.22 –––––––––––– ––––––– Total Germany 64,390,586 22.22 –––––––––––– –––––––

Italy: 95.16%

Government Bonds: 95.16% 14,900,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 14,585,873 5.03 14,900,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 16,908,371 5.84 64,759,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 82,095,045 28.33 73,919,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 81,579,579 28.15 65,889,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 80,511,667 27.79 50,000 Italy Certificati di Credito del Tesoro 0.429% 15/07/2023 47,715 0.02 –––––––––––– ––––––– Total Italy 275,728,250 95.16 –––––––––––– ––––––– Total Bonds 340,118,836 117.38 –––––––––––– ––––––– Notional Amount Swaps: (22.35)% 287,302,459 Equity Swap (MPS Capital Services) 9,739,553 3.36 –––––––––––– ––––––– Total Fair Value Gains on Swaps 9,739,553 3.36 –––––––––––– ––––––– 64,759,000 Interest Rate Swap 2.6% 25/07/2023 (MPS Capital Services) (25,799,986) (8.90) 59,445,000 Interest Rate Swap 1.5% 15/05/2023 (MPS Capital Services) (4,476,209) (1.54) 73,919,000 Interest Rate Swap 2.35% 25/07/2023 (MPS Capital Services) (15,988,680) (5.52) 14,900,000 Interest Rate Swap 4.75% 25/07/2023 (MPS Capital Services) (3,538,750) (1.22) 14,900,000 Interest Rate Swap 0.1% 15/05/2023 (MPS Capital Services) (1,113,030) (0.38) 65,889,000 Interest Rate Swap 3.1% 25/07/2023 (MPS Capital Services) (23,627,794) (8.15) –––––––––––– ––––––– Total Fair Value Losses on Swaps (74,544,449) (25.71) –––––––––––– ––––––– Total Swaps (64,804,896) (22.35) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 345,359,004) 275,313,940 95.03

Cash and Cash Equivalents 2,253,373 0.78

Other Net Assets 12,191,986 4.19 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 289,759,299 100.00 –––––––––––– –––––––

ANIMA Funds Plc 668 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Benessere 2023* (continued)

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 93.10 Over the counter financial derivative instruments 2.67 Other Assets 4.23 ––––––– 100.00 –––––––

*This Fund launched on 24 July 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 669 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Consumi 2023*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 114.47%

France: 23.06%

Government Bonds: 23.06% 5,800,000 France Government Bond OAT 4.25% 25/10/2023 7,016,550 23.06 –––––––––––– ––––––– Total France 7,016,550 23.06 –––––––––––– –––––––

Italy: 68.73%

Government Bonds: 68.73% 870,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 851,658 2.8 6,380,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 8,087,932 26.58 290,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 298,387 0.98 290,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 326,008 1.07 2,900,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 3,200,541 10.52 6,670,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 8,150,265 26.78 –––––––––––– ––––––– Total Italy 20,914,791 68.73 –––––––––––– –––––––

Spain: 22.68%

Government Bonds: 22.68% 5,800,000 Spain Government Bond 4.4% 31/10/2023 6,902,203 22.68 –––––––––––– ––––––– Total Spain 6,902,203 22.68 –––––––––––– ––––––– Total Bonds 34,833,544 114.47 –––––––––––– –––––––

Notional Amount Swaps: (20.85)% 29,000,000 Equity Swap (MPS Capital Services) 1,450,000 4.76 26,300,000 Equity Swap (MPS Capital Services) 581,230 1.91 –––––––––––– ––––––– Total Fair Value Gains on Swaps 2,031,230 6.67 –––––––––––– ––––––– 870,000 Coupon Swap 0.1% 19/12/2023 (MPS Capital Services) (70,035) (0.23) 2,900,000 Coupon Swap 2.35% 19/12/2023 (MPS Capital Services) (651,920) (2.14) 290,000 Coupon Swap 2.45% 19/12/2023 (MPS Capital Services) (36,308) (0.12) 6,380,000 Coupon Swap 2.6% 19/12/2023 (MPS Capital Services) (2,567,312) (8.44) 6,670,000 Coupon Swap 3.1% 19/12/2023 (MPS Capital Services) (2,461,897) (8.09) 5,800,000 Coupon Swap 4.25% 19/12/2023 (MPS Capital Services) (1,236,560) (4.06) 5,800,000 Coupon Swap 4.4% 19/12/2023 (MPS Capital Services) (1,280,060) (4.21) 290,000 Coupon Swap 4.5% 19/12/2023 (MPS Capital Services) (68,933) (0.23) –––––––––––– ––––––– Total Fair Value Losses on Swaps (8,373,025) (27.52) –––––––––––– ––––––– Total Swaps (6,341,795) (20.85) –––––––––––– –––––––

ANIMA Funds Plc 670 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Consumi 2023* (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 28,677,606) 28,491,749 93.62

Cash and Cash Equivalents 2,485,638 8.17

Other Net Liabilities (543,677) (1.79) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 30,433,710 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 85.52 Over the counter financial derivative instruments 4.99 Other Assets 9.49 ––––––– 100.00 –––––––

*This Fund launched on 16 October 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 671 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Energia 2023*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 110.59%

France: 20.92%

Government Bonds: 20.92% 27,200,000 French Republic Government Bond OAT 1.75% 25/05/2023 29,482,488 20.92 –––––––––––– ––––––– Total France 29,482,488 20.92 –––––––––––– –––––––

Germany: 21.43%

Government Bonds: 21.43% 27,200,000 Bundesrepublik Deutschland Bundesanleihe 2% 15/08/2023 30,192,381 21.43 –––––––––––– ––––––– Total Germany 30,192,381 21.43 –––––––––––– –––––––

Italy: 68.24%

Government Bonds: 68.24% 2,720,000 Italy Buoni Poliennali Del Tesoro 0.01% 15/05/2023 2,662,656 1.89 1,360,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 1,543,314 1.10 29,717,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 37,672,269 26.73 1,360,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 1,399,330 0.99 14,631,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 16,147,280 11.46 30,060,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 36,731,179 26.07 –––––––––––– ––––––– Total Italy 96,156,028 68.24 –––––––––––– ––––––– Total Bonds 155,830,897 110.59 –––––––––––– –––––––

Notional Amount Swaps: (15.66)% 134,419,615 Equity Swap (MPS Capital Services) 6,747,865 4.79 134,419,615 Equity Swap (MPS Capital Services) 2,607,741 1.85 134,419,615 Equity Swap (MPS Capital Services) 752,750 0.53 –––––––––––– ––––––– Total Fair Value Gains on Swaps 10,108,356 7.17 –––––––––––– ––––––– 2,720,000 Coupon Swap 0.1% 15/05/2023 (MPS Capital Services) (212,704) (0.15) 27,200,000 Coupon Swap 1.75% 25/05/2023 (MPS Capital Services) (2,728,160) (1.94) 27,200,000 Coupon Swap 2% 15/08/2023 (MPS Capital Services) (2,388,160) (1.69) 14,631,000 Coupon Swap 2.35% 15/09/2024 (MPS Capital Services) (3,267,102) (2.32) 1,360,000 Coupon Swap 2.45% 01/10/2024 (MPS Capital Services) (198,696) (0.14) 29,717,000 Coupon Swap 2.6% 15/09/2023 (MPS Capital Services) (11,987,838) (8.51) 30,060,000 Coupon Swap 3.1% 15/09/2026 (MPS Capital Services) (11,062,080) (7.85) 1,360,000 Coupon Swap 4.75% 01/08/2023 (MPS Capital Services) (327,216) (0.23) –––––––––––– ––––––– Total Fair Value Losses on Swaps (32,171,956) (22.83) –––––––––––– ––––––– Total Swaps (22,063,600) (15.66) –––––––––––– –––––––

ANIMA Funds Plc 672 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Orizzonte Energia 2023* (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 120,340,013) 133,767,297 94.93

Cash and Cash Equivalents 1,554,025 1.10

Other Net Assets 5,596,093 3.97 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 140,917,415 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 89.65 Over the counter financial derivative instruments 5.81 Other Assets 4.54 ––––––– 100.00 –––––––

*This Fund launched on 31 July 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 673 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Defensive*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 36.60%

Italy: 36.60%

Government Bonds: 36.60% 4,010,000 Italy Buoni Poliennali del Tesoro 4.5% 01/03/2019 4,036,530 8.75 1,900,000 Italy Buoni Poliennali del Tesoro 0.1% 15/04/2019 1,899,240 4.12 1,950,000 Italy Buoni Poliennali del Tesoro 2.5% 01/05/2019 1,963,911 4.26 1,550,000 Italy Buoni Poliennali del Tesoro 1.5% 01/08/2019 1,559,654 3.38 2,200,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 2,210,705 4.79 1,300,000 Italy Certificati di Credito del Tesoro FRN 15/12/2020 1,298,765 2.82 3,910,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 3,907,576 8.48 –––––––––––– ––––––– Total Italy 16,876,381 36.60 –––––––––––– ––––––– Total Bonds 16,876,381 36.60 –––––––––––– –––––––

Investment Funds: 53.71%

Ireland: 26.87%

Debt Funds: 20.60% 679,968 ANIMA Euro Government Bond**/*** 3,496,940 7.59 485,956 ANIMA Medium Term Bond**/*** 3,497,036 7.59 445,720 ANIMA Short Term Corporate Bond**/*** 2,499,688 5.42 Equity Funds: 6.27% 92,057 ANIMA Europe Equity**/*** 1,016,202 2.20 333,026 ANIMA Liquidity**/*** 1,875,100 4.07 –––––––––––– ––––––– Total Ireland 12,384,966 26.87 –––––––––––– –––––––

Italy: 26.84%

Debt Funds: 24.67% 321,248 ANIMA Fix Euro*** 3,501,606 7.59 305,650 ANIMA Fix Obbligazionario Globale*** 3,500,000 7.59 273,563 ANIMA Liquidita Euro I*** 1,875,000 4.07 254,738 ANIMA Obbligazionario Corporate*** 2,498,981 5.42 Equity Funds: 2.17% 21,701 ANIMA Geo America*** 250,000 0.54 26,277 ANIMA Geo Asia*** 250,000 0.55 35,982 ANIMA Geo Paesi Emergenti*** 250,000 0.54 4,656 ANIMA Selezione Globale*** 250,000 0.54 –––––––––––– ––––––– Total Italy 12,375,587 26.84 –––––––––––– ––––––– Total Investment Funds 24,760,553 53.71 –––––––––––– –––––––

ANIMA Funds Plc 674 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Defensive* (continued)

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 41,668,332) 41,636,934 90.31

Cash and Cash Equivalents 16,845,860 36.54

Other Net Liabilities (12,377,239) (26.85) –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 46,105,555 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market. 28.79 UCITS and non-UCITS Investment Funds. 42.24 Other Assets. 28.97 ––––––– 100.00 –––––––

*This Fund launched on 24 May 2018, hence, there are no comparative percentages. **The Investment Funds indicated above contain cross holdings in the Company. ***The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 675 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Zephyr Global*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 90.07%

Belgium: 4.73%

Corporate Bonds: 1.09% 500,000 KBC Group NV 5.625% 29/03/2049 498,480 1.09 Government Bonds: 3.64% 1,500,000 Belgium Government Bond 2.25% 22/06/2023 1,661,667 3.64 –––––––––––– ––––––– Total Belgium 2,160,147 4.73 –––––––––––– –––––––

France: 1.10%

Corporate Bonds: 1.10% 500,000 Engie SA 3% 31/12/2099 503,332 1.10 –––––––––––– ––––––– Total France 503,332 1.10 –––––––––––– –––––––

Germany: 4.45%

Government Bonds: 4.45% 2,000,000 Bundesobligation Zero Coupon 14/04/2023 2,032,860 4.45 –––––––––––– ––––––– Total Germany 2,032,860 4.45 –––––––––––– –––––––

Ireland: 2.88%

Corporate Bonds: 0.32% 150,000 Ryanair DAC 1.125% 10/03/2023 148,366 0.32 Government Bonds: 2.56% 1,000,000 Ireland Government Bond 3.4% 18/03/2024 1,167,696 2.56 –––––––––––– ––––––– Total Ireland 1,316,062 2.88 –––––––––––– –––––––

Italy: 67.22%

Corporate Bonds: 1.86% 300,000 Intesa Sanpaolo SpA 0.5% 02/02/2020 299,109 0.65 300,000 Intesa Sanpaolo SpA 0.632% 19/04/2022 290,064 0.64 250,000 Intesa Sanpaolo SpA 8.375% 29/10/2049 259,528 0.57 Government Bonds: 65.36% 1,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,300,205 2.85 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2019 1,998,828 4.38 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,498,335 5.47 1,450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 1,448,132 3.17 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 1,996,800 4.37 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 2,992,170 6.55 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 3,987,288 8.73 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 996,058 2.18 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/12/2019 1,991,392 4.36 2,000,000 Italy Buoni Poliennali del Tesoro 2.45% 01/10/2023 2,057,838 4.51 350,000 Italy Buoni Poliennali del Tesoro 1.05% 01/12/2019 352,195 0.77 2,000,000 Italy Buoni Poliennali del Tesoro 1.2% 01/04/2022 1,997,884 4.38 1,400,000 Italy Buoni Poliennali del Tesoro 0.9% 01/08/2022 1,376,519 3.02

ANIMA Funds Plc 676 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Zephyr Global* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 90.07%

Italy (continued): 67.22%

Government Bonds (continued): 65.36% 1,600,000 Italy Buoni Poliennali del Tesoro 0.95% 15/03/2023 1,559,632 3.42 350,000 Italy Certificati di Credito del Tesoro 0.943% 15/11/2019 351,703 0.77 750,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 749,535 1.64 2,200,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 2,188,829 4.79 –––––––––––– ––––––– Total Italy 30,692,044 67.22 –––––––––––– –––––––

Netherlands: 2.04%

Corporate Bonds: 2.04% 350,000 ABN AMRO Bank NV 7.125% 06/07/2022 418,328 0.92 500,000 Telefonica Europe BV 4.2% 29/12/2049 510,659 1.12 –––––––––––– ––––––– Total Netherlands 928,987 2.04 –––––––––––– –––––––

Portugal: 2.36%

Government Bonds: 2.36% 1,000,000 Portugal Obrigacoes do Tesouro OT 2.2% 17/10/2022 1,077,705 2.36 –––––––––––– ––––––– Total Portugal 1,077,705 2.36 –––––––––––– –––––––

Spain: 5.29%

Corporate Bonds: 0.22% 100,000 Banco Bilbao Vizcaya Argentaria SA 0.75% 11/09/2022 98,452 0.22 Government Bonds: 5.07% 1,000,000 Spain Government Bond 0.45% 31/10/2022 1,013,167 2.22 1,300,000 Spain Government Bond 0.35% 30/07/2023 1,300,681 2.85 –––––––––––– ––––––– Total Spain 2,412,300 5.29 –––––––––––– ––––––– Total Bonds 41,123,437 90.07 –––––––––––– –––––––

Futures Contracts: 0.23%

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 1,778,528 24 FTSE 100 Index March 2019 2,005 0.00 287,415 2 Hang Seng Index January 2019 1,453 0.00 1,015,830 18 HSCEI January 2019 - 0.00 9,171,808 85 S&P 500 E Mini March 2019 142,020 0.31 672,623 8 SPI 200 March 2019 12,317 0.03 –––––––––––– ––––––– Total Fair Value Gains on Open Futures Contracts 157,795 0.34 –––––––––––– –––––––

ANIMA Funds Plc 677 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Zephyr Global* (continued)

Futures Contracts (continued): 0.23%

Unrealised Notional No. of Gain/(Loss) % of Amount Contracts EUR Net Assets 2,634,720 88 EURO STOXX 50 March 2019 (17,600) (0.04) 2,425,437 15 Nikkei 225 March 2019 (33,487) (0.07) 737,996 10 Swiss Market Index March 2019 (586) 0.00 –––––––––––– ––––––– Total Fair Value Losses on Open Futures Contracts (51,673) (0.11) –––––––––––– ––––––– Total Futures Contracts 106,122 0.23 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 40,983,187) 41,229,559 90.30

Cash and Cash Equivalents and Due From Broker 4,333,535 9.49

Other Net Assets 94,645 0.21 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 45,657,739 100.00 –––––––––––– –––––––

Analysis of Gross Assets % of Gross Assets Transferable securities dealt in on another regulated market 89.92 Financial derivative instruments dealt in on a regulated market 0.35 Other Assets 9.73 ––––––– 100.00 –––––––

*This Fund launched on 30 May 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 678 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Zephyr Real Assets*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 79.05%

Belgium: 3.53%

Government Bonds: 3.53% 900,000 Belgium Government Bond 2.25% 22/06/2023 997,000 3.53 –––––––––––– ––––––– Total Belgium 997,000 3.53 –––––––––––– –––––––

France: 2.68%

Corporate Bonds: 0.36% 100,000 Engie SA 3% 31/12/2099 100,666 0.36 Government Bonds: 2.32% 650,000 France Government Bond OAT Zero Coupon 25/05/2022 656,759 2.32 –––––––––––– ––––––– Total France 757,425 2.68 –––––––––––– –––––––

Germany: 3.51%

Government Bonds: 3.51% 975,000 Bundesobligation Zero Coupon 14/04/2023 991,019 3.51 –––––––––––– ––––––– Total Germany 991,019 3.51 –––––––––––– –––––––

Ireland: 2.29%

Government Bonds: 2.29% 550,000 Ireland Government Bond 3.4% 18/03/2024 642,233 2.29 –––––––––––– ––––––– Total Ireland 642,233 2.29 –––––––––––– –––––––

Italy: 60.08%

Corporate Bonds: 0.37% 100,000 Intesa Sanpaolo SpA 8.375% 29/10/2049 103,811 0.37 Government Bonds: 59.71% 300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 300,047 1.06 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 1,000,174 3.54 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 1,199,516 4.25 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2019 499,707 1.77 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 999,334 3.54 900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 898,841 3.18 1,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 1,497,600 5.31 1,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 1,296,607 4.59 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 996,822 3.53 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 1,195,735 4.24 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 996,058 3.53 600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/12/2019 597,418 2.12 500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 499,690 1.77 1,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 994,922 3.52 100,000 Italy Buoni Poliennali Del Tesoro 0.45% 01/06/2021 99,270 0.35 1,000,000 Italy Buoni Poliennali Del Tesoro 1.2% 01/04/2022 998,942 3.54 1,000,000 Italy Buoni Poliennali Del Tesoro 0.9% 01/08/2022 983,228 3.48 900,000 Italy Buoni Poliennali Del Tesoro 0.95% 15/03/2023 877,293 3.11

ANIMA Funds Plc 679 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA Zephyr Real Assets* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 79.05%

Italy (continued): 60.08%

Government Bonds (continued): 59.71%

900,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 926,027 3.28 –––––––––––– ––––––– Total Italy 16,961,042 60.08 –––––––––––– –––––––

Netherlands: 0.42%

Corporate Bonds: 0.42% 100,000 ABN AMRO Bank NV 7.125% 06/07/2022 119,522 0.42 –––––––––––– ––––––– Total Netherlands 119,522 0.42 –––––––––––– –––––––

Portugal: 1.91%

Government Bonds: 1.91% 500,000 Portugal Obrigacoes do Tesouro OT 2.2% 17/10/2022 538,853 1.91 –––––––––––– ––––––– Total Portugal 538,853 1.91 –––––––––––– –––––––

Spain: 4.63%

Corporate Bonds: 0.35% 100,000 Banco Bilbao Vizcaya Argentaria SA 0.75% 11/09/2022 98,452 0.35 Government Bonds: 4.28% 600,000 Spain Government Bond 0.4% 30/04/2022 608,071 2.15 600,000 Spain Government Bond 0.35% 30/07/2023 600,315 2.13 –––––––––––– ––––––– Total Spain 1,306,838 4.63 –––––––––––– ––––––– Total Bonds 22,313,932 79.05 –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 22,158,141) 22,313,932 79.05

Cash and Cash Equivalents 5,600,304 19.84

Other Net Assets 314,266 1.11 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 28,228,502 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 79.02 Other Assets 20.98 ––––––– 100.00 –––––––

*This Fund launched on 12 September 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 680 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA International Bond*

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 85.58%

Australia: 1.87%

Government Bonds: 1.87% 600,000 Australia Government Bond 2.75% 21/04/2024 382,839 1.87 –––––––––––– ––––––– Total Australia 382,839 1.87 –––––––––––– –––––––

Belgium: 1.79%

Government Bonds: 1.79% 370,000 Belgium Government Bond 1% 22/06/2031 366,818 1.79 –––––––––––– ––––––– Total Belgium 366,818 1.79 –––––––––––– –––––––

Canada: 1.32%

Government Bonds: 1.32% 200,000 Canadian Government Bond 3.5% 01/06/2020 131,057 0.64 150,000 Canadian Government Bond 5.75% 01/06/2033 139,832 0.68 –––––––––––– ––––––– Total Canada 270,889 1.32 –––––––––––– –––––––

France: 6.15%

Government Bonds: 6.15% 930,000 France Government Bond OAT 1.75% 25/11/2024 1,019,426 4.98 150,000 France Government Bond OAT 4.5% 25/04/2041 240,010 1.17 –––––––––––– ––––––– Total France 1,259,436 6.15 –––––––––––– –––––––

Germany: 1.59%

Government Bonds: 1.59% 180,000 Bundesrepublik Deutschland 4.75% 04/07/2040 325,786 1.59 –––––––––––– ––––––– Total Germany 325,786 1.59 –––––––––––– –––––––

Italy: 4.88%

Government Bonds: 4.88% 100,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 103,210 0.50 380,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/12/2024 389,574 1.90 200,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 261,652 1.28 200,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 245,311 1.20 –––––––––––– ––––––– Total Italy 999,747 4.88 –––––––––––– –––––––

ANIMA Funds Plc 681 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA International Bond* (continued)

Fair Value % of Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds (continued): 85.58%

Japan 20.66%

Government Bonds: 20.66% 20,000,000 Japan Government Forty Year Bond 1.7% 20/03/2054 203,317 0.99 100,000,000 Japan Government Ten Year Bond 1.4% 20/06/2019 803,033 3.92 65,000,000 Japan Government Ten Year Bond 0.6% 20/03/2023 534,353 2.61 50,000,000 Japan Government Ten Year Bond 0.1% 20/03/2026 405,567 1.98 80,000,000 Japan Government Thirty Year Bond 2% 20/03/2042 830,491 4.05 150,000,000 Japan Government Twenty Year Bond 2.1% 20/09/2029 1,456,231 7.11 –––––––––––– ––––––– Total Japan 4,232,992 20.66 –––––––––––– –––––––

Netherlands: 1.52%

Government Bonds: 1.52% 300,000 Netherlands Government Bond 0.75% 15/07/2027 311,882 1.52 –––––––––––– ––––––– Total Netherlands 311,882 1.52 –––––––––––– –––––––

Spain: 3.19%

Government Bonds: 3.19% 200,000 Spain Government Bond 5.85% 31/01/2022 236,192 1.15 200,000 Spain Government Bond 1.3% 31/10/2026 203,203 1.00 200,000 Spain Government Bond 2.9% 31/10/2046 214,100 1.04 –––––––––––– ––––––– Total Spain 653,495 3.19 –––––––––––– –––––––

United Kingdom: 5.44%

Government Bonds: 5.44% 200,000 United Kingdom Gilt 5% 07/03/2025 276,009 1.35 200,000 United Kingdom Gilt 4.75% 07/12/2030 304,474 1.48 150,000 United Kingdom Gilt 4.5% 07/12/2042 253,876 1.24 150,000 United Kingdom Gilt 4.25% 07/12/2055 279,899 1.37 –––––––––––– ––––––– Total Italy 1,114,258 5.44 –––––––––––– –––––––

United States: 37.17%

Government Bonds: 37.17% 200,000 United States Treasury Note/Bond 1.5% 28/02/2019 174,705 0.85 600,000 United States Treasury Note/Bond 3.125% 15/05/2019 526,034 2.57 4,000,000 United States Treasury Note/Bond 3.625% 15/02/2020 3,537,045 17.26 2,000,000 United States Treasury Note/Bond 2.375% 15/05/2027 1,714,207 8.36 1,900,000 United States Treasury Note/Bond 2.5% 15/02/2045 1,509,083 7.36 200,000 United States Treasury Note/Bond 2.5% 15/02/2046 158,247 0.77 –––––––––––– ––––––– Total Italy 7,619,321 37.17 –––––––––––– ––––––– Total Bonds 17,537,463 85.58 –––––––––––– –––––––

ANIMA Funds Plc 682 ANIMA Funds Plc Schedule of Investments as at 31 December 2018 ANIMA International Bond* (continued)

Forward Currency Contracts: (0.07)%

Unrealised Maturity Gain/(Loss) % of Counterparty Currency Buys Currency Sells Date EUR Net Assets Credit Suisse EUR 45,928 CAD 70,000 07/03/2019 1,262 0.01 Goldman Sachs DKK 600,000 EUR 80,398 07/03/2019 29 0.00 Goldman Sachs EUR 62,794 AUD 100,000 07/03/2019 1,464 0.01 Goldman Sachs SEK 600,000 EUR 58,256 07/03/2019 933 0.00 –––––––––––– ––––––– Total Fair Value Gains on Forward Currency Contracts 3,688 0.02 –––––––––––– ––––––– Goldman Sachs EUR 111,050 GBP 100,000 07/03/2019 (117) 0.00 Goldman Sachs EUR 258,592 JPY 33,100,000 07/03/2019 (5,231) (0.03) Goldman Sachs EUR 372,695 JPY 48,000,000 07/03/2019 (9,888) (0.05) Morgan Stanley EUR 1,130,445 USD 1,300,000 07/03/2019 (775) 0.00 Morgan Stanley GBP 200,000 EUR 223,886 07/03/2019 (1,553) (0.01) –––––––––––– ––––––– Total Fair Value Losses on Forward Currency Contracts (17,564) (0.09) –––––––––––– ––––––– Total Forward Currency Contracts (13,876) (0.07) –––––––––––– –––––––

Fair Value % of EUR Net Assets Total Value of Investments (Cost: EUR 17,491,901) 17,523,587 85.51

Cash and cash equivalents 2,853,722 13.92

Other Net Assets 116,322 0.57 –––––––––––– ––––––– Net Assets Attributable to Holders of Redeemable Participating Shares 20,493,631 100.00 –––––––––––– –––––––

% of Gross Analysis of Gross Assets Assets Transferable securities dealt in on another regulated market 85.46 Over the counter financial derivative instruments 0.02 Other Assets 14.52 ––––––– 100.00 –––––––

*This Fund launched on 10 August 2018, hence, there are no comparative percentages.

ANIMA Funds Plc 683 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Liquidity

Material Portfolio Changes Disclosed in the following pages are the aggregate purchase value of a security exceeding one per cent of the aggregate value of purchases for the financial period or the aggregate sale value of a security greater than one per cent of the total value of sales for the financial period. If there are fewer than twenty purchases or twenty sales that are greater than one percent, those purchases and such number of the next largest purchases/sales so that at least twenty purchases/sales are disclosed.

Largest Purchases

Principle Cost Amount EUR 48,703,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 48,864,741 47,559,000 Spain Letras del Tesoro Zero Coupon 18/01/2019 47,708,927 38,581,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 38,566,764 34,448,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 34,540,777 34,461,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 34,473,483 32,329,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 32,293,712 31,365,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 31,376,705 30,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2018 30,105,698 30,000,000 Spain Letras del Tesoro Zero Coupon 11/06/2018 30,095,652 29,446,000 Spain Letras del Tesoro Zero Coupon 15/02/2019 29,519,221 29,000,000 Spain Letras del Tesoro Zero Coupon 08/03/2019 29,069,096 27,298,000 Spain Letras del Tesoro Zero Coupon 11/10/2019 27,391,470 26,942,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 26,850,295 23,797,000 Spain Letras del Tesoro Zero Coupon 14/06/2019 23,845,585 21,326,000 Spain Letras del Tesoro Zero Coupon 07/12/2018 21,419,103 21,106,000 Portugal Treasury Bill Zero Coupon 18/01/2019 21,124,623 20,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/12/2018 20,405,424 19,298,000 Spain Letras del Tesoro Zero Coupon 05/04/2019 19,334,089 16,750,000 Portugal Treasury Bill Zero Coupon 20/07/2018 16,778,453 15,361,000 Portugal Treasury Bill Zero Coupon 22/03/2019 15,400,538 15,000,000 Portugal Treasury Bill Zero Coupon 18/05/2018 15,021,366 13,933,000 Portugal Treasury Bill Zero Coupon 17/05/2019 13,956,487 13,036,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 13,003,675 12,671,000 Spain Letras del Tesoro Zero Coupon 12/07/2019 12,697,962 12,472,000 Spain Letras del Tesoro Zero Coupon 16/08/2019 12,502,263 11,000,000 Portugal Treasury Bill Zero Coupon 16/11/2018 11,025,742 10,757,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 10,725,217 7,524,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 7,506,391

Largest Sales

Principle Proceeds Amount EUR 43,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 43,002,450 41,686,000 Spain Letras del Tesoro Zero Coupon 18/01/2019 41,746,221 39,370,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/01/2018 39,373,407 25,000,000 Spain Letras del Tesoro Zero Coupon 16/11/2018 25,053,178 24,564,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 24,547,951 23,600,000 Spain Letras del Tesoro Zero Coupon 12/10/2018 23,617,735 21,326,000 Spain Letras del Tesoro Zero Coupon 07/12/2018 21,357,642 20,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/12/2018 20,401,927 20,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 20,002,402 19,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2018 19,101,539 19,019,000 Spain Letras del Tesoro Zero Coupon 11/10/2019 19,075,033 16,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 16,003,761 15,000,000 Spain Letras del Tesoro Zero Coupon 11/05/2018 15,023,921 15,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2018 15,019,835 15,000,000 Spain Letras del Tesoro Zero Coupon 17/08/2018 15,014,475 10,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 10,003,757 5,000,000 Portugal Treasury Bill Zero Coupon 20/07/2018 5,000,418 4,965,000 Spain Letras del Tesoro Zero Coupon 08/03/2019 4,974,035 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 4,000,533 3,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 3,097,196

ANIMA Funds Plc 684 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Short Term Bond

Largest Purchases

Principle Cost Amount EUR 8,000,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/07/2018 8,009,912 8,000,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 30/04/2018 8,009,025 7,500,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/10/2018 7,504,350 6,000,000 France Government Bond OAT 3.750% 25/04/2021 6,737,640 6,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 6,002,931 5,070,000 France Government Bond OAT 3.250% 25/10/2021 5,620,247 4,474,000 Italy Buoni Poliennali Del Tesoro 3.750% 01/03/2021 4,956,029 4,414,000 France Government Bond OAT Zero Coupon 25/05/2021 4,472,662 3,500,000 Spain Government Bond 5.500% 30/04/2021 4,037,915 3,825,000 France Government Bond OAT Zero Coupon 25/02/2021 3,863,182 3,600,000 Italy Buoni Poliennali Del Tesoro 3.750% 01/08/2021 3,759,408 3,618,000 Bundesobligation Zero Coupon 09/04/2021 3,665,337 3,057,000 Italy Buoni Poliennali Del Tesoro 4.750% 01/09/2021 3,318,646 2,900,000 Bundesrepublik Deutschland 2.500% 04/01/2021 3,143,977 2,850,000 Italy Buoni Poliennali Del Tesoro 3.750% 01/05/2021 2,959,526 2,791,000 Spain Government Bond 0.750% 30/07/2021 2,863,609 2,500,000 Portugal Obrigacoes do Tesouro OT 3.850% 15/04/2021 2,791,075 2,342,000 Bundesrepublik Deutschland 3.250% 04/07/2021 2,597,141 2,629,000 Italy Buoni Poliennali Del Tesoro 0.350% 01/11/2021 2,548,863 2,500,000 Italy Buoni Poliennali Del Tesoro 0.450% 01/06/2021 2,459,100 2,193,000 Netherlands Government Bond 3.250% 15/07/2021 2,431,139 2,425,000 Spain Government Bond 0.050% 31/01/2021 2,429,928 2,345,000 Italy Buoni Poliennali Del Tesoro 2.150% 15/12/2021 2,422,948 2,330,000 Bundesobligation Zero Coupon 08/10/2021 2,364,111 2,000,000 Belgium Government Bond 4.250% 28/09/2021 2,274,580 2,000,000 Austria Government Bond 3.500% 15/09/2021 2,227,760 2,000,000 Bundesrepublik Deutschland 2.250% 04/09/2021 2,157,380 2,149,000 Italy Buoni Poliennali Del Tesoro 0.050% 15/04/2021 2,087,345 2,000,000 Spain Government Bond 2.750% 30/04/2019 2,072,980 1,884,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 1,864,127 1,840,000 Bundesschatzanweisungen Zero Coupon 13/03/2020 1,862,450 1,700,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 1,706,445 1,600,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 1,604,192 1,439,000 Bundesschatzanweisungen Zero Coupon 11/09/2020 1,455,462 1,400,000 Finland Government Bond 0.375% 15/09/2020 1,427,314 985,000 Bundesschatzanweisungen Zero Coupon 13/12/2019 992,693

ANIMA Funds Plc 685 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Short Term Bond (continued)

Largest Sales

Principle Proceeds Amount EUR 4,865,000 France Government Bond OAT 3.750% 25/10/2019 5,082,747 4,584,000 Italy Buoni Poliennali Del Tesoro 4.500% 01/03/2019 4,788,355 4,613,000 Spain Government Bond 2.750% 30/04/2019 4,738,985 4,609,000 France Government Bond OAT 0.500% 25/11/2019 4,665,941 4,380,500 France Government Bond OAT 4.250% 25/04/2019 4,587,479 4,321,000 Bundesrepublik Deutschland 3.750% 04/01/2019 4,498,247 3,912,000 Italy Buoni Poliennali Del Tesoro 4.250% 01/09/2019 4,048,272 4,000,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 07/31/2018 4,004,337 3,738,000 Bundesrepublik Deutschland 3.500% 04/07/2019 3,884,759 3,612,000 Spain Government Bond 4.600% 30/07/2019 3,801,133 3,442,000 Italy Buoni Poliennali Del Tesoro 4.250% 01/02/2019 3,589,593 3,508,000 Bundesobligation 0.500% 12/04/2019 3,546,272 3,180,000 Spain Government Bond 4.300% 31/10/2019 3,325,056 3,188,000 Italy Buoni Poliennali Del Tesoro 2.500% 01/05/2019 3,233,100 3,048,000 Italy Buoni Poliennali Del Tesoro 1.500% 01/08/2019 3,071,550 2,995,000 Bundesobligation 0.250% 11/10/2019 3,024,860 2,900,000 France Government Bond OAT 1.000% 25/05/2019 2,947,988 2,875,000 Spain Government Bond 0.250% 31/01/2019 2,892,336 2,700,000 Italy Buoni Poliennali Del Tesoro 1.050% 01/12/2019 2,704,722 2,556,000 Bundesobligation 1.000% 22/02/2019 2,598,517 2,296,000 Austria Government Bond 4.350% 15/03/2019 2,404,050 2,387,000 Italy Buoni Poliennali Del Tesoro 0.050% 15/10/2019 2,372,990 2,261,000 Belgium Government Bond 4.000% 28/03/2019 2,362,903 2,305,000 Netherlands Government Bond 1.250% 15/01/2019 2,345,222 2,315,000 France Government Bond OAT Zero Coupon 25/02/2019 2,328,647 2,195,000 France Government Bond OAT 4.000% 15/07/2019 2,293,969 2,137,000 Italy Buoni Poliennali Del Tesoro 0.100% 15/04/2019 2,146,659 2,000,000 Bundesschatzanweisungen Zero Coupon 14/06/2019 2,012,908 2,000,000 Bundesschatzanweisungen Zero Coupon 13/09/2019 2,012,520 1,895,000 Belgium Government Bond 3.000% 28/09/2019 1,964,367 1,700,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 1,680,756 1,475,000 Spain Government Bond 4.850% 31/10/2020 1,644,679 1,632,000 Bundesschatzanweisungen Zero Coupon 13/12/2019 1,641,025 1,600,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 1,591,200 1,450,000 France Government Bond OAT 2.500% 25/10/2020 1,547,737 1,475,000 Portugal Obrigacoes do Tesouro OT 4.750% 14/06/2019 1,546,831 1,432,000 Italy Buoni Poliennali Del Tesoro 3.750% 01/03/2021 1,530,185 1,500,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 10/31/2018 1,500,443

ANIMA Funds Plc 686 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Medium Term Bond

Largest Purchases

Principle Cost Amount EUR 20,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 20,024,781 20,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 20,022,562 20,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 20,011,600 17,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 17,008,392 5,304,000 France Government Bond OAT 0.75% 25/05/2028 5,353,078 4,942,000 Spain Government Bond 1.45% 31/10/2027 5,007,624 3,336,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 3,784,651 3,450,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 3,739,910 3,623,000 Bundesobligation Zero Coupon 13/10/2023 3,671,150 2,237,000 Bundesrepublik Deutschland 5.625% 04/01/2028 3,325,166 2,650,000 France Government Bond OAT Zero Coupon 25/05/2021 2,685,457 2,600,000 France Government Bond OAT Zero Coupon 25/05/2022 2,612,818 2,225,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 2,427,956 2,144,000 Bundesrepublik Deutschland 2% 15/08/2023 2,372,457 2,350,000 Bundesrepublik Deutschland 0.5% 15/08/2027 2,323,127 1,579,000 Belgium Government Bond 5.5% 28/03/2028 2,262,621 2,110,000 Spain Government Bond 0.45% 31/10/2022 2,138,548 1,982,000 Spain Government Bond 2.15% 31/10/2025 2,135,119 1,990,000 Bundesrepublik Deutschland 0.25% 15/08/2028 1,994,756 1,439,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 1,954,314

Largest Sales

Principle Proceeds Amount EUR 20,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 20,001,385 5,200,000 France Government Bond OAT 3.75% 25/10/2019 5,470,347 4,283,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/09/2019 4,468,208 4,238,000 Spain Government Bond 4.3% 31/10/2019 4,463,873 4,260,000 Bundesrepublik Deutschland 0.5% 15/02/2026 4,391,090 3,708,000 Spain Government Bond 2.15% 31/10/2025 4,020,281 3,640,000 Bundesrepublik Deutschland 3.5% 04/07/2019 3,797,258 3,296,000 France Government Bond OAT 3% 25/04/2022 3,695,895 3,602,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/05/2019 3,671,066 3,352,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 3,507,633 3,076,000 France Government Bond OAT 4.25% 25/04/2019 3,221,341 3,102,000 Bundesobligation 0.25% 11/10/2019 3,129,666 2,702,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2026 3,039,024 2,872,000 Spain Government Bond 4.6% 30/07/2019 3,030,845 3,000,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/07/2018 3,003,253 2,613,000 France Government Bond OAT 1% 25/05/2019 2,656,367 2,572,000 France Government Bond OAT 0.5% 25/11/2019 2,602,099 2,300,000 France Government Bond OAT 3.75% 25/04/2021 2,591,249 2,544,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/08/2019 2,546,573 2,508,000 Spain Government Bond 1.5% 30/04/2027 2,529,724

ANIMA Funds Plc 687 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Bond Dollar

Largest Purchases

Principle Cost Amount EUR 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 4,004,956 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 4,002,320 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 4,001,964 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 3,003,384 1,382,000 United States Treasury Note/Bond 3.125% 15/11/2028 1,245,263 1,419,000 United States Treasury Note/Bond 2.25% 15/11/2025 1,174,537 1,059,000 United States Treasury Note/Bond 6.875% 15/08/2025 1,132,760 1,231,000 United States Treasury Note/Bond 2.875% 15/11/2021 1,088,323 1,319,000 United States Treasury Note/Bond 2% 15/08/2025 1,074,378 1,400,000 United States Treasury Note/Bond 1.125% 31/08/2021 1,070,042 1,242,000 United States Treasury Note/Bond 2.25% 31/12/2023 1,042,316 991,000 United States Treasury Note/Bond 5.5% 15/08/2028 1,025,775 1,123,000 United States Treasury Note/Bond 2.75% 30/04/2023 948,848 1,045,000 United States Treasury Note/Bond 2.875% 30/11/2023 924,098 1,108,000 United States Treasury Note/Bond 2.125% 15/08/2021 914,460 1,050,000 United States Treasury Note/Bond 2.875% 31/05/2025 903,265 1,075,000 United States Treasury Note/Bond 2.75% 15/02/2028 896,650 1,035,000 United States Treasury Note/Bond 2.875% 15/05/2028 888,522 1,055,000 United States Treasury Note/Bond 1.375% 31/05/2021 866,999 1,000,000 United States Treasury Note/Bond 2% 31/08/2021 842,452

Largest Sales

Principle Proceeds Amount EUR 1,485,000 United States Treasury Note/Bond 1.5% 31/10/2019 1,297,301 1,432,000 United States Treasury Note/Bond 3.375% 15/11/2019 1,272,095 1,432,100 United States Treasury Note/Bond 3.625% 15/08/2019 1,241,364 1,419,000 United States Treasury Note/Bond 1.5% 30/11/2019 1,230,826 1,363,000 United States Treasury Note/Bond 1.625% 30/06/2019 1,133,963 1,253,000 United States Treasury Note/Bond 1% 30/06/2019 1,057,772 1,222,000 United States Treasury Note/Bond 1% 30/11/2019 1,053,120 1,164,000 United States Treasury Note/Bond 1.75% 30/09/2019 1,018,685 1,205,000 United States Treasury Note/Bond 1.25% 30/04/2019 1,009,180 1,126,800 United States Treasury Note/Bond 3.125% 15/05/2019 972,205 1,148,000 United States Treasury Note/Bond 1.625% 30/04/2019 959,950 1,100,000 United States Treasury Note/Bond 0.875% 31/07/2019 931,353 1,000,000 United States Treasury Note/Bond 1% 31/08/2019 847,773 994,000 United States Treasury Note/Bond 1.625% 31/07/2019 847,311 1,000,000 United States Treasury Note/Bond 2% 31/08/2021 841,548 940,000 United States Treasury Note/Bond 2.25% 31/12/2023 795,394 900,000 United States Treasury Note/Bond 1.625% 31/08/2019 767,354 898,000 United States Treasury Note/Bond 1.375% 31/05/2021 746,043 691,000 United States Treasury Note/Bond 5.5% 15/08/2028 744,079 886,000 United States Treasury Note/Bond 1.375% 30/06/2023 723,345 869,000 United States Treasury Note/Bond 2.75% 15/02/2019 716,257 827,000 United States Treasury Note/Bond 2.25% 15/11/2025 680,369 790,000 United States Treasury Note/Bond 1.5% 31/05/2019 671,080 763,000 United States Treasury Note/Bond 2.75% 30/04/2023 669,301 794,000 United States Treasury Note/Bond 1.625% 31/03/2019 649,026 680,000 United States Treasury Note/Bond 1.875% 31/03/2022 580,241 626,000 United States Treasury Note/Bond 1.5% 28/02/2019 505,923 589,000 United States Treasury Note/Bond 2.375% 15/08/2024 501,701 548,000 United States Treasury Note/Bond 2.5% 31/01/2025 475,936 558,000 United States Treasury Note/Bond 1.75% 30/11/2021 475,296 585,000 United States Treasury Note/Bond 1.5% 31/12/2018 467,854 560,000 United States Treasury Note/Bond 1.5% 31/01/2019 456,404 499,000 United States Treasury Note/Bond 2% 15/02/2025 413,927 421,500 United States Treasury Note/Bond 8.875% 15/02/2019 367,717 344,000 United States Treasury Note/Bond 6% 15/02/2026 362,772 400,000 United States Treasury Note/Bond 2.875% 31/05/2025 344,757

ANIMA Funds Plc 688 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Global Bond

Largest Purchases

Principle Cost Amount EUR 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 3,003,384 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 3,002,554 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 2,503,098 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,501,228 1,403,000 United States Treasury Note/Bond 1.25% 31/07/2023 1,130,669 1,241,000 United States Treasury Note/Bond 2% 31/05/2021 1,053,485 880,000 United States Treasury Note/Bond 6.25% 15/08/2023 881,415 894,000 United States Treasury Note/Bond 1.375% 30/04/2021 733,209 848,000 United States Treasury Note/Bond 2.875% 15/05/2028 719,042 69,000,000 Japan Government Ten Year Bond 0.4% 20/09/2025 549,179 69,450,000 Japan Government Ten Year Bond 0.1% 20/03/2028 539,095 584,000 United States Treasury Note/Bond 3.5% 15/05/2020 520,640 55,400,000 Japan Government Twenty Year Bond 1.6% 20/12/2033 500,824 449,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 498,557 54,250,000 Japan Government Twenty Year Bond 1.2% 20/09/2035 489,566 617,000 United States Treasury Note/Bond 2.75% 15/08/2047 479,596 550,000 United States Treasury Note/Bond 3.625% 15/08/2019 473,732 60,000,000 Japan Government Five Year Bond 0.1% 20/06/2021 465,298 57,100,000 Japan Government Five Year Bond 0.1% 20/03/2023 457,402 530,000 United States Treasury Note/Bond 2.625% 15/11/2020 448,409

Largest Sales

Principle Proceeds Amount EUR 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 2,501,721 1,356,000 United States Treasury Note/Bond 3.125% 15/05/2019 1,175,439 1,107,000 United States Treasury Note/Bond 2% 31/05/2021 939,442 1,095,000 United States Treasury Note/Bond 1.75% 30/09/2019 929,368 835,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 835,356 910,000 United States Treasury Note/Bond 3.375% 15/11/2019 798,317 79,150,000 Japan Government Thirty Year Bond 1.1% 20/03/2033 686,803 780,000 United States Treasury Note/Bond 1.375% 31/01/2020 666,435 814,000 United States Treasury Note/Bond 1.625% 31/03/2019 665,150 725,000 United States Treasury Note/Bond 2.125% 15/08/2021 606,415 74,850,000 Japan Government Ten Year Bond 0.4% 20/06/2025 602,251 74,350,000 Japan Government Ten Year Bond 0.2% 20/06/2019 573,272 696,000 United States Treasury Note/Bond 2.75% 15/02/2019 567,585 672,000 United States Treasury Note/Bond 1.5% 28/02/2019 541,811 66,100,000 Japan Government Ten Year Bond 1% 20/09/2021 524,195 597,000 United States Treasury Note/Bond 2% 15/02/2022 512,799 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 500,247 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 500,066 564,000 United States Treasury Note/Bond 3.375% 15/05/2044 497,653 569,000 United States Treasury Note/Bond 3.625% 15/02/2020 494,211 63,650,000 Japan Government Ten Year Bond 1.5% 20/03/2019 489,384 51,800,000 Japan Government Twenty Year Bond 1.8% 20/09/2031 478,726

ANIMA Funds Plc 689 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Life Bond

All Purchases

Principle Cost Amount EUR 6,000,000 Ireland Government Bond 5.9% 18/10/2019 6,368,940 500,000 Snam SpA 1.5% 21/04/2023 525,020 500,000 BHP Billiton Finance Ltd 0.75% 28/10/2022 510,815 300,000 America Movil SAB de CV 3% 12/07/2021 328,776 200,000 Vodafone Group Plc 1.25% 25/08/2021 207,200 200,000 British Telecommunications Plc 1.75% 10/03/2026 206,580

All Sales

Principle Proceeds Amount EUR 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 0.375% 25/07/2020 962,100 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 1.125% 15/10/2024 882,730 500,000 Imperial Brands Finance Plc 5% 02/12/2019 537,105

ANIMA Funds Plc 690 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Short Term Corporate Bond

Largest Purchases

Principle Cost Amount EUR 10,000,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/04/2019 9,999,000 7,900,000 Telecom Italia SpA 4.5% 25/01/2021 8,767,990 6,900,000 Banca Monte dei Paschi di Siena SpA 2.875% 16/04/2059 7,445,610 4,795,000 ING Bank NV 3.5% 21/11/2023 4,872,261 4,000,000 Royal Bank of Scotland Plc 6.375% 16/08/2019 4,856,426 3,900,000 Commerzbank AG 7.75% 16/03/2021 4,677,300 3,900,000 Unipol Gruppo SpA 4.375% 05/03/2021 4,263,150 4,000,000 Imperial Brands Finance Plc 2.25% 26/02/2021 4,216,800 4,000,000 Bank of America Corp FRN 06/05/2019 4,055,600 3,700,000 Bayer AG 3% 01/07/2075 3,767,490 3,000,000 Telefonica Emisiones SAU 3.961% 26/03/2021 3,350,700 4,000,000 SABIC Capital II BV 2.625% 03/10/2018 3,247,533 3,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 3,225,420 2,900,000 CNH Industrial Finance Europe SA 2.875% 27/09/2021 3,120,800 3,000,000 Leonardo SpA 5.75% 12/12/2018 3,094,800 3,000,000 Danske Bank A 3.875% 04/10/2023 3,059,850 3,000,000 Poste Vita SpA 2.875% 30/05/2019 3,051,350 2,948,000 Unione di Banche Italiane SpA 2.875% 18/02/2019 2,966,278 3,150,000 Cooperatieve Rabobank UA 11% 29/12/2049 2,800,822 2,100,000 Barclays Bank Plc 10% 21/05/2021 2,794,131 2,500,000 Natwest Markets Plc FRN 27/09/2021 2,496,225 2,000,000 Enel SpA 6.25% 20/06/2019 2,412,381 2,300,000 Sky Plc 1.5% 15/09/2021 2,386,020 2,000,000 Citigroup Inc 5.125% 12/12/2018 2,340,692 2,500,000 Petroleos Mexicanos 5.5% 21/01/2021 2,124,720 2,000,000 Telecom Italia SpA 5.375% 29/01/2019 2,098,800 2,000,000 Allied Irish Banks Plc 2.75% 16/04/2019 2,064,800 2,000,000 Banco Santander SA 6.25% 12/03/2049 2,011,980 2,000,000 Takeda Pharmaceutical Co Ltd FRN 21/11/2020 2,000,000 2,000,000 Takeda Pharmaceutical Co Ltd 0.375% 21/11/2020 1,998,140 2,000,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 1,994,340 2,000,000 Alpha Bank AE 2.5% 05/02/2023 1,976,940 1,500,000 Intesa Sanpaolo SpA 5% 23/09/2019 1,559,850 1,400,000 Telekom Finanzmanagement GmbH 3.125% 03/12/2021 1,545,460 1,400,000 Intesa Sanpaolo SpA 4.375% 15/10/2019 1,448,580

All Sales

Principle Proceeds Amount EUR 4,000,000 Italy Buoni Poliennali Del Tesoro 1.7% 15/09/2018 4,199,203 2,000,000 Alpha Bank AE 2.5% 05/02/2023 1,991,220

ANIMA Funds Plc 691 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Europe Equity

Largest Purchases

Principle Cost Amount EUR 590,676 Novartis AG Com CHF 0.50 40,198,884 507,837 Nestle SA Com CHF 0.10 35,207,911 315,952 Siemens AG Com NPV 34,144,519 180,589 Volkswagen AG Pref NPV 28,596,892 558,302 TOTAL SA Com EUR 2.50 28,087,190 28,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 27,962,968 28,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 27,918,787 148,022 Allianz SE Com NPV 27,478,697 1,715,239 Eni SpA Com NPV 26,610,879 917,740 Royal Dutch Shell Plc Com EUR 0.07 (UK listed) 26,110,407 285,655 Microsoft Corp Com USD 0.00000625 26,073,622 5,118,499 Banco Santander SA Com EUR 0.50 23,888,654 2,004,909 ING Groep NV Com EUR 0.01 22,932,783 231,699 SAP SE Com NPV 21,390,237 20,273 Alphabet Inc Com 20,557,497 425,689 Unilever NV CVS EUR 0.16 20,120,588 1,500,765 Credit Agricole SA Com EUR 3.00 19,462,696 4,914,168 Glencore Plc Com USD 0.01 18,481,645 175,588 Airbus SE Com EUR 1.00 17,532,772 651,976 Industria de Diseno Textil SA Com EUR 0.03 17,502,053 1,288,402 UBS Group AG Com CHF 0.10 17,313,235 1,234,125 Deutsche Telekom AG Com NPV 17,270,045 785,823 Vivendi SA Com EUR 5.50 17,256,972 233,754 Sanofi Com EUR 2.00 16,937,149 161,382 Air Liquide SA Com EUR 5.50 16,868,135 730,710 AXA SA Com EUR 2.29 16,362,298 1,037,866 UniCredit SpA Com NPV 16,097,778 901,889 BHP Billiton Plc Com USD 0.50 15,961,567

ANIMA Funds Plc 692 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Europe Equity (continued)

Largest Sales

Principle Proceeds Amount EUR 322,714 Siemens AG Com NPV 35,766,288 484,067 Nestle SA Com CHF 0.10 32,729,845 1,013,508 Royal Dutch Shell Plc Com EUR 0.07 (UK listed) 28,708,855 406,141 Novartis AG Com CHF 0.50 28,595,267 571,463 TOTAL SA Com EUR 2.50 28,312,978 28,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 27,993,039 28,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 27,964,661 145,838 Allianz SE Com NPV 27,013,832 26,930 Alphabet Inc Com 26,501,638 2,056,186 ING Groep NV Com EUR 0.01 25,672,100 163,158 Volkswagen AG Pref NPV 25,117,404 3,895,107 BP Plc Com USD 0.25 23,957,626 2,802,359 HSBC Holdings Plc Com USD 0.50 22,014,864 1,413,873 Eni SpA Com NPV 21,572,439 229,436 SAP SE Com NPV 21,493,886 224,879 Bayer AG Com NPV 21,356,754 531,416 British American Tobacco Plc Com GBP 0.25 21,306,473 375,617 BNP Paribas SA Com EUR 2.00 20,598,080 909,987 AXA SA Com EUR 2.29 20,238,225 214,679 Airbus SE Com EUR 1.00 19,510,182 3,916,130 Banco Santander SA Com EUR 0.50 19,115,186 287,453 Danone SA Com EUR 0.25 18,634,076 201,401 Microsoft Corp Com USD 0.00000625 18,432,345 235,332 BASF SE Com NPV 18,124,869 263,462 Schneider Electric SE Com EUR 4.00 17,833,261 376,909 Unilever NV CVS EUR 0.16 17,590,946 1,500,765 Credit Agricole SA Com EUR 3.00 17,368,458 1,218,560 Deutsche Telekom AG Com NPV 17,262,603 62,408 LVMH Moet Hennessy Louis Vuitton SE Com EUR 0.30 17,209,934 120,334 Wirecard AG Com NPV 16,535,844

ANIMA Funds Plc 693 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA U.S. Equity

Largest Purchases

Principle Cost Amount EUR 57,490 Microsoft Corp Com USD 0.00000625 5,355,815 58,400 Procter & Gamble Co Com NPV 4,202,531 49,740 Walmart Inc Com USD 0.10 4,076,626 23,780 Apple Inc Com USD 0.00001 3,967,921 80,900 Square Inc Com USD 0.000001 3,431,424 2,550 Amazon.com Inc Com USD 0.01 3,357,891 127,630 AllianceBernstein Holding LP CVS NPV 2,974,494 42,820 Target Corp Com USD 0.0833 2,725,392 36,140 Lululemon Athletica Inc Com USD 0.005 2,629,630 250,070 Ford Motor Co Com USD 0.01 2,494,629 13,910 Ulta Salon Cosmetics & Fragrance Inc Com USD 0.01 2,491,129 123,010 American Eagle Outfitters Inc Com USD 0.01 2,332,960 202,500 General Electric Co Com USD 0.06 2,219,005 49,250 Monster Beverage Corp Com USD 0.005 2,212,811 195,628 Under Armour Inc Com USD 0.000333 2,207,326 147,530 FireEye Inc Com USD 0.0001 2,135,170 120,510 Marvell Technology Group Ltd Com USD 0.002 2,068,282 49,200 Tencent Holdings Ltd ADR NVP 1,923,505 29,440 DaVita Inc Com USD 0.001 1,879,062 56,000 eBay Inc Com USD 0.001 1,839,382 9,340 Netflix Inc Com USD 0.001 1,797,651 1,850 Alphabet Inc Com USD 0.001 1,779,791 6 Berkshire Hathaway Inc Com USD 5.00 1,626,899 8,450 Facebook Inc Com USD 0.000006 1,384,430 11,200 Monolithic Power Systems Inc Com USD 0.001 1,268,389 17,770 Exxon Mobil Corp Com NPV 1,234,556

ANIMA Funds Plc 694 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA U.S. Equity (continued)

Largest Sales

Principle Proceeds Amount EUR 68,150 Square Inc Com USD 0.000001 4,281,564 48,300 PayPal Holdings Inc Com USD 0.0001 3,301,846 24,900 VMware Inc Com USD 0.01 3,032,554 9,600 Netflix Inc Com USD 0.001 2,972,658 33,745 Skyworks Solutions Inc Com UDS 0.25 2,790,662 17,000 Apple Inc Com USD 0.00001 2,435,801 68,300 Twitter Inc Com USD 0.000005 2,338,109 15,100 Facebook Inc Com USD 0.000006 2,233,168 11,800 3M Co Com USD 0.01 2,173,041 120,510 Marvell Technology Group Ltd Com USD 0.002 1,936,396 29,440 DaVita Inc Com USD 0.001 1,743,209 55,988 Campbell Soup Co Com USD 0.0375 1,674,039 19,000 Northern Trust Corp Com USD 1.667 1,657,882 1,300 Amazon.com Inc Com USD 0.01 1,636,007 28,220 Colgate-Palmolive Co Com USD 1.00 1,574,268 7,800 Goldman Sachs Group Inc Com USD 0.01 1,532,607 48,431 AT&T Inc Com USD 1.00 1,516,300 23,200 Exxon Mobil Corp Com NPV 1,499,716 30,600 Wells Fargo & Co Com USD 1.666 1,451,561 17,900 Microsoft Corp Com USD 0.00000625 1,388,979 5,100 Biogen Inc Com USD 0.0005 1,370,139 93,100 Under Armour Inc Com USD 0.000333 1,274,043 52,400 AllianceBernstein Holding LP CVS NPV 1,225,940 38,300 eBay Inc Com USD 0.001 1,195,919 75,924 General Electric Co Com USD 0.06 1,179,414 33,093 Logitech International SA Com CHF 0.25 1,137,530 18,158 DowDuPoint Inc Com USD 0.01 1,126,985 10,400 Johnson & Johnson Com USD 1.00 1,119,583 27,900 Oracle Corp Com USD 0.01 1,100,944 11,600 Polaris Industries Inc Com USD 0.01 1,092,851 4 Berkshire Hathaway Inc Com USD 5.00 1,078,241 8,000 McDonald's Corp Com USD 0.01 1,062,698 32,094 Comcast Corp Com USD 0.01 1,031,124

ANIMA Funds Plc 695 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Asia/Pacific Equity

Largest Purchases

Principle Cost Amount EUR 15,200 Daikin Industries Ltd Com NPV 1,560,092 56,400 Kirin Holdings Co Ltd Com NPV 1,212,579 44,500 Honda Motor Co Ltd Com NPV 1,159,766 2,400 Keyence Corp Com NPV 1,112,893 195,900 JXTG Holdings Inc Com NPV 1,108,571 394,400 Yahoo Japan Corp Com NPV 1,097,996 189,100 Mitsubishi UFJ Financial Group Inc Com NPV 1,005,683 49,328 BHP Group Ltd Com NPV 1,005,385 40,800 Recruit Holdings Co Ltd Com NPV 985,701 22,700 Sony Corp Com NPV 984,617 20,200 Shionogi & Co Ltd Com NPV 974,854 25,900 Takeda Pharmaceutical Co Ltd Com NPV 933,161 22,100 Denso Corp Com NPV 927,405 2,900 Nintendo Co Ltd Com NPV 888,491 182,700 Resona Holdings Inc Com NPV 877,388 119,200 AIA Group Ltd Com NPV 872,262 16,400 Toyota Motor Corp Com NPV 870,626 25,200 Sumitomo Mitsui Financial Group Inc Com NPV 869,544 35,700 Komatsu Ltd Com NPV 851,043 120,000 Marubeni Corp Com NPV 827,877 11,000 East Japan Railway Co Com NPV 824,357 6,200 Murata Manufacturing Co Ltd Com NPV 817,538 56,700 ORIX Corp Com NPV 814,864 18,600 Asahi Group Holdings Ltd Com NPV 761,731 26,900 IHI Corp Com NPV 739,721 14,747 Rio Tinto Ltd Com NPV 725,068 114,900 Hitachi Ltd Com NPV 720,330 15,600 Suzuki Motor Corp Com NPV 690,582 4,000 Tokyo Electron Ltd Com NPV 675,196 12,900 Kyocera Corp Com NPV 661,128 28,700 Japan Tobacco Inc Com NPV 660,046 68,900 NTT Data Corp Com NPV 657,101 9,900 Nitto Denko Corp Com NPV 633,287 25,500 Mitsubishi Corp Com NPV 625,702 36,500 Dai-ichi Life Holdings Inc Com NPV 616,285 16,100 Nippon Telegraph & Telephone Corp Com NPV 609,695 59,200 Japan Post Holdings Co Ltd Com NPV 583,186 27,100 KDDI Corp Com NPV 573,946 7,000 TDK Corp Com NPV 565,209 7,700 SCREEN Holdings Co Ltd Com NPV 557,025

ANIMA Funds Plc 696 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Asia/Pacific Equity (continued)

Largest Sales

Principle Proceeds Amount EUR 36,700 Toyota Motor Corp Com NPV 1,941,974 316,300 Mitsubishi UFJ Financial Group Inc Com NPV 1,653,989 287,200 JXTG Holdings Inc Com NPV 1,621,090 5,500 Nintendo Co Ltd Com NPV 1,600,371 14,600 Daikin Industries Ltd Com NPV 1,536,179 18,600 East Japan Railway Co Com NPV 1,462,924 11,100 Murata Manufacturing Co Ltd Com NPV 1,426,809 36,000 Sumitomo Mitsui Financial Group Inc Com NPV 1,181,037 43,200 Komatsu Ltd Com NPV 1,147,001 2,300 Keyence Corp Com NPV 1,098,549 47,100 Japan Tobacco Inc Com NPV 1,069,484 5,600 FANUC Corp Com NPV 1,020,977 43,200 Mitsubishi Corp Com NPV 1,007,516 29,900 Takeda Pharmaceutical Co Ltd Com NPV 954,180 77,000 Hitachi Ltd Com NPV 935,687 35,200 Honda Motor Co Ltd Com NPV 923,842 41,400 KDDI Corp Com NPV 902,432 43,300 Mitsui Fudosan Co Ltd Com NPV 902,065 16,700 Shionogi & Co Ltd Com NPV 894,513 23,500 Seven & i Holdings Co Ltd Com NPV 865,149 19,300 Sony Corp Com NPV 838,725 26,900 IHI Corp Com NPV 830,057 29,420 Canon Inc Com NPV 818,170 54,200 Mitsubishi Estate Co Ltd Com NPV 790,059 1,950 Fast Retailing Co Ltd Com NPV 777,370 10,700 TDK Corp Com NPV 764,980 60,300 Astellas Pharma Inc Com NPV 748,805 9,100 Shin-Etsu Chemical Co Ltd Com NPV 735,355 458,200 Mizuho Financial Group Inc Com NPV 678,588 28,900 Recruit Holdings Co Ltd Com NPV 677,020 53,300 Mitsubishi Electric Corp Com NPV 667,641 17,200 Tokio Marine Holdings Inc Com NPV 662,294 20,300 Japan Airlines Co Ltd Com NPV 652,706

ANIMA Funds Plc 697 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Global Equity

Largest Purchases

Principle Cost Amount EUR 11,371 Volkswagen AG Pref NPV 1,715,120 21,501 Celgene Corp Com USD 0.01 1,565,353 17,700 Reckitt Benckiser Group Plc Com GBP 0.10 1,280,233 25,560 TOTAL SA Com EUR 2.50 1,256,499 1,866,000 PetroChina Co Ltd Com CNY 1.00 1,213,298 82,395 WPP Plc Com GBP 0.10 1,148,145 103,990 General Electric Co Com USD 0.06 1,117,871 81,100 ING Groep NV Com EUR 0.01 1,069,278 511,811 Vodafone Group Plc Com USD 0.2095 1,048,364 28,930 Mondelez International Inc Com NPV 1,033,808 15,600 Gilead Sciences Inc Com USD 0.001 974,964 67,895 Deutsche Telekom AG Com NPV 970,027 381,100 Tesco Plc Com NPV 944,745 15,548 Citigroup Inc Com USD 0.01 927,788 36,887 Xerox Corp Com USD 1.00 917,783 4,650 Roche Holding AG Com NPV 904,535 32,590 Canadian Natural Resources Ltd Com NPV 879,942 100,751 E.ON SE Com NPV 878,609 12,090 Medtronic Plc Com USD 0.10 837,854 17,610 Merck & Co Inc Com USD 0.50 806,855 20,820 Societe Generale SA Com EUR 1.25 804,863 63,250 Credit Suisse Group AG Com CHF 0.04 769,419 6,700 Alexion Pharmaceuticals Inc Com USD.0001 765,645 13,410 Daimler AG Com NPV 750,648 29,900 Williams Cos Inc Com USD 1.00 748,121 15,983 American International Group Inc Com USD 2.50 746,652 17,820 LafargeHolcim Ltd Com CHF 2.00 745,836 37,620 Prudential Plc Com GBP 0.05 745,702 72,200 Japan Post Holdings Co Ltd Com NPV 736,897 2,760 Biogen Inc Com USD 0.0005 715,209

ANIMA Funds Plc 698 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Global Equity (continued)

Largest Sales

Principle Proceeds Amount EUR 697,280 Tesco Plc Com NPV 1,773,887 11,421 Volkswagen AG Pref NPV 1,742,147 109,445 Deutsche Telekom AG Com 1,542,144 24,240 Kohl's Corp Com USD 0.01 1,382,902 25,560 TOTAL SA Com EUR 2.50 1,357,540 189,470 Telefonaktiebolaget LM Ericsson Com SEK 5.00 1,314,041 17,700 Reckitt Benckiser Group Plc Com GBP 0.10 1,298,184 17,100 TDK Corp Com NPV 1,279,887 11,350 United Technologies Corp Com USD 1.00 1,223,890 28,493 American International Group Inc Com USD 2.50 1,209,305 185,560 BP Plc Com USD 0.25 1,171,424 519,291 Vodafone Group Plc Com USD 0.2095 1,131,068 34,860 Suncor Energy Inc Com 1,123,922 17,610 Merck & Co Inc Com USD 0.50 1,078,390 24,120 Shire Plc Com GBP 0.05 1,069,507 5,220 Roche Holding AG Com NPV 1,036,424 16,500 AstraZeneca Plc Com USD 0.25 1,014,189 16,010 Gilead Sciences Inc Com USD 0.001 1,013,373 34,290 Pfizer Inc Com USD 0.05 1,010,280 81,100 ING Groep NV Com EUR 0.01 1,007,336 23,975 Oracle Corp Com USD 0.01 999,632 196,417 Aegon NV Com EUR 0.12 986,431 73,500 Astellas Pharma Inc Com NPV 982,360 68,550 Credit Suisse Group AG Com CHF 0.04 977,378 12,360 Walmart Inc Com USD 0.10 951,787 18,730 Hess Corp Com USD 1.00 948,249 14,110 Danone SA Com EUR 0.25 925,992 20,000 Wells Fargo & Co Com USD 1.666 913,828 21,430 Intel Corp Com USD 0.001 907,709

ANIMA Funds Plc 699 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Emerging Markets Equity

Largest Purchases

Principle Cost Amount EUR 122,870 Lyxor MSCI India UCITS ETF 1,934,690 1,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 1,506,465 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 1,204,115 1,200,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 1,196,016 19,151 Tencent Holdings Ltd Com HKD 0.00002 836,514 10,832 Samsung Electronics Co Ltd Com KRW 100.00 775,732 57,114 Sberbank of Russia PJSC ADR NPV 650,597 463,000 Sino Biopharmaceutical Ltd Com KRW 5000.00 563,010 83,734 Rosneft Oil Co PJSC GDR 480,886 7,026 SK Hynix Inc KRW 5000.00 448,544 58,017 ICICI Bank Ltd ADR 436,146 32,100 Vale SA ADR 415,022 490,000 China Construction Bank Corp Com CNY 1.00 414,234 61,674 Taiwan Semiconductor Manufacturing Co Ltd Com TWD 10.00 401,147 40,841 Banco Bradesco SA ADR 383,840 11,586 Yum China Holdings Inc Com USD 0.01 376,266 30,800 Petroleo Brasileiro SA ADR 367,755 4,311 LG Electronics Inc KRW 5000.00 357,951 12,487 Bank Polska Kasa Opieki SA Com PLN 1.00 344,077 486,407 Industrial & Commercial Bank of China Ltd Com CNY 1.00 341,835 71,861 Grupo Financiero Banorte SAB de CV Com NPV 341,438 70,000 Ambev SA ADR 324,582 77,536 Gazprom PJSC ADR 315,023 1,888 Alibaba Group Holding Ltd ADR USD 0.000025 310,254 41,000 BYD Co Ltd Com CNY 1.00 304,903 27,973 KT Corporation ADR 301,455 10,503 Dr Reddy's Laboratories Ltd ADS 298,128 252,444 China Unicom Hong Kong Ltd Com NPV 293,821

Largest Sales

Principle Proceeds Amount EUR 1,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 1,492,545 78,517 Lyxor MSCI India UCITS ETF 1,243,803 1,200,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 1,200,540 73,514 Sberbank of Russia PJSC ADR 827,807 91,827 ICICI Bank Ltd ADR 727,162 24,334 Reliance Industries Ltd GDR 704,758 72,000 Ping An Insurance Group Co of China Ltd Com HKD 0.025 644,279 149,661 Grupo Financiero Banorte SAB de CV Com NPV 568,355 37,100 Infosys Ltd ADR 510,108 370,000 Sino Biopharmaceutical Ltd Com HKD 0.025 494,668 42,000 Petroleo Brasileiro SA ADR 428,430 1,900 Baidu Inc ADR USD 0.00005 403,677 11,300 Yandex NV Com USD 0.01 397,921 6,475 LUKOIL PJSC ADR RUB 0.025 391,379 29,102 Severstal PJSC GDR RUB 0.01 387,178 80,000 FirstRand Ltd Com ZAR 0.01 381,927 9,970 Komercni banka as ORD CZK 100.00 381,400 254,400 Quanta Computer Inc Com TWD 10.00 374,064 177,044 Grupo Mexico SAB de CV Com NPV 364,449 27,973 KT Corporation ADR 360,839 248,208 Fubon Financial Holding Co Ltd Com TWD 10.00 355,508 159,740 Wal-Mart de Mexico SAB de CV Com NPV 355,081 108,000 Tenaga Nasional Bhd Com MYR 1.00 349,022 136,000 China Life Insurance Co Ltd Com CNY 1.00 346,334 25,000 Barclays Africa Group Ltd Com ZAR 2.00 335,056

ANIMA Funds Plc 700 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Euro Equity

Largest Purchases

Principle Cost Amount EUR 48,600 HeidelbergCement AG Com NPV 3,417,295 40,500 BNP Paribas SA Com EUR 2.00 2,124,979 165,000 ING Groep NV Com EUR 0.01 2,114,403 38,000 TOTAL SA Com EUR 2.50 1,932,667 47,000 Cie de Saint-Gobain Com EUR 4.00 1,768,509 14,500 Siemens AG Com NPV 1,649,547 314,000 Banco Santander SA Com EUR 0.50 1,515,981 65,500 AXA SA Com EUR 2.29 1,490,241 18,000 Bayerische Motoren Werke AG Com EUR 1.00 1,460,937 21,200 Danone SA Com EUR 0.25 1,404,886 7,100 Allianz SE Com NPV 1,334,899 17,900 Sanofi Com EUR 2.00 1,243,157 14,500 BASF SE Com NPV 1,234,033 8,400 Volkswagen AG Pref NPV 1,198,763 23,500 Daimler AG Com NPV 1,192,718 80,000 Eni SpA Com NPV 1,174,231 74,000 STMicroelectronics NV Com EUR 1.04 1,155,513 24,500 Unilever NV CVS EUR 0.16 1,148,414 133,000 E.ON SE Com NPV 1,134,606 92,000 Credit Agricole SA Com EUR 3.00 1,130,779 480,000 Intesa Sanpaolo SpA Com EUR 0.52 1,122,134 239,000 Enel SpA Com EUR 1.00 1,109,367 11,000 SAP SE Com NPV 1,091,244 17,200 Fresenius SE & Co KGaA Com NPV 1,044,260 11,200 Bayer AG Com NPV 1,037,014 34,000 CRH Plc Com EUR 0.32 971,895 45,500 RWE AG Com NPV 949,482 8,000 Capgemini SE Com EUR 8.00 883,291 138,000 Banco Bilbao Vizcaya Argentaria SA Com EUR 0.49 813,654 11,600 KBC Group NV Com NPV 810,635 9,500 Anheuser-Busch InBev SA/NV Com NPV 767,799 60,000 Tenaris SA Com USD 1.00 750,595 37,000 Infineon Technologies AG Com NPV 747,189 39,000 Buzzi Unicem SpA Com EUR 0.60 742,974 4,000 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Com NPV 739,126 111,000 Iberdrola SA Com EUR 0.75 722,962 10,000 Schneider Electric SE Com EUR 4.00 704,579 20,000 Societe Generale SA Com EUR 1.25 697,812 53,000 Credit Suisse Group AG Com CHF 0.04 695,194 12,500 Publicis Groupe SA Com EUR 0.40 687,072 6,000 Deutsche Boerse AG Com NPV 672,742 7,000 Sodexo SA Com EUR 4.00 641,523

ANIMA Funds Plc 701 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Euro Equity (continued)

Largest Sales

Principle Proceeds Amount EUR 109,880 UniCredit SpA Com NPV 1,650,222 22,000 TOTAL SA Com EUR 2.50 1,156,889 76,000 Deutsche Telekom AG Com NPV 1,116,611 381,000 Intesa Sanpaolo SpA Com EUR 0.52 973,386 9,334 Henkel AG & Co KGaA Pref NPV 961,444 28,000 CRH Plc Com EUR 0.32 852,475 51,000 Eni SpA Com NPV 816,847 18,000 Societe Generale SA Com EUR 1.25 800,127 7,200 Capgemini SE Com EUR 8.00 794,765 10,000 Sanofi Com EUR 2.00 782,651 19,500 Alstom SA Com EUR 7.00 741,274 154,000 Enel SpA Com EUR 1.00 736,420 24,000 Royal Dutch Shell Plc Com EUR 0.07 (Netherlands listed) 699,014 54,000 Credit Suisse Group AG Com CHF 0.04 698,731 6,000 Deutsche Boerse AG Com NPV 673,843 45,000 Orange SA Com EUR 4.00 666,686 29,000 AXA SA Com EUR 2.29 613,366 12,000 Unilever NV CVS EUR 0.16 581,311 26,000 Vivendi SA Com EUR 5.50 565,757 53,000 FinecoBank Banca Fineco SpA Com EUR 0.33 525,494 65,000 Telefonica SA Com EUR 1.00 514,043 2,590 L'Oreal SA Com EUR 0.20 449,694 33,000 ING Groep NV Com EUR 0.01 447,510 86,000 Nokia OYJ Com NPV 439,689 23,498 Koninklijke Ahold Delhaize NV Com EUR 0.01 428,569 3,000 Pernod Ricard SA Com EUR 1.55 411,686 75,000 Banco Santander SA Com EUR 0.50 400,387 940 Kering SA Com EUR 4.00 368,066 6,000 BNP Paribas SA Com EUR 2.00 366,577 250,000 A2A SpA Com EUR 0.52 362,382 55,000 Iberdrola SA Com EUR 0.75 358,530 1,600 Linde AG Com NPV 342,626 4,500 LANXESS AG Com NPV 320,438 3,500 SAP SE Com NPV 315,591 46,140 Poste Italiane SpA Com NPV 311,652 80,000 CaixaBank SA Com EUR 1.00 297,505 25,000 Electricite de France SA Com EUR 0.50 287,521 4,000 Schneider Electric SE Com EUR 4.00 287,227 3,700 Nestle SA Com CHF 0.10 275,265 100,167 Hera SpA Com EUR 1.00 273,992

ANIMA Funds Plc 702 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Global Currencies

All Purchases

Principle Cost Amount EUR 800,000 United Kingdom Gilt 3.750% 07/09/2019 941,015 1,000,000 United States Treasury Note/Bond 2.750% 15/02/2019 883,752 1,000,000 United States Treasury Note/Bond 1.25% 30/11/2018 805,752 90,000,000 Japan Government Ten Year Bond 1.200% 20/12/2020 716,638 60,000 ING Groep NV 679,517 900,000 Australia Government Bond 5.250% 15/03/2019 607,391 500,000 Italy Treasury Bill Zero Coupon 14/12/18 502,110 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 449,931 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/05/2019 449,758 400,000 United States Treasury Note/Bond 1.25% 15/12/2018 342,643 250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 250,865 200,000 Italy Treasury Bill Zero Coupon14/11/18 200,621 200,000 Italy Treasury Bill Zero Coupon 12/10/18 200,567 200,000 Italy Treasury Bill Zero Coupon 14/09/18 200,523 200,000 Italy Treasury Bill Zero Coupon 14/08/18 200,451

All Sales

Principle Proceeds Amount EUR 60,000 ING Groep NV 679,517

ANIMA Funds Plc 703 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Variable Rate Bond

Largest Purchases

Principle Cost Amount EUR 4,580,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 4,592,675 3,740,000 Italy Certificati di Credito del Tesoro FRN 15/07/2023 3,673,932 3,500,000 Italy Certificati di Credito del Tesoro FRN 15/02/2024 3,437,806 3,210,000 Italy Certificati di Credito del Tesoro FRN 15/10/2024 3,307,280 3,130,000 Italy Certificati di Credito del Tesoro FRN 15/04/2025 3,173,722 3,200,000 Italy Certificati di Credito del Tesoro FRN 15/09/2025 2,935,333 2,440,000 Italy Certificati di Credito del Tesoro FRN 15/12/2020 2,410,474 2,000,000 Italy Buoni Poliennali Del Tesoro 0.90% 01/08/2022 1,953,220 1,920,000 Italy Certificati di Credito del Tesoro FRN 15/06/2022 1,892,391 1,210,000 Italy Certificati di Credito del Tesoro FRN 15/12/2022 1,224,389 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 799,374 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 798,973 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 798,204 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 798,084 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 798,057 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 797,357 400,000 Intesa Sanpaolo SpA 7.00% 12/03/2049 438,500 400,000 Banco Santander SA 6.25% 12/03/2049 418,440 250,000 Intesa Sanpaolo SpA 5.00% 23/09/2019 267,313 200,000 Fiat Chrysler Finance Europe SA 6.75% 14/10/2019 220,170

Largest Sales

Principle Proceeds Amount EUR 6,630,000 Italy Certificati di Credito del Tesoro FRN 15/12/2022 6,309,763 5,510,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 5,590,638 5,340,000 Italy Certificati di Credito del Tesoro FRN 15/12/2020 5,343,319 5,120,000 Italy Certificati di Credito del Tesoro FRN 15/06/2022 4,930,577 3,910,000 Italy Certificati di Credito del Tesoro FRN 15/07/2023 3,728,318 3,030,000 Italy Certificati di Credito del Tesoro FRN 15/02/2024 2,843,592 2,760,000 Italy Certificati di Credito del Tesoro FRN 15/04/2025 2,579,040 2,010,000 Italy Certificati di Credito del Tesoro FRN 15/10/2024 1,892,924 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 800,103 400,000 Koninklijke KPN NV 6.125% 29/03/2049 406,040 400,000 Intesa Sanpaolo SpA 7.00% 12/03/2049 405,000 400,000 Volkswagen International Finance NV 3.875% 31/12/2049 402,000 300,000 Enel SpA 6.50% 10/01/2074 309,000 200,000 Fiat Chrysler Finance Europe SA 6.75% 14/10/2019 217,000 200,000 Barclays Plc 6.50% 29/12/2049 205,502 200,000 Engie SA 3.00% 31/12/2099 203,852 200,000 Swedbank AB 2.375% 26/02/2024 203,228 200,000 Telefonica Europe BV 6.50% 29/09/2049 203,096 200,000 Svenska Handelsbanken AB 2.656% 15/01/2024 202,918 200,000 Orsted A/S 4.875% 08/07/3013 200,878

ANIMA Funds Plc 704 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Hybrid Bond

Largest Purchases

Principle Cost Amount EUR 1,500,000 Vodafone Group Plc 3.1% 31/12/2099 1,498,350 1,500,000 La Poste SA 3.125% 22/04/2076 1,487,490 1,200,000 UnipolSai Assicurazioni SpA 5.75% 31/12/2049 1,258,750 1,000,000 Hutchison Whampoa Europe Finance 13 Ltd 3.75% 29/05/2049 1,011,500 1,000,000 Unibail-Rodamco SE 2.875% 19/10/2075 1,000,000 1,000,000 Vittoria Assicurazioni SpA 5.75% 11/07/2028 1,000,000 1,000,000 VIVAT NV 7% 31/12/2099 1,000,000 1,000,000 Telefonica Europe BV 2.625% 30/11/2021 937,200 1,000,000 Volkswagen International Finance NV 3.875% 31/12/2099 935,960 1,000,000 Petron Corp 4.6% 31/12/2099 830,151 800,000 TDC A/S 3.5% 26/02/3015 809,980 800,000 DKT Finance ApS 7% 17/06/2023 800,000 800,000 Bayer AG 2.375% 02/04/2075 795,800 700,000 Vodafone Group Plc 4.875% 03/10/2078 785,534 700,000 Bayer AG 3% 01/07/2075 729,950 700,000 Enel SpA 2.5% 24/11/2078 666,405 600,000 Orange SA 4% 29/12/2049 663,600 600,000 Electricite de France SA 4.125% 29/01/2049 639,980 500,000 Legal & General Group PLC 5.125% 14/11/2048 570,165 500,000 OMV AG 5.25% 29/12/2049 560,875 500,000 EDP - Energias de Portugal SA 5.375% 16/09/2075 543,010 500,000 Orsted A/S 3.000% 06/11/3015 529,355 500,000 Danske Bank A/S 5.875% 29/10/2049 520,625 500,000 Telecom Italia SpA 3% 30/09/2025 516,135 500,000 Vodafone Group Plc 4.2 03/10/2078 500,000 400,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 481,250 400,000 Electricite de France SA 5.375% 29/01/2049 432,350 400,000 Volkswagen International Finance NV 2.7% 31/12/2099 403,975 400,000 Ferrovial Netherlands BV 2.124% 31/12/2099 374,260 300,000 BHP Billiton Finance Ltd 5.625% 22/10/2079 369,750 300,000 America Movil SAB de CV 6.375% 06/09/2073 364,346 300,000 Repsol International Finance BV 3.875% 29/12/2049 325,500 300,000 Volkswagen International Finance NV 3.75% 29/03/2049 322,470 300,000 Electricite de France SA 5% 22/01/2049 320,310 300,000 TOTAL SA 2.708% 29/12/2049 319,975 300,000 Intesa Sanpaolo SpA 4.375% 15/10/2019 310,260 300,000 Centrica Plc 3% 10/04/2076 309,920 300,000 SSE Plc 2.375% 29/12/2049 304,800

ANIMA Funds Plc 705 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Hybrid Bond (continued)

Largest Sales

Principle Proceeds Amount EUR 1,900,000 Electricite de France SA 4.125% 29/01/2049 2,014,626 1,200,000 UnipolSai Assicurazioni SpA 5.75% 31/12/2049 1,140,925 1,000,000 Vittoria Assicurazioni SpA 5.75% 11/07/2028 1,030,250 1,000,000 VIVAT NV 7% 31/12/2099 1,025,060 1,000,000 America Movil SAB de CV 5.125% 06/09/2073 1,021,687 1,000,000 AT&S Austria Technologie & Systemtechnik AG 4.75% 31/12/2099 984,333 800,000 DKT Finance ApS 7% 17/06/2023 851,027 800,000 Societa Cattolica di Assicurazioni SC 4.25% 14/12/2047 825,748 800,000 Volkswagen International Finance NV 3.875% 29/09/2049 814,136 600,000 TOTAL SA 2.25% 29/12/2049 618,746 500,000 Legal & General Group PLC 5.125% 14/11/2048 556,009 500,000 Orange SA 4.25% 28/02/2049 536,540 500,000 BayWa AG 4.25% 31/12/2099 535,620 700,000 SoftBank Group Corp 6.875% 31/12/2099 530,068 500,000 Telecom Italia SpA 3% 30/09/2025 511,330 500,000 Koninklijke KPN NV 6.125% 29/03/2049 507,145 500,000 Unibail-Rodamco SE 2.875% 31/12/2099 493,544 500,000 La Poste SA 3.125% 31/12/2099 485,727 600,000 Petron Corp 4.6% 31/12/2099 485,125 400,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2019 478,675 400,000 America Movil SAB de CV 6.375% 06/09/2073 477,000 400,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 473,675 400,000 Pennon Group Plc 2.875% 31/12/2099 446,125 400,000 BHP Billiton Finance Ltd 4.75% 22/04/2076 439,100 400,000 Arkema SA 4.75% 29/10/2049 436,200 400,000 Spain Government Inflation Linked Bond 0.3% 30/11/2021 435,801 400,000 ASR Nederland NV 4.625% 31/12/2099 430,120 400,000 Volkswagen International Finance NV 3.875% 31/12/2099 413,900 400,000 Bayer AG 3% 01/07/2075 413,160 400,000 Evonik Industries AG 2.125% 07/07/2077 410,500 400,000 Hutchison Whampoa Europe Finance 13 Ltd 3.75% 29/05/2049 404,340 300,000 Enel SpA 7.75% 10/09/2075 380,061 300,000 Engie SA 3.875% 02/06/2049 336,150 300,000 Deutsche Boerse AG 2.75% 05/02/2041 322,050 300,000 Merck KGaA 2.625% 12/12/2074 318,840 300,000 Intesa Sanpaolo SpA 4.375% 15/10/2019 310,281 300,000 Engie SA 3% 29/06/2049 310,125 300,000 Volkswagen International Finance NV 2.7% 31/12/2099 297,470

ANIMA Funds Plc 706 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Euro Government Bond

Largest Purchases

Principle Cost Amount EUR 31,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 30,871,658 22,300,000 Italy Buoni Poliennali Del Tesoro 2.000% 01/02/2028 21,686,130 15,000,000 Spain Government Bond 1.400% 31/01/2020 15,468,950 15,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 15,054,300 15,000,000 Italy Buoni Poliennali Del Tesoro 1.300% 15/05/2028 14,270,182 12,500,000 Italy Buoni Poliennali Del Tesoro 1.450% 15/05/2025 12,452,500 12,700,000 Italy Buoni Poliennali Del Tesoro 0.100% 15/05/2023 12,219,540 10,000,000 Deutsche Bundesrepublik Inflation Linked Bond 0.100% 15/04/2023 11,531,070 11,000,000 European Financial Stability Facility 1.450% 05/09/2040 10,911,748 9,000,000 Italy Buoni Poliennali Del Tesoro 2.500% 01/05/2019 9,097,326 7,700,000 Ireland Government Bond 3.900% 20/03/2023 8,994,370 9,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 8,980,494 8,500,000 Italy Buoni Poliennali Del Tesoro 2.000% 01/12/2025 8,737,150 7,000,000 Deutsche Bundesrepublik Inflation Linked Bond 1.750% 15/04/2020 8,366,298 7,500,000 Italy Buoni Poliennali Del Tesoro 2.450% 01/10/2023 7,448,650 6,000,000 French Republic Government Bond OAT 0.700% 25/07/2030 7,332,027 7,000,000 Hellenic Republic Treasury Bill Zero Coupon 11/05/2018 6,985,900 6,500,000 Italy Buoni Poliennali Del Tesoro 2.350% 15/09/2024 6,892,444 6,400,000 Kingdom of Belgium Government Bond 0.800% 22/06/2028 6,392,384 6,250,000 Italy Buoni Poliennali Del Tesoro 0.950% 01/03/2023 6,253,125 6,250,000 Italy Buoni Poliennali Del Tesoro 0.050% 15/04/2021 6,240,625 4,500,000 Italy Buoni Poliennali Del Tesoro 3.100% 15/09/2026 6,046,599 5,000,000 French Republic Government Bond OAT 0.100% 01/03/2025 5,583,911 4,500,000 French Republic Government Bond OAT 2.250% 25/05/2024 5,075,100 5,000,000 Italy Buoni Ordinari del Tesoro BOT 0.000% 29/03/2019 4,996,894 5,000,000 Italy Buoni Poliennali Del Tesoro 1.500% 01/06/2025 4,987,400 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 4,981,872 4,000,000 Hellenic Republic Treasury Bill Zero Coupon 06/07/2018 3,984,296 4,000,000 Hellenic Republic Treasury Bill Zero Coupon 04/01/2019 3,982,920 4,000,000 Ireland Government Bond 0.900% 15/05/2028 3,958,200 4,000,000 Italy Buoni Poliennali Del Tesoro 1.250% 15/09/2032 3,563,516 4,000,000 Italy Buoni Poliennali Del Tesoro 1.250% 15/09/2032 3,541,467 3,500,000 Hellenic Republic Treasury Bill Zero Coupon 14/06/2019 3,473,945

ANIMA Funds Plc 707 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Euro Government Bond (continued)

Largest Sales

Principle Proceeds Amount EUR 22,300,000 Italy Buoni Poliennali Del Tesoro 2.000% 01/02/2028 21,027,437 15,000,000 Spain Government Bond 1.400% 31/01/2020 15,455,845 14,000,000 Italy Buoni Poliennali Del Tesoro 0.200% 15/10/2020 13,984,360 11,000,000 Italy Buoni Poliennali Del Tesoro 1.450% 15/05/2025 10,775,125 10,000,000 Bundesrepublik Deutschland Bundesanleihe 0.500% 15/08/2027 9,917,140 9,500,000 Italy Buoni Poliennali Del Tesoro 1.350% 15/04/2022 9,767,615 9,000,000 Italy Certificati di Credito del Tesoro 0.683% 15/04/2025 9,136,800 9,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 9,000,000 8,500,000 Italy Buoni Poliennali Del Tesoro 2.000% 01/12/2025 8,742,930 8,000,000 Italy Buoni Poliennali Del Tesoro 1.450% 15/11/2024 8,016,150 6,000,000 French Republic Government Bond OAT 2.250% 25/05/2024 6,701,340 6,000,000 Italy Buoni Poliennali Del Tesoro 1.650% 23/04/2020 6,335,243 6,250,000 Italy Buoni Poliennali Del Tesoro 0.950% 01/03/2023 6,259,063 6,250,000 Italy Buoni Poliennali Del Tesoro 0.050% 15/04/2021 6,075,625 4,500,000 Deutsche Bundesrepublik Inflation Linked Bond 0.500% 15/04/2030 5,476,822 5,000,000 Italy Buoni Poliennali Del Tesoro 2.150% 15/12/2021 5,311,350 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 4,996,078 4,500,000 French Republic Government Bond OAT 2.250% 25/10/2022 4,956,750 5,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 4,942,330 5,000,000 Italy Buoni Poliennali Del Tesoro 1.500% 01/06/2025 4,591,000 4,150,000 Italy Buoni Poliennali Del Tesoro 3.450% 01/03/2048 4,253,993 4,000,000 Spain Government Bond 1.500% 30/04/2027 4,063,200 4,000,000 Italy Buoni Poliennali Del Tesoro 2.500% 01/05/2019 4,035,080 3,500,000 Italy Buoni Poliennali Del Tesoro 2.050% 01/08/2027 3,512,320 3,000,000 Portugal Obrigacoes do Tesouro OT 4.800% 15/06/2020 3,349,900 3,450,000 Italy Certificati di Credito del Tesoro 0.281% 15/09/2025 3,070,500 3,000,000 Italy Certificati di Credito del Tesoro 0.561% 15/12/2020 3,061,800 3,000,000 Italy Buoni Poliennali Del Tesoro 2.950% 01/09/2038 3,013,980 3,000,000 Italy Buoni Poliennali Del Tesoro 2.450% 01/09/2033 2,923,470

ANIMA Funds Plc 708 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Flex 50***

All Purchases

Principle Cost Amount EUR 237,700 ANIMA Short Term Corporate Bond*/** 1,350,944 156,086 ANIMA Risparmio** 1,200,000 175,900 ANIMA Star High Potential Italy*/** 901,435 78,618 ANIMA Fix Obbligazionario Globale** 874,000 70,537 ANIMA Pianeta** 814,000 100,000 ANIMA High Yield Bond*/** 500,000 41,600 ANIMA Variable Rate Bond*/** 207,339

All Sales

Principle Proceeds Amount EUR 10,122,573 ANIMA Star High Potential Europe*/** 77,552,860 9,319,273 ANIMA Risparmio** 71,164,154 5,596,286 ANIMA Medium Term Bond*/** 40,027,642 5,455,995 ANIMA Rendimento Assoluto Obbligazionario** 32,726,886 2,977,736 ANIMA Fix Euro** 26,117,581 8,337,903 ANIMA Alto Potenziale Europa** 26,103,228 1,861,001 ANIMA Europe Equity*/** 23,490,407 3,613,875 ANIMA Star Bond*/** 19,934,238 3,523,189 ANIMA Short Term Bond*/** 19,756,347 1,231,747 ANIMA Pianeta** 14,666,369 2,406,589 ANIMA Star High Potential Italy*/** 12,403,528 1,893,453 ANIMA Smart Volatility Global*/** 10,488,829 1,797,989 ANIMA Short Term Corporate Bond*/** 10,163,049 1,231,736 ANIMA Global Bond*/** 7,902,512 664,425 ANIMA Fix Obbligazionario Globale** 7,524,760 986,067 ANIMA Variable Rate Bond*/** 4,881,688 400,000 ANIMA Smart Volatility Global*/** 1,971,083 100,000 ANIMA High Yield Bond*/** 498,490

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A. ***Please refer to note 24 to the financial statements for details of Fund termination during the financial period.

ANIMA Funds Plc 709 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Star High Potential Europe

Largest Purchases

Principle Cost Amount EUR 110,000,000 Italy Buoni Poliennali Del Tesoro 1.05% 01/12/2019 112,427,700 73,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 73,693,882 71,500,000 French Republic Government Bond OAT 1% 25/05/2019 72,590,910 71,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 71,744,245 58,200,000 French Republic Government Bond OAT 3.75% 25/10/2019 61,577,394 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 49,934,088 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 49,877,050 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 49,849,992 50,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 49,745,973 44,000,000 Kingdom of Belgium Government Bond 4% 28/03/2019 45,566,688 470,250 Bayer AG Com NPV 43,244,666 578,500 Novartis AG Com CHF 0.50 39,668,349 356,000 Siemens AG Com NPV 38,387,301 34,000,000 Italy Certificati di Credito del Tesoro 0.943% 15/11/2019 34,707,200 1,149,500 Royal Dutch Shell Plc Com EUR 0.07 32,906,413 350,250 SAP SE Com NPV 32,883,485 2,204,500 UBS Group AG Com CHF 0.10 31,794,785 31,150,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 31,133,835 6,145,000 Banco Santander SA Com EUR 0.50 29,866,874 28,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 28,744,942 1,820,000 Eni SpA Com NPV 28,089,232 447,000 BNP Paribas SA Com EUR 2.00 27,979,679 25,500,000 Italy Buoni Ordinari del Tesoro BOT ZeroCoupon 14/12/2018 25,506,271

Largest Sales

Principle Proceeds Amount EUR 110,000,000 Italy Buoni Poliennali Del Tesoro 1.05% 01/12/2019 110,752,075 71,500,000 French Republic Government Bond OAT 1% 25/05/2019 72,307,235 71,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 70,598,130 65,407,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 65,163,852 63,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 63,190,260 60,000,000 Italy Buoni Poliennali Del Tesoro 3.5% 01/12/2018 61,743,900 58,200,000 French Republic Government Bond OAT 3.75% 25/10/2019 61,054,710 2,039,500 Royal Dutch Shell Plc Com EUR 0.07 55,714,498 50,000,000 Italy Buoni Poliennali Del Tesoro 0.25% 15/05/2018 50,107,750 44,114,000 Kingdom of Belgium Government Bond 4% 28/03/2019 45,243,318 356,000 Siemens AG Com NPV 38,607,638 34,000,000 Italy Certificati di Credito del Tesoro 0.943% 15/11/2019 33,983,000 1,532,500 AXA SA Com EUR 2.29 32,934,188 208,000 Volkswagen AG Pref NPV 32,545,080 352,931 Bayer AG Com NPV 31,859,691 30,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 29,971,503 30,000,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/10/2019 29,565,000 28,080,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/08/2019 28,808,039 28,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 28,783,133 427,500 Danone SA Com EUR 0.25 28,464,621

ANIMA Funds Plc 710 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Star Bond

Largest Purchases

Principle Cost Amount EUR 50,000,000 Italy Buoni Poliennali Del Tesoro 0.35% 15/06/2020 50,408,000 36,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 36,145,020 583,000 iShares JP Morgan EM Local Government Bond UCITS ETF 31,402,495 30,000,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/05/2019 30,279,300 29,000,000 European Financial Stability Facility 0.5% 20/01/2023 29,656,560 26,500,000 Bundesrepublik Deutschland Bundesanleihe 1.75% 15/02/2024 29,045,260 26,500,000 Bundesrepublik Deutschland Bundesanleihe 2.25% 04/09/2021 28,864,065 29,000,000 European Financial Stability Facility 0.4% 17/02/2025 28,722,250 26,250,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 26,263,125 22,000,000 Italy Buoni Poliennali Del Tesoro 0.2% 15/10/2020 22,169,400 20,000,000 Italy Buoni Poliennali Del Tesoro 0.45% 01/06/2021 20,245,600 20,000,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/05/2025 19,924,000 18,000,000 Italy Buoni Poliennali Del Tesoro 4% 01/09/2020 19,863,000 16,000,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 17,890,240 17,000,000 Ireland Government Bond 4.5% 18/10/2018 17,257,550 14,000,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 17,240,679 15,700,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 17,231,535 19,300,000 United States Treasury Note 2.75% 30/09/2020 17,015,202 17,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 16,965,188 2,125,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2025 16,963,714 15,000,000 Belgium Government Bond 4% 28/03/2019 15,519,000 15,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 14,973,646 14,500,000 Italy Buoni Poliennali Del Tesoro 0.9% 01/08/2022 14,705,320 160,000 iShares J.P. Morgan EM Bond UCITS ETF 14,315,129 12,000,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 13,776,406 12,000,000 Hellenic Republic Government Bond 4.375% 01/08/2022 12,498,396 10,000,000 French Republic Government Bond OAT 0.7% 25/07/2030 11,930,400 9,000,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 11,804,006 14,000,000 United States Treasury Inflation Indexed Bonds 0.375% 15/07/2027 11,210,192 1,225,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2024 9,636,970 1,225,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 9,619,023 8,000,000 Spain Government Bond 3.8% 30/04/2024 9,533,600 9,500,000 Greece Government Bond Zero Coupon 06/07/2018 9,460,267 7,000,000 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 8,478,592 6,000,000 French Republic Government Bond OAT 1.85% 25/07/2027 8,261,298

ANIMA Funds Plc 711 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Star Bond (continued)

Largest Sales

Principle Proceeds Amount EUR 50,000,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 51,505,000 50,000,000 Italy Buoni Poliennali Del Tesoro 0.35% 15/06/2020 50,241,975 47,000,000 United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 40,065,265 36,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 36,142,620 32,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 32,106,510 26,250,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2019 31,410,683 26,500,000 Bundesrepublik Deutschland Bundesanleihe 1.75% 15/02/2024 29,172,790 29,000,000 European Financial Stability Facility 0.4% 17/02/2025 29,013,630 26,500,000 Bundesrepublik Deutschland Bundesanleihe 2.25% 04/09/2021 28,942,770 26,250,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 25,731,860 231,700 iShares High Yield Corp Bond UCITS ETF 24,522,175 260,000 iShares J.P. Morgan EM Bond UCITS ETF 23,968,641 18,500,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 22,242,920 20,000,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/2021 22,113,000 22,000,000 Italy Buoni Poliennali Del Tesoro 0.2% 15/10/2020 21,472,000 25,000,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 20,919,216 20,000,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/05/2025 20,194,400 18,000,000 Italy Buoni Poliennali Del Tesoro 4% 01/09/2020 19,738,800 20,000,000 Italy Buoni Poliennali Del Tesoro 0.45% 01/06/2021 19,360,000 17,700,000 Italian Government Bond 1.7% 15/09/2018 18,585,598 18,000,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/10/2019 18,085,500 15,700,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 17,459,499 16,000,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 17,274,400 17,000,000 Ireland Government Bond 4.5% 18/10/2018 17,044,880 14,000,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 16,352,427 16,000,000 Italy Buoni Poliennali Del Tesoro 2.2% 01/06/2027 16,340,480 15,000,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/09/2019 16,059,900 15,000,000 European Stability Mechanism 1.25% 15/10/2018 15,181,500 14,500,000 Italy Buoni Poliennali Del Tesoro 0.9% 01/08/2022 14,141,415 270,000 iShares JP Morgan EM Local Government Bond UCITS ETF 14,082,771 12,000,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 13,758,748 12,000,000 Hellenic Republic Government Bond 4.375% 01/08/2022 12,618,000 15,000,000 United States Treasury Inflation Indexed Bonds 0.125% 15/07/2026 12,055,951 10,000,000 French Republic Government Bond OAT 0.7% 25/07/2030 11,942,695 14,000,000 United States Treasury Inflation Indexed Bonds 0.375% 15/07/2027 11,067,522 9,000,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 10,841,443 10,000,000 Province of Ontario Canada 4.75% 23/04/2019 10,587,500 1,225,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2024 10,300,904 1,225,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2025 10,099,816

ANIMA Funds Plc 712 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Smart Volatility Europe

All Purchases

Principle Cost Amount EUR 7,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 6,997,282 6,800,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/08/2019 6,752,827 5,300,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2019 5,278,491 5,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2018 5,005,091 4,200,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/05/2019 4,217,448 2,900,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2019 2,907,114 2,000,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 2,008,600 2,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 28/09/2018 2,003,984 1,000,000 Spain Letras Del Tesoro Zero Coupon 16/11/2018 1,003,482 500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/10/2019 499,225

All Sales

Principle Proceeds Amount EUR 13,800,000 Italy Certificati di Credito Del Tesoro Zero Coupon 28/12/2018 13,804,869 6,800,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 6,800,028 6,350,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 6,322,733 5,550,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/05/2019 5,543,223 4,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2019 3,991,472 3,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/03/2018 3,001,864 3,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2018 3,000,293 2,500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 13/04/2018 2,502,728 2,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 28/09/2018 2,000,883 1,900,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2019 1,898,410 1,500,000 Spain Letras Del Teso Zero Coupon 06/04/2018 1,500,747 1,400,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/08/2019 1,398,620 1,000,000 Spain Letras Del Tesoro Zero Coupon 16/11/2018 1,001,646

ANIMA Funds Plc 713 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Smart Volatility Global

All Purchases

Principle Cost Amount EUR 12,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 11,995,340 10,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 9,930,628 9,800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 9,766,876 7,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 7,525,690 7,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 7,019,338 5,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 5,512,518 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 5,005,564 3,600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 3,605,625 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/09/2018 3,005,976 1,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 1,493,771 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 997,574 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 499,077

All Sales

Principle Proceeds Amount EUR 20,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 20,005,307 15,200,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 15,112,865 11,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 11,499,483 9,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 9,483,251 7,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 14/03/2018 7,003,954 7,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 7,001,442 6,500,000 Spain Letras del Tesoro Zero Coupon 06/04/2018 6,503,115 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 4,000,178 3,600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 3,601,421 3,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 3,094,964 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/04/2018 3,003,246 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/09/2018 3,001,098 1,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 1,100,399

ANIMA Funds Plc 714 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Smart Volatility Italy

All Purchases

Principle Cost Amount EUR 10,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/08/2019 9,930,628 6,500,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 6,522,915 5,600,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/01/2019 5,615,199 4,500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 4,498,253 4,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/07/2018 4,006,946 3,500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 28/09/2018 3,506,928 3,300,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/04/2019 3,288,370 1,800,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/05/2019 1,797,297 600,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/10/2019 597,180

All Sales

Principle Proceeds Amount EUR 11,000,000 Italy Certificati di Credito Del Tesoro Zero Coupon 28/12/2018 10,997,000 9,300,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/10/2019 9,237,434 5,700,000 Italy Buoni Ordinari DelTesoro BOT Zero Coupon 14/06/2018 5,700,652 5,600,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/01/2019 5,603,434 4,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/07/2018 4,000,747 3,820,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 3,821,930 3,500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 13/04/2018 3,503,190 3,500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 28/09/2018 3,501,182 3,000,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/08/2019 2,993,476 2,700,000 Italy Buoni Ordinari DelTesoro BOT Zero Coupon 14/03/2018 2,701,753 2,500,000 Italy Certificati di Credito Del Tesoro Zero Coupon 30/05/2019 2,498,487 700,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/04/2019 700,060

ANIMA Funds Plc 715 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Smart Volatility USA

All Purchases

Principle Cost Amount EUR 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 999,612 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 997,879 750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 746,801 600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 598,573 550,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 552,044 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 496,296 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 200,804 100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 100,220 80,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 80,292 50,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 50,181

All Sales

Principle Proceeds Amount EUR 1,000,000 Spain Letras del Tesoro Zero Coupon 16/11/2018 1,001,444 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 450,243 400,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 400,388 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 200,084 150,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2018 150,122 150,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 150,091 150,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 150,047

ANIMA Funds Plc 716 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Credit Opportunities

Largest Purchases

Principle Cost Amount EUR 21,800,000 Bundesobligation Zero Coupon 14/04/2023 22,080,926 10,500,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 10,069,840 3,000,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/09/2019 3,079,640 3,000,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/04/2021 2,928,550 2,000,000 Cyprus Government International Bond 3.75% 26/07/2023 2,265,000 3,000,000 Aegon NV FRN 29/07/2049 2,179,409 2,000,000 Banco Santander SA FRN 29/09/2049 1,873,750 2,000,000 NIBC Bank NV FRN 29/03/2049 1,810,000 1,500,000 Dometic Group AB 3% 13/09/2023 1,517,245 2,000,000 Hongkong & Shanghai Banking Corp Ltd FRN 29/07/2049 1,501,567 2,000,000 AXA SA FRN 29/08/2049 1,451,425 2,000,000 Westpac Banking Corp FRN 29/09/2049 1,445,250 1,000,000 Bank of Ireland 10% 19/12/2022 1,329,800 1,200,000 Orano SA 3.25% 04/09/2020 1,272,000 1,200,000 Thyssenkrupp AG 1.375% 03/03/2022 1,222,500 1,100,000 Mediobanca Banca di Credito Finanziario SpA 5% 15/11/2020 1,186,304 1,000,000 Cooperatieve Rabobank UA 6.625% 29/12/2049 1,144,380 1,000,000 Intesa Sanpaolo SpA 6.625% 13/09/2023 1,136,300 1,000,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 1,130,000 1,000,000 Credit Agricole SA 6.5% 29/04/2049 1,129,500 1,000,000 Leonardo SpA 5.25% 21/01/2022 1,129,000

Largest Sales

Principle Proceeds Amount EUR 21,800,000 Bundesobligation Zero Coupon 14/04/2023 22,030,957 4,000,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 3,799,575 3,000,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/04/2021 2,890,350 2,200,000 Assicurazioni Generali SpA FRN 29/12/2049 2,641,879 2,000,000 Cyprus Government International Bond 3.75% 26/07/2023 2,247,500 1,500,000 Fnac Darty SA 3.25% 30/09/2023 1,532,280 1,500,000 Dometic Group AB 3% 13/09/2023 1,488,900 2,000,000 Hongkong & Shanghai Banking Corp Ltd FRN 29/07/2049 1,147,953 1,000,000 EDP Finance BV 4.875% 14/09/2020 1,124,140 1,000,000 OI European Group BV 6.75% 15/09/2020 1,114,300 1,000,000 Italcementi Finance SA 5.375% 19/03/2020 1,110,110 1,000,000 Mediobanca Banca di Credito Finanziario SpA 5% 15/11/2020 1,090,550 1,000,000 Enel SpA 5% 15/01/2075 1,059,500 1,000,000 Repsol International Finance BV 2.625% 28/05/2020 1,039,400 1,000,000 Telecom Italia SpA 4% 21/01/2020 1,033,480 1,000,000 Volvo Treasury AB 4.2% 10/06/2075 1,030,800 1,000,000 CNH Industrial Finance Europe SA 2.75% 18/03/2019 1,030,100 1,000,000 Cemex SAB de CV 4.375% 05/03/2023 1,023,100 1,000,000 Banco BPM SpA 3.5% 14/03/2019 1,023,000 1,000,000 Intesa Sanpaolo SpA 1.125% 14/01/2020 1,021,780 1,000,000 Elis SA 3% 30/04/2022 1,016,600 1,000,000 IQVIA Inc 3.25% 15/03/2025 1,016,600 1,000,000 Iccrea Banca SpA 1.5% 21/02/2020 1,007,520 900,000 Tereos Finance Groupe I SA 4.25% 04/03/2020 880,450 1,000,000 Citigroup Inc 5.375% 09/08/2020 860,626 825,000 Ardagh Packaging Finance Plc 4.125% 15/05/2023 854,370 800,000 Prologis LP 1.375% 07/10/2020 816,800 800,000 BNP Paribas SA FRN 22/09/2022 805,768

ANIMA Funds Plc 717 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Tesoreria Imprese

Largest Purchases

Principle Cost Amount EUR 600,000 Banco Bilbao Vizcaya Argentaria SA 7% 12/29/2049 611,298 500,000 UniCredit International Bank Luxembourg SA 8.125% 29/12/2049 521,150 500,000 Origin Energy Finance Ltd 4% 16/09/2074 512,995 500,000 Banco Santander SA 6.25% 12/03/2049 506,896 500,000 Vonovia Finance BV 4.625% 08/04/2074 505,050 500,000 Poste Vita SpA 2.875% 30/05/2019 504,700 500,000 Leonardo SPA Zero Coupon 12/12/2018 503,500 500,000 Italy Certificati di Credito Del Tesoro 0.943% 15/11/2019 502,842 100,000 ANIMA High Yield Bond*/** 500,000 400,000 Intesa Sanpaolo SpA 7% 12/29/2049 438,500 410,000 Italy Certificati di Credito Del Tesoro 0.311% 15/06/2022 414,945 400,000 Svenska HanDelsbanken AB 2.656% 15/01/2024 406,652 400,000 Solvay Finance SA 4.199 31/12/2049 406,000 400,000 Banco BPM SpA 4.25% 30/01/2019 403,401 400,000 Italy Certificati di Credito Del Tesoro 0.561% 15/12/2020 396,160 300,000 Intesa Sanpaolo SpA 5.15% 16/07/2020 329,294 300,000 Banco BPM SpA 3.5% 14/03/2019 302,190 300,000 Bayer AG 3% 01/07/2075 299,790 280,000 Italy Certificati di Credito Del Tesoro 0.833% 15/10/2024 288,487 200,000 Fiat Chrysler Finance Europe SA 6.75% 14/10/2019 219,870 200,000 Intesa Sanpaolo SpA 5% 23/09/2019 213,850 200,000 KBC Group NV 5.625 29/03/2049 208,974 200,000 Bank of Ireland 4.25% 11/06/2024 208,140 200,000 Bankia SA 4% 22/05/2024 207,320 200,000 Italy Certificati di Credito Del Tesoro 0.683% 15/04/2025 204,132 200,000 Swedbank AB 2.375% 26/02/2024 204,028 200,000 DNB Bank ASA 3% 26/09/2023 203,960 200,000 Deutsche Bank AG 0.375% 18/01/2021 199,578 100,000 UniCredit SpA 6.125% 19/04/2021 114,587 100,000 Intesa Sanpaolo SpA 5% 23/09/2019 106,690 100,000 Telefonica Europe BV 4.2% 29/12/2049 105,950

All Sales

Principle Proceeds Amount EUR 3,075,000 Italy Certificati di Credito Del Tesoro 0.461% 15/12/2022 2,953,794 2,810,000 Italy Certificati di Credito Del Tesoro 0.833% 15/10/2024 2,653,338 2,561,000 Italy Certificati di Credito Del Tesoro 0.429% 15/07/2023 2,443,198 1,900,000 Italy Certificati di Credito Del Tesoro 0.484% 15/02/2024 1,792,783 1,453,000 Italy Certificati di Credito Del Tesoro 0.561% 15/12/2020 1,432,222 1,437,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 1,429,311 1,250,000 Italy Certificati di Credito Del Tesoro 0.683% 15/04/2025 1,155,575 1,030,000 Italy Certificati di Credito Del Tesoro 0.943% 15/11/2019 1,028,362 693,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 725,606 700,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 663,012 560,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 614,029 100,000 ANIMA High Yield Bond*/** 498,490

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 718 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Star High Potential Italy

Largest Purchases

Principle Cost Amount EUR 540,000 Eni SpA Com NPV 7,976,199 1,318,556 Enel SpA Com EUR 1.00 6,543,430 397,000 UniCredit SpA Com NPV 6,185,321 6,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 5,990,520 93,154 EXOR NV EUR 0.01 5,533,609 1,815,000 Intesa Sanpaolo SpA Com NPV 4,754,229 242,000 Fiat Chrysler Automobiles NV Com EUR 0.01 4,302,979 297,000 Tenaris SA Com USD 1.00 4,216,114 205,000 Assicurazioni Generali SpA 3,315,611 870,000 Snam SpA Com NPV 3,298,700 3,000,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/2019 3,077,700 177,000 STMicroelectronics NV Com EUR 1.04 2,926,302 90,486 Recordati SpA Com EUR 0.125 2,707,074 207,335 CNH Industrial NV EUR 0.01 2,256,544 217,500 Mediobanca Banca di Credito Finanziario SpA Com EUR 0.50 2,030,280 585,000 Mediaset SpA Com EUR 0.52 1,825,114 151,000 Leonardo SpA Com EUR 4.40 1,436,993 456,763 Banco BPM SpA Com NPV 1,278,130 2,100,000 Telecom Italia SpA CVS NPV 1,237,319 10,000 Ferrari NV SpA EUR 0.01 1,035,897 260,000 Unione di Banche Italiane SpA Com EUR 2.50 1,032,669 46,000 Prysmian SpA Com EUR 0.10 1,031,010 1,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 1,003,220 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 999,715 130,000 Banca Mediolanum SpA Com EUR 0.10 954,509

Largest Sales

Principle Proceeds Amount EUR 625,000 Eni SpA Com NPV 9,432,697 457,000 UniCredit SpA Com NPV 7,374,319 1,338,556 Enel SpA Com EUR 1.00 6,667,201 390,000 Assicurazioni Generali SpA Com EUR 1.00 6,082,062 397,000 Tenaris SA Com USD 1.00 5,801,730 84,154 EXOR NV Com EUR 0.01 5,032,991 1,825,000 Intesa Sanpaolo SpA Com NPV 4,876,347 267,000 Fiat Chrysler Automobiles NV Com EUR 0.01 4,760,494 368,335 CNH Industrial NV Com EUR 0.01 4,075,908 6,600,000 Telecom Italia SpA CVS NPV 3,914,398 870,000 Snam SpA Com NPV 3,280,280 342,500 Mediobanca Banca di Credito Finanziario SpA Com EUR 0.50 3,271,135 3,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2019 3,151,620 2,500,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 3,143,318 90,486 Recordati SpA Com EUR 0.125 2,920,573 355,000 Banca Mediolanum SpA Com EUR 0.10 2,594,367 140,000 STMicroelectronics NV Com EUR 1.04 2,419,567 2,250,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/08/2019 2,281,748 1,380,000 A2A SpA Com EUR 0.52 2,136,540 950,093 Saras SpA Com NPV 1,821,181 1,500,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 1,666,965 536,763 Banco BPM SpA Com NPV 1,500,673 450,000 Mediaset SpA Com EUR 0.52 1,259,993 130,000 Leonardo SpA Com EUR 4.40 1,256,757 39,882 Interpump Group SpA Com EUR 0.52 1,170,275

ANIMA Funds Plc 719 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Star High Potential Global

Largest Purchases

Principle Cost Amount EUR 8,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 8,486,257 7,500,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/2021 8,301,150 7,500,000 Italy Buoni Poliennali Del Tesoro 0.2% 15/10/2020 7,516,225 6,500,000 French Republic Government Bond OAT 3.75% 25/10/2019 6,882,050 6,000,000 Kingdom of Belgium Government Bond 4% 28/03/2019 6,210,230 5,500,000 Spain Government Bond 4.3% 31/10/2019 5,855,560 5,500,000 French Republic Government Bond OAT 1% 25/05/2019 5,582,893 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 5,493,168 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 5,492,852 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 5,483,303 5,000,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 5,085,100 5,000,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/05/2019 5,047,200 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 4,972,728 3,225 Amazon.com Inc Com USD 0.01 4,296,651 4,000,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 4,081,640 3,000,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2019 3,093,150 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 2,997,750 3,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 2,994,000 2,700,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 2,698,704 16,500 Facebook Inc Com USD 0.000006 2,620,589 2,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 2,510,400 2,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 2,509,600 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/09/2018 2,499,799 26,500 Lowe's Cos Inc Com USD 0.50 2,499,073 10,400 NVIDIA Corp Com USD 0.001 2,248,657

Largest Sales

Principle Proceeds Amount EUR 8,000,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 8,017,280 7,500,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/2021 7,941,000 7,500,000 Italy Buoni Poliennali Del Tesoro 0.2% 15/10/2020 7,383,750 6,500,000 French Republic Government Bond OAT 3.75% 25/10/2019 6,818,825 6,000,000 Kingdom of Belgium Government Bond 4% 28/03/2019 6,153,600 5,500,000 Spain Government Bond 4.3% 31/10/2019 5,797,165 5,500,000 French Republic Government Bond OAT 1% 25/05/2019 5,562,095 5,000,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 4,915,000 280,000 Lyxor MSCI India UCITS ETF 4,444,272 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 3,997,070 2,750 Amazon.com Inc Com USD 0.01 3,947,816 4,000,000 United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 3,343,026 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 3,003,291 3,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 2,985,300 16,500 Facebook Inc Com USD 0.000006 2,533,617 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/09/2018 2,501,594 2,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 2,500,900 2,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 2,469,220 2,500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 2,463,750 2,400 Alphabet Inc Com USD 0.001 2,329,797 26,500 Lowe's Cos Inc Com USD 0.50 2,261,740

ANIMA Funds Plc 720 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Active Selection

Largest Purchases

Principle Cost Amount EUR 338,670 ANIMA Fix Obbligazionario Globale** 3,792,178 29,659 AXA World Funds - Defensive Optimal Income 3,115,525 102,078 AB SICAV I - Select US Equity Portfolio 2,989,885 343,338 ANIMA Pacifico** 2,798,947 126,500 AB SICAV I - European Equity Portfolio 2,718,505 17,769 AXA World Funds - Euro Credit Short Duration 2,418,886 174,685 ANIMA Emergenti** 2,323,659 387,916 ANIMA Star Bond*/** 2,138,074 86,299 ANIMA America** 2,101,610 258,639 ANIMA Risparmio** 1,975,696 348,082 ANIMA Short Term Corporate Bond*/** 1,967,173 218,963 ANIMA Star High Potential Europe*/** 1,672,799 23,120 ANIMA Selezione Globale** 1,347,538 35,000 AB SICAV I - Eurozone Equity Portfolio 1,037,230 80,000 ANIMA Global Equity*/** 990,800 47,500 AB SICAV I - Select Absolute Alpha Portfolio 958,475 44,000 AB SICAV I - Short Duration High Yield Portfolio 825,370 72,937 ANIMA Geo Asia** 790,083 45,000 ANIMA U.S. Equity*/** 753,198 2,500 AXA World Funds - Framlington Eurozone 645,527 3,000 AXA World Funds - Global High Yield Bonds 596,870 5,500 AXA World Funds - Global Flexible Property 574,615

Largest Sales

Principle Proceeds Amount EUR 175,943 AB SICAV I - Select US Equity Portfolio 5,140,846 184,699 AB SICAV I - European Equity Portfolio 3,800,359 275,484 ANIMA Geo Asia** 2,993,739 38,872 ANIMA Selezione Globale** 2,235,707 179,479 ANIMA Geo America** 2,093,574 175,663 ANIMA Fix Obbligazionario Globale** 1,990,066 153,746 ANIMA Global Equity*/** 1,885,934 111,208 ANIMA U.S. Equity*/** 1,875,433 57,143 AB SICAV I - Eurozone Equity Portfolio 1,616,348 62,823 ANIMA America** 1,560,274 10,500 AXA World Funds - Euro Credit Short Duration 1,429,104 183,205 ANIMA Pacifico** 1,373,558 170,726 ANIMA Geo Paesi Emergenti** 1,338,141 11,800 AXA World Funds - Defensive Optimal Income 1,255,984 222,000 ANIMA Star Bond*/** 1,221,408 205,000 ANIMA Short Term Corporate Bond*/** 1,158,498 140,294 ANIMA Risparmio** 1,071,850 137,000 ANIMA Star High Potential Europe*/** 1,050,181 4,124 AXA World Funds - Framlington Eurozone 999,050 47,500 AB SICAV I - Select Absolute Alpha Portfolio 973,096 44,000 AB SICAV I - Short Duration High Yield Portfolio 826,705 66,928 ANIMA Emergenti** 808,476 3,000 AXA World Funds - Global High Yield Bonds 596,872 5,500 AXA World Funds - Global Flexible Property 587,075 2,300 AXA World Funds - Framlington Italy 504,914 75,000 ANIMA Emerging Markets Equity*/*** 496,988

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A. ***The indicated holding is managed by Aletti Gestielle SGR S.p.A.

ANIMA Funds Plc 721 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Smart Dividends Europe

Largest Purchases

Principle Cost Amount EUR 1,000,000 Spain Letras del Tesoro Zero Coupon 17/08/2018 1,002,168 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 799,289 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 799,021 700,000 Spain Letras del Tesoro Zero Coupon 16/11/2018 702,263 30,334 Micro Focus International Com GBP 0.10 593,312 53,888 Skandinaviska Enskilda Banken AB Com SEK 10.00 514,047 500,000 Italy Certificati di Credito del Tesoro Zero Coupon Zero Coupon 30/10/2019 502,285 300,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 300,915 14,510 SES SA Com NPV 212,928 2,333 Paddy Power Betfair Plc Com EUR 0.09 189,668 4,126 British American Tobacco Plc Com GBP 0.25 178,268 12,108 SSE Plc Com GBP 0.50 176,060 5,710 Imperial Brands Finance Plc Com GBP 0.10 172,320 2,406 Sanofi Com EUR 2.00 171,229 5,620 Associated British Foods Plc Com GBP 0.0568 170,000 3,411 Whitbread Plc Com GBP 0.7679739 166,914 3,918 Novo Nordisk A/S Com DKK 0.20 Com DKK 0.20 154,862 2,624 Intertek Group Plc Com GBP 0.01 150,131 2,211 Fresenius SE & Co KGaA Com NPV 147,880 5,736 Bunzl Plc Com GBP 0.3214285 144,614 726 Roche Holding AG Com NPV 140,255 19,933 Sage Group Plc Com GBP 0.01051948 136,454 1,870 Nestle SA Com CHF 0.10 123,037 9,808 WPP Plc Com GBP 0.10 121,761 1,512 Coloplast A/S Com DKK 1.00 116,561 1,767 Novartis AG Com CHF 0.50 115,473 20 Chocoladefabriken Lindt & Spruengli AG Com CHF 10.00 115,254 2,774 Johnson Matthey Plc Com GBP 1.109245 108,079 3,477 Diageo Plc Com GBP 0.2893518 104,127 6,116 Red Electrica Corp SA Com EUR 0.50 103,135

ANIMA Funds Plc 722 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Smart Dividends Europe (continued)

Largest Sales

Principle Proceeds Amount EUR 1,000,000 Spain Letras del Tesoro Zero Coupon 17/08/2018 1,001,570 760,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 760,935 700,000 Spain Letras del Tesoro Zero Coupon 16/11/2018 701,564 10,822 Shire Plc Com GBP 0.05 514,886 33,709 Sky Plc Com GBP 0.50 407,293 6,506 Next Plc Com GBP 0.10 377,979 300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2018 300,080 3,077 Paddy Power Betfair Plc Com EUR 0.09 246,770 14,541 SES SA FDR NPV 225,669 3,838 Intertek Group Plc Com GBP 0.01 204,607 2,684 Coloplast A/S Com DKK 1.00 203,966 4,821 Novo Nordisk A/S Com DKK 0.20 194,245 4,071 Whitbread Plc Com GBP 0.7679739 192,582 14,163 SSE Plc Com GBP 0.50 188,426 7,872 Ashtead Group Plc Com GBP 0.10 175,927 1,556 Luxottica Group SpA Com EUR 0.06 175,614 5,845 Imperial Brands Plc Com GBP 0.10 171,618 3,700 Wolters Kluwer NV Com EUR 0.12 171,466 858 L'Oreal SA Com EUR 0.20 164,708 2,037 Fresenius Medical Care AG & Co KGaA Com NPV 163,630 332 Hermes International Com NPV 160,070 3,781 British American Tobacco Plc Com GBP 0.25 160,042 6,433 Bunzl Plc Com GBP 0.3214285 158,260 29 Chocoladefabriken Lindt & Spruengli AG Com CHF 10.00 154,719 2,745 Fresenius SE & Co KGaA Com NPV 152,149 755 Roche Holding AG Com NPV 150,718 19,898 Sage Group Plc Com GBP 0.01051948 150,677 16,593 Skandinaviska Enskilda Banken AB Com SEK 10.00 150,233 2,084 Novartis AG Com CHF 0.5 147,552 2,083 Sanofi Com EUR 2.00 146,930 3,382 Novozymes A/S Com DKK 2.00 141,644 2,049 Nestle SA Com CHF 0.10 141,479 8,071 Compass Group Plc Com GBP 0.1105 140,932 7,974 Red Electrica Corp SA Com EUR 0.50 139,526 7,207 Micro Focus International Com GBP 0.10 131,116 1,508 Kerry Group Plc Com EUR 0.125 130,776 2,734 Unilever NV CVS EUR 0.16 127,984 3,651 Johnson Matthey Plc Com GBP 1.109245 127,405 5,631 Enagas SA Com EUR 1.50 127,318 61,133 Capita Plc Com GBP 0.02067 127,292 1,428 Groupe Bruxelles Lambert SA Com NPV 124,427 4,246 Diageo Plc Com GBP 0.2893518 123,715 4,431 Associated British Foods Plc Com GBP 0.0568 123,410 19,495 BAE Systems Plc Com GBP 0.025 120,495 6,242 Prudential Plc Com GBP 0.05 118,485 9,064 WPP Plc Com GBP 0.10 110,187

ANIMA Funds Plc 723 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Flexible Bond*

Largest Purchases

Principle Cost Amount EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2020 1,465,030 1,400,000 Italy Buoni Poliennali Del Tesoro 2.3% 15/10/2021 1,432,886 1,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/12/2019 1,394,937 500,000 United States Treasury Inflation Indexed Bonds 0.625% 15/04/2023 436,653 500,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 436,093 4,000 iShares J.P. Morgan EM Bond EUR Hedged UCITS ETF USD Dist 357,120 3,500 iShares High Yield Corporate Bond UCITS ETF 352,167 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 199,649 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 199,522 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 199,416 200,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 197,506 200,000 Panama Government International Bond 3.75% 16/03/2025 175,284 129,000 Nokia OYJ 5.375% 15/05/2019 114,588 100,000 Assicurazioni Generali SpA 7.75% 12/12/2042 114,500 100,000 OMV AG 5.25% 29/12/2049 106,550 100,000 Electricite de France SA 4.125% 29/01/2049 101,500 100,000 Solvay Finance SA 4.199% 31/12/2049 101,230 100,000 Origin Energy Finance Ltd 4% 16/09/2074 101,200 100,000 Electricite de France SA 4% 31/12/2099 97,500 100,000 BPER Banca 5.125% 31/05/2027 96,870 100,000 Vodafone Group Plc 3.1% 03/01/2079 94,125 100,000 Dominican Republic International Bond 6.875% 29/01/2026 92,628 100,000 Aroundtown SA 2.125% 31/12/2099 84,190

All Sales**

*This Fund launched on 5 December 2018, see note 24 for further details. **There were no sales during the period.

ANIMA Funds Plc 724 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Flexible Income

Largest Purchases

Principle Cost Amount EUR 178,905 iShares MSCI World EUR Hedged UCITS ETF 9,099,952 6,750,000 Italy Buoni Poliennali del Tesoro 0.35% 15/06/2020 6,806,675 3,800,000 Italy Buoni Poliennali del Tesoro 3.75% 01/08/2021 4,249,040 2,850,000 European Financial Stability Facility 0.5% 20/01/2023 2,914,524 2,600,000 Bundesrepublik Deutschland Bundesanleihe 1.75% 15/02/2024 2,849,492 2,600,000 Bundesrepublik Deutschland Bundesanleihe 2.25% 04/09/2021 2,831,946 2,850,000 European Financial Stability Facility 0.4% 17/02/2025 2,822,517 2,750,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 2,761,770 2,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 2,745,169 2,300,000 Spain Government Bond 2.75% 30/04/2019 2,364,285 2,400,000 United States Treasury Note/Bond 2.75% 30/09/2020 2,115,675 2,000,000 Italy Buoni Poliennali del Tesoro 2.5% 01/05/2019 2,018,100 1,670,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 1,917,217 1,875,000 Italy Buoni Poliennali del Tesoro 1.45% 15/05/2025 1,867,875 1,750,000 Italy Buoni Poliennali del Tesoro 0.45% 01/06/2021 1,771,490 1,200,000 French Republic Government Bond OAT 1.85% 25/07/2027 1,652,260 1,350,000 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 1,635,157 1,500,000 Italy Buoni Poliennali del Tesoro 0.9% 01/08/2022 1,521,240 1,150,000 Hellenic Republic Government Bond 4.375% 01/08/2022 1,197,763 1,000,000 Italy Buoni Poliennali del Tesoro 0.2% 15/10/2020 998,370 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 997,952 835,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2023 964,140 770,000 Spain Government Bond 3.8% 30/04/2024 917,609 115,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2024 905,130 115,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 903,197 900,000 Hellenic Republic Treasury Bill Zero Coupon 06/07/2018 896,236 115,000,000 Japanese Government CPI Linked Bond 0.1% 10/03/2025 895,691 420,000 French Republic Government Bond OAT 3.15% 25/07/2032 832,944

Largest Sales

Principle Proceeds Amount EUR 189,505 iShares MSCI World EUR Hedged UCITS ETF 9,743,254 6,750,000 Italy Buoni Poliennali del Tesoro 0.35% 15/06/2020 6,752,413 4,300,000 Italy Buoni Poliennali del Tesoro 3.75% 01/08/2021 4,642,540 4,300,000 Italy Buoni Poliennali del Tesoro 1.45% 15/09/2022 4,429,430 3,000,000 Italy Buoni Poliennali del Tesoro 1.6% 01/06/2026 2,959,650 2,600,000 Bundesrepublik Deutschland Bundesanleihe 1.75% 15/02/2024 2,862,236 2,850,000 European Financial Stability Facility 0.4% 17/02/2025 2,851,340 2,350,000 Italy Buoni Poliennali del Tesoro 2.35% 15/09/2019 2,812,004 2,800,000 Italy Buoni Poliennali del Tesoro 0.25% 15/05/2018 2,805,320 2,600,000 Bundesrepublik Deutschland Bundesanleihe 2.25% 04/09/2021 2,804,672 2,750,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/10/2019 2,760,450 2,200,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/12/2018 2,207,536 1,670,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 1,914,759 1,875,000 Italy Buoni Poliennali del Tesoro 1.45% 15/05/2025 1,893,225 2,200,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 1,776,674 2,000,000 United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 1,720,933 1,750,000 Italy Buoni Poliennali del Tesoro 0.45% 01/06/2021 1,694,000 1,600,000 Italy Buoni Poliennali del Tesoro 1.7% 15/09/2018 1,680,054 1,200,000 French Republic Government Bond OAT 1.85% 25/07/2027 1,650,584 1,350,000 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 1,639,827 1,500,000 Italy Buoni Poliennali del Tesoro 0.7% 01/05/2020 1,527,345 1,500,000 Italy Buoni Poliennali del Tesoro 0.9% 01/08/2022 1,462,905 1,150,000 Hellenic Republic Government Bond 4.375% 01/08/2022 1,209,225 1,000,000 Italy Buoni Poliennali del Tesoro 0.2% 15/10/2020 976,000 835,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2023 955,454 850,000 Italy Buoni Poliennali del Tesoro 2.35% 15/09/2024 921,827 420,000 French Republic Government Bond OAT 3.15% 25/07/2032 815,122

ANIMA Funds Plc 725 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Infrastructure*

Largest Purchases

Principle Cost Amount EUR 4,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 4,492,901 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 3,996,913 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 3,995,191 37,165 Eiffage SA Com EUR 4.00 3,421,887 363,602 EDP Renovaveis SA Com EUR 5.00 3,019,446 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 2,995,812 18,964 Norfolk Southern Corp Com USD 1.00 2,707,101 79,489 Service Corp International Com USD 1.00 2,684,576 150,110 ERG SpA Com EUR 0.10 2,606,419 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 2,497,230 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 2,494,837 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,493,734 2,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 2,396,568 495,779 Enel SpA Com EUR 1.00 2,251,876 2,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,199,263 22,166 Crown Castle International Corp Reits USD 0.01 2,140,596 81,597 Williams Cos Inc Com USD 1.00 1,963,939 29,000 Dominion Energy Inc Com NPV 1,943,753 292,744 Iberdrola SA Com EUR 0.75 1,925,821 117,270 Orange SA Com EUR 4.00 1,661,525 4,185 Swisscom AG Com CHF 1.00 1,644,902 19,321 Knorr Bremse AG Com NPV 1,545,680 20,834 Entergy Corp Com USD 0.01 1,521,033 8,127 Canadian Pacific Railway Ltd Com NPV 1,433,087 349,365 Drax Group Plc Ord GBP 0.11 1,422,567 76,750 Veolia Environnement SA Com EUR 5.00 1,405,654 332,345 Enav SpA Com NPV 1,404,671 1,400,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/04/2019 1,397,694 41,257 FirstEnergy Corp Com USD 0.10 1,349,365 9,703,755 China Tower Corp Ltd Com CNY 1.00 1,341,078 481,863 3i Infrastructure Plc 1,336,631 34,830 Exelon Corp Com NPV 1,325,302 36,460 Bouygues SA Com EUR 1.00 1,315,803 748,590 Centrica Plc Com GBP 0.06 1,279,101 24,750 Evergy Inc Com NPV 1,262,346 16,247 American Water Works Co Inc Com USD 0.01 1,238,161 488,867 Koninklijke KPN NV Com EUR 0.04 1,217,284 18,883 CSX Corp Com USD 1.00 1,188,063 704,314 BBGI SICAV SA 1,159,249 79,253 Deutsche Telekom AG Com NPV 1,113,038

*This Fund launched on 11 June 2018, see note 24 for further details.

ANIMA Funds Plc 726 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Infrastructure* (continued)

Largest Sales

Principle Proceeds Amount EUR 2,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,201,114 330,000 Enel SpA Com EUR 1.00 1,623,169 19,321 Knorr Bremse AG Com NPV 1,612,695 349,365 Drax Group Plc Ord GBP 0.11 1,492,393 20,000 Eiffage SA Com EUR 4.00 1,487,094 76,750 Veolia Environnement SA Com EUR 5.00 1,423,484 37,507 Service Corp International Com USD 1.00 1,412,076 9,458 Norfolk Southern Corp Com USD 1.00 1,297,514 79,253 Deutsche Telekom AG Com NPV 1,207,180 46,381 Williams Cos Inc Com USD 1.00 999,765 7,750,000 China Tower Corp Ltd Com CNY 1.00 933,785 569,000 Centrica Plc Com GBP 0.06 916,460 384,279 Iren SpA Com EUR 1.00 820,458 88,507 E.ON SE Com NPV 817,084 9,750 American Water Works Co Inc Com USD 0.01 810,270 21,548 Macquarie Infrastructure Corp Com USD 0.001 787,536 115,000 Iberdrola SA Com EUR 0.75 773,661 22,789 Bouygues SA Com EUR 1.00 765,804 54,882 Orange SA Com EUR 4.00 763,657 7,622 Kansas City Southern Com USD 0.01 696,776 11,383 CSX Corp Com USD 1.00 691,342 9,335 Xylem Inc Com USD 0.01 578,050 31,667 Zayo Group Holdings Inc Com USD 0.001 573,617 3,450 Canadian Pacific Railway Ltd Com NPV 570,041 39,555 Societa Iniziative Autostradali e Servizi SpA Com EUR 0.50 538,800 22,700 Kurita Water Industries Ltd Com NPV 508,800 40,000 Engie SA Com EUR 1.00 484,631 13,811 PG&E Corp Com NPV 470,118 42,809 Tele2 AB Com SEK 1.25 453,389 39,371 Getlink SE Com EUR 0.40 434,223 20,989 ASTM SpA Com NPV 427,111 724,074 Telecom Italia SpA RISP NPV 354,955 3,600 Crown Castle International Corp REIT USD 0.01 338,780

*This Fund launched on 11 June 2018, see note 24 for further details.

ANIMA Funds Plc 727 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Solution 2022-I

Largest Purchases

Principle Cost Amount EUR 4,835,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 4,834,378 4,335,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 4,333,578 3,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 3,508,790 3,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 3,209,151 127,000 iShares Core MSCI Europe UCITS ETF 3,057,317 2,800,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 2,807,504 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 2,507,440 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 2,500,447 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 2,003,159 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 2,001,097 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,999,223 110,400 AXA Rosenberg Pan-European Equity Alpha 1,931,475 126,000 ANIMA Europe Equity*/** 1,587,959 30,683 ANIMA Geo Italia** 775,839 7,500 Lyxor IBEX 35 DR UCITS ETF 703,861 5,200 AXA World Funds - Framlington Italy 548,046 40,000 iShares FTSE MIB UCITS ETF EUR Dist 451,728 375,000 Intesa Sanpaolo SpA 3.5% 17/01/2022 402,930 17,000 db x-trackers Spanish Equity UCITS ETF (Germany listed) 395,074 12,000 db x-trackers Spanish Equity UCITS ETF (Spain listed) 296,729

Largest Sales

Principle Proceeds Amount EUR 616,400 iShares Core MSCI Europe UCITS ETF 14,278,963 687,000 ANIMA Europe Equity*/** 8,302,509 225,000 AXA Rosenberg Pan-European Equity Alpha 3,721,400 3,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 3,503,200 37,100 Lyxor IBEX 35 DR UCITS ETF 3,411,365 3,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 3,203,030 131,142 ANIMA Geo Italia** 3,134,668 3,000,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 3,090,540 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 2,500,469 24,100 AXA World Funds - Framlington Italy 2,478,443 2,335,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 2,329,582 2,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,293,378 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 2,001,029 1,600,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2022 1,890,080 1,750,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,748,831 80,000 db x-trackers Spanish Equity UCITS ETF (Germany listed) 1,717,200 71,000 db x-trackers Spanish Equity UCITS ETF (Spain listed) 1,669,894 1,000,000 Telefonaktiebolaget LM Ericsson 0.875% 01/03/2021 1,004,855 840,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 885,905 750,000 TDC A 3.75% 02/03/2022 787,575 700,000 Fiat Chrysler Finance Europe SA 4.75% 22/03/2021 779,772

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR SpA.

ANIMA Funds Plc 728 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Solution 2022-II

All Purchases

Principle Cost Amount EUR 5,200,000 Spain Letras del Tesoro Zero Coupon 17/08/2018 5,213,001 5,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 4,998,059 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 4,007,211 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 3,998,790 3,350,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2018 3,349,421 3,325,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 3,331,757 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 2,003,159 163,000 iShares FTSE MIB UCITS ETF EUR Dist 1,851,407 5,000 AXA World Funds - Framlington Italy 527,850

All Sales

Principle Proceeds Amount EUR 472,000 ANIMA Geo Italia* 11,545,898 750,000 iShares FTSE MIB UCITS ETF EUR Dist 9,585,749 86,000 AXA World Funds - Framlington Italy 9,439,750 333,500 Lyxor FTSE MIB UCITS ETF 7,376,142 5,200,000 Spain Letras del Tesoro Zero Coupon 17/08/2018 5,204,432 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 4,001,748 3,325,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 3,325,033 2,900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,899,391 2,250,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2022 2,657,368 2,100,000 Italy Buoni Poliennali Del Tesoro 1.2% 01/04/2022 2,114,725 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 2,000,728 1,700,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 1,750,891 1,050,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 1,116,515 1,050,000 Credit Suisse Group Funding Guernsey Ltd 1.25% 14/04/2022 1,069,401 850,000 ABN AMRO Bank NV 7.125% 06/07/2022 1,050,663 900,000 Fiat Chrysler Finance Europe SA 4.75% 22/03/2021 996,830 950,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 948,780 900,000 Criteria Caixa SAU 1.625% 21/04/2022 916,353 800,000 TDC A/S 3.75% 02/03/2022 840,080 800,000 ThyssenKrupp AG 1.375% 03/03/2022 807,688 800,000 Telefonaktiebolaget LM Ericsson 0.875% 01/03/2021 800,472

*The Indicated holding is managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 729 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Solution 2022-III

Largest Purchases

Principle Cost Amount EUR 3,850,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 3,848,729 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 2,003,624 95,000 iShares STOXX Europe Select Dividend 30 UCITS ETF 1,623,797 36,000 SPDR S&P US Dividend Aristocrats UCITS ETF 1,548,294 1,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 1,502,369 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 1,203,432 51,500 iShares Euro Dividend UCITS ETF EUR Dist 1,161,799 38,000 iShares MSCI USA Dividend IQ UCITS ETF 1,071,791 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 1,001,966 16,000 SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF 631,465 500,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 518,575 300,000 Italy Buoni Poliennali Del Tesoro 9% 01/11/2023 429,951 14,000 iShares Asia Pacific Dividend UCITS ETF USD Dist 344,783 5,000 SPDR S&P Emerging Markets Dividend UCITS ETF 73,002 10,000 ANIMA Smart Dividends Europe*/** 51,190

Largest Sales

Principle Proceeds Amount EUR 124,000 SPDR S&P US Dividend Aristocrats UCITS ETF 5,373,645 277,000 iShares STOXX Europe Select Dividend 30 UCITS ETF 4,488,977 2,150,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,144,896 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 2,001,511 1,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 1,500,221 53,000 iShares Asia Pacific Dividend UCITS ETF USD Dist 1,271,134 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 1,200,729 53,000 iShares Euro Dividend UCITS ETF EUR Dist 1,075,670 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 1,000,623 30,000 iShares MSCI USA Dividend IQ UCITS ETF 795,361 350,000 Spain Government Bond 5.4% 31/01/2023 434,844 10,000 SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF 388,566 25,000 SPDR S&P Emerging Markets Dividend UCITS ETF 352,204 200,000 CNH Industrial Finance Europe SA 2.875% 27/09/2021 217,692 200,000 Kinder Morgan Inc 1.5% 16/03/2022 205,836 150,000 DS Smith Plc 2.25% 16/09/2022 157,226 150,000 Yorkshire Building Society 1.25% 17/03/2022 154,319

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR SpA.

ANIMA Funds Plc 730 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Solution 2023-I

Largest Purchases

Principle Cost Amount EUR 55,081 AXA World Funds - Global Inflation Bonds 8,431,214 712,037 ANIMA Fix Obbligazionario Globale** 7,958,088 828,545 ANIMA Risparmio** 6,302,430 1,107,899 ANIMA Star Bond*/** 6,021,921 39,339 AXA World Funds - Euro Credit Short Duration 5,351,960 223,382 AB FCP I - Emerging Markets Debt Portfolio 4,739,650 457,531 ANIMA Fix Imprese** 4,277,870 318,000 ANIMA Europe Equity*/** 3,971,943 18,550 AXA World Funds - Global High Yield Bonds 3,686,320 59,000 db x-trackers MSCI Europe Index UCITS ETF 3,373,422 126,500 iShares MSCI Europe UCITS ETF EUR Dist 3,045,549 140,000 AB SICAV I - European Equity Portfolio 3,021,370 137,359 AB SICAV I - Short Duration High Yield Portfolio 2,575,200 411,008 ANIMA Short Term Corporate Bond*/** 2,321,176 88,355 ANIMA Fix High Yield** 1,248,982 39,488 ANIMA Geo Italia** 966,159 28,500 AB SICAV I - Eurozone Equity Portfolio 843,225 86,000 ANIMA Euro Equity*/** 710,887 2,500 AXA World Funds - Framlington Eurozone 639,820 100,000 ANIMA High Yield Bond*/** 500,000

Largest Sales

Principle Proceeds Amount EUR 889,856 ANIMA Europe Equity*/** 10,749,071 480,637 AB SICAV I - European Equity Portfolio 9,696,657 169,126 db x-trackers MSCI Europe Index UCITS ETF 9,231,577 382,989 iShares MSCI Europe UCITS ETF EUR Dist 8,818,363 24,250 AXA World Funds - Global Inflation Bonds 3,745,570 129,663 AB SICAV I - Eurozone Equity Portfolio 3,644,927 18,550 AXA World Funds - Global High Yield Bonds 3,630,925 302,000 ANIMA Fix Obbligazionario Globale** 3,412,984 331,762 ANIMA Euro Equity*/** 2,607,533 10,263 AXA World Funds - Framlington Eurozone 2,484,362 170,938 ANIMA Iniziativa Europa** 2,336,431 17,000 AXA World Funds - Euro Credit Short Duration 2,314,210 198,000 ANIMA Fix Imprese** 1,857,238 77,876 ANIMA Geo Italia** 1,803,322 327,500 ANIMA Star Bond*/** 1,800,585 235,000 ANIMA Risparmio** 1,797,280 90,887 AB SICAV I - Short Duration High Yield Portfolio 1,699,105 76,000 AB FCP I - Emerging Markets Debt Portfolio 1,601,300 6,500 AXA World Funds - Framlington Italy 1,486,592 60,400 ANIMA Fix High Yield** 846,191 143,000 ANIMA Short Term Corporate Bond*/** 807,778

*The indicated holdings are cross holdings in the Company. **The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 731 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Solution EM*

Largest Purchases

Principle Cost Amount EUR 43,000 AXA World Funds - Framlington Emerging Markets 4,778,861 717,500 ANIMA Emerging Markets Equity**/*** 4,760,428 96,695 AB FCP I - Emerging Markets Growth Portfolio 4,657,055 28,374 AXA World Funds - Global Inflation Bonds 4,345,202 671,751 ANIMA Star Bond**/*** 3,642,567 296,552 ANIMA Fix Obbligazionario Globale*** 3,338,250 22,925 AXA World Funds - Euro Credit Short Duration 3,118,435 131,659 AB FCP I - Emerging Markets Debt Portfolio 2,776,001 362,120 ANIMA Risparmio*** 2,762,119 346,145 ANIMA Pacifico*** 2,758,829 63,000 iShares MSCI EM UCITS ETF 2,361,126 232,696 ANIMA Fix Imprese*** 2,177,095 10,917 AXA World Funds - Global High Yield Bonds 2,173,345 125,350 ANIMA Emergenti*** 1,666,625 361,500 Amundi MSCI Emerging Markets UCITS ETF 1,520,060 241,386 ANIMA Short Term Corporate Bond**/*** 1,363,344 61,000 Lyxor MSCI Eastern Europe ex Russia UCITS ETF 1,343,218 169,511 ANIMA Geo Paesi Emergenti*** 1,336,636 76,340 ANIMA Fix High Yield*** 1,078,258 55,620 AB SICAV I - Short Duration High Yield Portfolio 1,045,659 81,000 Amundi Msci EM Latin America UCITS ETF 1,042,800 197,000 Amundi Msci Emerging Markets UCITS ETF 817,976 28,000 Amundi Msci EM Asia UCITS ETF 812,939

Largest Sales

Principle Proceeds Amount EUR 520,045 ANIMA Emerging Markets Equity**/*** 3,170,848 29,657 AXA World Funds - Framlington Emerging Markets 2,917,718 63,135 AB FCP I - Emerging Markets Growth Portfolio 2,458,295 10,917 AXA World Funds - Global High Yield Bonds 2,116,572 246,265 ANIMA Pacifico*** 1,869,262 376,183 Amundi Msci Emerging Markets UCITS ETF 1,408,314 42,388 iShares MSCI EM UCITS ETF 1,401,013 169,511 ANIMA Geo Paesi Emergenti*** 1,336,930 93,209 Amundi Msci EM Latin America UCITS ETF 1,177,807 84,649 ANIMA Emergenti*** 1,013,581 42,696 Lyxor MSCI Eastern Europe ex Russia UCITS ETF 880,659 29,270 Amundi Msci EM Asia UCITS ETF 763,426 35,400 ANIMA Fix High Yield*** 501,016 100,000 ANIMA High Yield Bond**/*** 498,490 3,000 AXA World Funds - Global Inflation Bonds 466,080 3,000 AXA World Funds - Euro Credit Short Duration 407,550 35,000 ANIMA Fix Obbligazionario Globale*** 398,755 20,000 AB SICAV I - Short Duration High Yield Portfolio 374,000 40,000 ANIMA Risparmio*** 304,800 40,000 ANIMA Star Bond**/*** 217,876

*This Fund launched on 7 February 2018, see note 24 for further details. **The indicated holdings are cross holdings in the Company. ***The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 732 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) PRIMA Bond 2017 Crescita Imprese*

All Purchases

Principle Cost Amount EUR 350,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 29/03/2018 350,347 300,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 13/07/2018 300,609 250,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2018 250,297 100,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 13/04/2018 100,134

All Sales

Principle Proceeds Amount EUR 700,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/02/2018 700,148 600,000 Italy Certificati di Credito Del Tesoro Zero Coupon 28/03/2018 600,595 500,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/03/2018 500,366 250,000 Italy Buoni Poliennali Del Tesoro 4.500% 01/02/2018 250,073

*This Fund converted into ANIMA Liquidity during the financial year, see note 24 for further details.

ANIMA Funds Plc 733 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Traguardo 2017 Global Bonds*

All Purchases

Principle Cost Amount EUR 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/05/2018 1,001,374 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 1,001,192 100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/04/2018 100,118 100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2018 100,101

All Sales

Principle Proceeds Amount EUR 900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2018 900,382 850,000 Italy Certificati di Credito del Tesoro Zero Coupon 28/03/2018 850,453 830,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2018 830,067 500,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/02/2018 500,440 500,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 15/01/2018 500,120

*This Fund converted into ANIMA Liquidity during the financial year, see note 24 for further details.

ANIMA Funds Plc 734 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Attiva Cedola Plus 2018*

All Purchases

Principle Cost Amount EUR 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 5,501,230 3,943,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 3,941,982 3,940,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 3,941,542 2,637,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/12/2018 2,640,771 2,637,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/11/2019 2,638,134 2,637,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/12/2018 2,637,408 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,199,549 47,589 ANIMA Short Term Bond**/*** 267,803 38,145 ANIMA Star Bond (Class I)**/*** 213,542 11,927 ANIMA Global Equity**/*** 152,102 17,659 ANIMA Emerging Markets Equity**/**** 117,206 6,739 ANIMA Europe Equity**/*** 86,193 10,238 ANIMA Star High Potential Europe**/*** 78,070 5,308 ANIMA Fix High Yield*** 75,000

All Sales

Principle Proceeds Amount EUR 5,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 5,502,176 3,943,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 3,943,559 3,940,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 3,940,381 2,637,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/11/2019 2,637,673 2,637,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/12/2018 2,637,369 1,901,900 Italy Buoni Poliennali del Tesoro Zero Coupon 01/11/2018 1,901,798 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,200,527 1,140,000 Italy Certificati di Credito del Tesoro FRN 01/11/2018 1,150,029 951,000 Italy Buoni Poliennali del Tesoro 1.7% 15/09/2018 997,780 63,042 ANIMA Global Equity**/*** 797,830 64,035 ANIMA Europe Equity**/*** 782,945 104,294 ANIMA Short Term Bond**/*** 584,315 542,000 Italy Buoni Poliennali del Tesoro 3.5% 01/12/2018 558,375 86,080 ANIMA Emerging Markets Equity**/*** 549,814 93,256 ANIMA Star Bond (Class I)**/*** 512,350 24,279 ANIMA Fix High Yield*** 335,654 25,262 ANIMA Star High Potential Europe **/*** 193,958 100 ANIMA Star Bond**/*** 469

*Please refer to note 24 to the financial statements for details of Fund termination during the financial period **The indicated holdings are cross holdings in the Company. ***The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 735 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA Cedola BRIC 2018*

All Purchases

Principle Cost Amount EUR 1,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2018 1,100,618 900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 900,922 700,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2018 700,324 679,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2018 679,609 670,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/04/2018 670,729 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 501,190 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2018 500,585

All Sales

Principle Proceeds Amount EUR 2,200,000 Reverse Triparty Repurchase Agreement (J.P. Morgan) 2,200,000 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2018 1,000,084 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2018 500,098 400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2018 400,004 160,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2018 160,054

*This Fund converted into ANIMA Liquidity during the financial year, see note 24 for further details.

ANIMA Funds Plc 736 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Italian Bond

All Purchases

Principle Cost Amount EUR 2,070,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 2,058,886 1,880,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 1,872,236 1,760,000 Italy Buoni Poliennali Del Tesoro 0.7% 01/05/2020 1,744,299 1,360,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 1,355,681 1,000,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 1,060,376 900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 898,864 600,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 (Germany listed) 534,527 600,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 (Italy listed) 531,220 250,000 Italy Certificati di Credito del Tesoro FRN 15/09/2025 230,788

All Sales

Principle Proceeds Amount EUR 3,820,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2022 4,230,966 4,010,000 Italy Certificati di Credito del Tesoro 0.429% 15/07/2023 3,767,473 3,020,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 3,333,116 2,680,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 2,957,803 2,490,000 Italy Buoni Poliennali Del Tesoro 2% 01/12/2025 2,419,063 2,290,000 Italy Buoni Poliennali Del Tesoro 1.25% 15/09/2032 2,319,047 2,260,000 Italy Certificati di Credito del Tesoro FRN 15/02/2024 2,148,511 1,540,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 1,775,484 920,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 1,117,484 1,000,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 1,109,960 980,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 1,019,272 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 997,340 900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 897,145 810,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 795,469 600,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 754,565 460,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 448,836 290,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 339,678 250,000 Italy Certificati di Credito del Tesoro FRN 15/09/2025 227,030

ANIMA Funds Plc 737 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Italian Equity

Largest Purchases

Principle Cost Amount EUR 241,085 Mediobanca Banca di Credito Finanziario SpA Com EUR 0.50 2,007,948 2,410,915 Beni Stabili SpA SIIQ Reits EUR 0.10 1,760,057 55,750 UniCredit SpA Com NPV 820,035 177,000 Terna Rete Elettrica Nazionale SpA Com EUR 0.22 814,535 338,000 Banco BPM SpA Com NPV 813,070 384,467 Iren SpA Com EUR 1.00 795,116 295,000 Mediaset SpA Com EUR 0.52 793,115 162,459 Enav SpA Com NPV 691,351 188,000 Snam SpA Com NPV 680,184 350,000 Saras SpA Com NPV 646,489 25,000 MARR SpA Com EUR 0.50 609,433 59,500 FinecoBank Banca Fineco SpA Com EUR 0.33 579,786 231,000 Intesa Sanpaolo SpA Com NPV 541,461 75,500 Infrastrutture Wireless Italiane SpA Com NPV 493,206 775,304 FNM SpA Com NPV 477,921 21,782 Banca Generali SpA Com EUR 1.00 474,463 74,215 Banca Mediolanum SpA Com EUR 0.10 461,315 42,000 Fine Foods & Pharmaceuticals NTM Com NPV 429,767 102,500 Saipem SpA Com NPV 413,352 13,891 Sesa SpA Com NPV 377,234 31,370 Buzzi Unicem SpA Pref EUR 0.60 318,774 34,000 Cerved Group SpA Com NPV 300,014 31,989 Openjobmetis agenzia per il lavoro SpA Com EUR 1.00 283,468 58,646 RAI Way SpA Com NPV 269,696 20,000 Societa Iniziative Autostradali e Servizi SpA Com EUR 0.50 258,334 88,664 Pininfarina SpA Com EUR 1.00 254,620 91,159 Aeffe SpA Com EUR 0.25 249,507 160,000 A2A SpA Com EUR 0.52 239,993 75,000 Ascopiave SpA Com EUR 1.00 232,804 43,665 Banca Farmafactoring SpA Com NPV 229,352 14,000 Eni SpA Com NPV 227,362 152,000 Acsm - Agam SpA Com EUR 1.00 222,253 3,750 EXOR NV Com EUR 0.01 219,910

ANIMA Funds Plc 738 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Italian Equity (continued)

Largest Sales

Principle Proceeds Amount EUR 68,021 Eni SpA Com NPV 1,019,191 82,673 Mediobanca Banca di Credito Finanziario SpA Com EUR 0.50 679,093 137,601 Enel SpA Com EUR 1.00 678,378 208,579 Intesa Sanpaolo SpA Pref NPV 619,374 38,615 UniCredit SpA Com NPV 584,236 241,862 Intesa Sanpaolo SpA Com NPV 557,448 34,100 Assicurazioni Generali SpA Com NPV 1.00 518,428 9,072 EXOR NV Com EUR 0.01 515,642 104,395 Terna Rete Elettrica Nazionale SpA Com EUR 0.22 489,057 124,599 Snam SpA Com NPV 468,056 44,460 FinecoBank Banca Fineco SpA Com EUR 0.33 438,074 28,000 Vittoria Assicurazioni SpA Com NPV 390,374 134,062 Mediaset SpA Com EUR 0.52 361,575 13,129 Atlantia SpA Com EUR 1.00 338,192 2,884 DiaSorin SpA Com EUR 1.00 275,800 5,537 Luxottica Group SpA Com EUR 0.06 273,612 18,815 Tenaris SA Com EUR 1.00 259,756 125,143 Iren SpA Com EUR 1.00 258,883 23,519 CNH Industrial NV Com EUR 0.01 235,970 402,371 Telecom Italia SpA Pref NPV 224,119 290,000 Beni Stabili SpA SIIQ Reits EUR 0.10 224,065 12,700 Fiat Chrysler Automobiles NV Com EUR 0.01 216,987 288,500 Telecom Italia SpA Com NPV 213,745 39,000 Saipem SpA Com NPV 186,260 6,773 MARR SpA Com EUR 0.50 176,644 22,699 Poste Italiane SpA Com EUR 1.00 171,277 77,748 Saras SpA Com NPV 139,744 3,650 Recordati SpA Com EUR 0.13 118,716

ANIMA Funds Plc 739 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial period ended 31 December 2018 (Unaudited) ANIMA High Yield Bond*

Largest Purchases

Principle Cost Amount EUR 71,164 ANIMA Fix High Yield** 1,000,000 500,000 Gamenet Group SpA FRN 27/04/2023 500,000 400,000 Intesa Sanpaolo SpA 7% 29/12/2049 431,460 400,000 Banco Santander SA 4.75% 31/12/2099 396,548 300,000 InterXion Holding NV 4.75% 15/06/2025 308,495 250,000 Pinnacle Bidco Plc 6.375% 15/02/2025 288,539 200,000 Caixa Geral de Depositos SA 10.75% 31/12/2099 227,500 200,000 Banco de Sabadell SA 6.5% 31/12/2099 214,750 200,000 UniCredit SpA 6.75% 29/12/2049 209,000 200,000 Intesa Sanpaolo Vita SpA 4.75% 31/12/2049 208,400 200,000 NIBC Bank NV 6% 31/12/2099 206,000 200,000 Ibercaja Banco SA 7% 31/12/2099 203,740 200,000 Eagle Intermediate Global Holding BV/Ruyi US Finance LLC 5.375% 01/05/2023 203,625 200,000 Kraton Polymers LLC 5.25% 15/05/2026 202,500 200,000 Banca Monte dei Paschi di Siena SpA 3.625% 01/04/2019 202,324 200,000 Volkswagen International Finance NV 3.5% 29/12/2049 202,000 200,000 Blitz F18-674 GmbH 6% 30/07/2026 201,220 200,000 CaixaBank SA 5.25% 29/09/2049 198,480 200,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 193,302 200,000 3AB Optique Developpement SAS 4% 01/10/2023 189,960 200,000 Credit Agricole SA FRN 29/12/2049 183,500 200,000 ING Groep NV FRN 29/06/2049 176,790 200,000 Barclays Plc 7.75% 31/12/2099 172,533 200,000 HSBC Holdings Plc 6.25% 31/12/2099 166,910 200,000 Aegon NV FRN 29/07/2049 164,540 150,000 Wagamama Finance PLC 4.125% 01/07/2022 164,516 150,000 UGI International LLC 3.25% 01/11/2025 150,750 150,000 Kronos International Inc 3.75% 15/09/2025 145,980

Largest Sales

Principle Proceeds Amount EUR 400,000 Gamenet Group SpA FRN 27/04/2023 402,000 200,000 Intesa Sanpaolo SpA 7% 29/12/2049 213,500 200,000 Banco de Sabadell SA 6.5% 31/12/2099 204,200 200,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 190,321 200,000 Banco Santander SA 4.75% 31/12/2099 188,500 200,000 CaixaBank SA 5.250% 31/12/2099 184,750 200,000 Barclays Plc 7.75% 31/12/2099 171,411 200,000 HSBC Holdings Plc 6.25% 31/12/2099 170,535 150,000 Wagamama Finance Plc 4.125% 01/07/2022 168,556 150,000 Kronos International Inc 3.75% 15/09/2025 143,438 200,000 HSBC Bank Plc FRN 29/07/2049 129,351 100,000 Telecom Italia Finance SA 7.75% 24/01/2033 122,000 100,000 CNH Industrial Finance Europe SA 2.875% 17/05/2023 107,130 100,000 ZF North America Capital Inc 2.75% 27/04/2023 106,760 100,000 ZF North America Capital Inc 2.75% 27/04/2023 101,940 100,000 Cyprus Government International Bond 2.375% 25/09/2028 100,500 100,000 Pizzaexpress Financing 2 Plc 6.625% 01/08/2021 99,571 100,000 Haya Finance 2017 SA 5.25% 15/11/2022 91,000 100,000 Galapagos Holding SA 7% 15/06/2022 48,500 100,000 Cooperativa Muratori & Cementisti-CMC di Ravenna SC 6% 15/02/2023 38,000

*This Fund launched on 13 April 2018, see note 24 for further details. **The indicated holding is managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 740 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Bond 2022 Opportunities*

Largest Purchases

Principle Cost Amount EUR 3,000,000 Bundesobligation 0.250% 16/10/2020 3,057,960 2,500,000 Bundesobligation Zero Coupon 08/04/2022 2,540,730 1,500,000 Hellenic Republic Government Bond 4.750% 17/04/2019 1,564,200 1,500,000 Dexia Credit Local SA 0.404% 12/02/2019 1,486,875 1,000,000 Italy Buoni Poliennali Del Tesoro 4.500% 01/02/2020 1,055,620 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 3.250% 15/04/2022 1,043,000 1,000,000 Italy Buoni Poliennali Del Tesoro 2.300% 15/10/2021 1,019,950 1,000,000 Banco BPM SpA 2.750% 27/07/2020 1,008,220 1,000,000 Pirelli & C SpA 0.390% 26/09/2020 1,000,000 1,000,000 Thyssenkrupp AG 1.375% 03/03/2022 993,750 1,000,000 Italy Buoni Poliennali Del Tesoro 0.350% 15/06/2020 990,020 700,000 OI European Group BV 6.750% 15/09/2020 809,375 800,000 Obrascon Huarte Lain SA 7.625% 15/03/2020 808,760 700,000 Casino Guichard Perrachon SA 4.561% 25/01/2023 692,650 700,000 Teva Pharmaceutical Finance Netherlands II BV 0.375% 25/07/2020 690,900 500,000 Bank of Ireland 1Zero Coupon 19/12/2022 664,900 700,000 Wind Tre SpA 2.625% 20/01/2023 663,600 600,000 Telecom Italia SpA 5.250% 10/02/2022 663,600 700,000 Tullow Oil PLC 6.000% 01/11/2020 576,127 500,000 Intesa Sanpaolo SpA 7.000% 29/12/2049 516,875 500,000 Titan Global Finance PLC 4.250% 10/07/2019 512,750 500,000 eDreams ODIGEO SA 5.500% 01/09/2023 506,250 500,000 Banca Monte dei Paschi di Siena SpA 3.625% 01/04/2019 505,510 500,000 Algeco Scotsman GL 9% 15/10/18 501,750 500,000 UGI International LLC 3.250% 01/11/2025 500,000 600,000 EnQuest PLC 7.000% 15/04/2022 491,522 500,000 Almaviva-The Italian Innovation Co SpA 7.250% 15/10/2022 490,000 500,000 L Brands Inc 5.625% 15/02/2022 446,606 400,000 Thomas Cook Group PLC 6.250% 15/06/2022 411,000 500,000 Aleris International Inc 7.875% 01/11/2020 403,373 400,000 Intrum AB 2.750% 15/07/2022 392,600 400,000 Senvion Holding GmbH 3.875% 25/10/2022 345,920 300,000 Worldpay Finance PLC 3.750% 15/11/2022 325,899 300,000 Garfunkelux Holdco 3 SA 8.500% 01/11/2022 325,457 300,000 United Group BV 4.375% 01/07/2022 310,770 300,000 Saipem Finance International BV 2.750% 05/04/2022 306,225 300,000 Casino Guichard Perrachon SA 4.407% 06/08/2019 304,800

*ANIMA Bond 2020 Opportunities changed its name to ANIMA Bond 2022 Opportunities, see note 24 for further details.

ANIMA Funds Plc 741 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Bond 2022 Opportunities* (continued)

Largest Sales

Principle Proceeds Amount EUR 3,000,000 Bundesobligation 0.250% 16/10/2020 3,052,260 2,500,000 Bundesobligation Zero Coupon 08/04/2022 2,541,675 1,500,000 Hellenic Republic Government Bond 4.750% 17/04/2019 1,517,250 1,000,000 Boparan Finance PLC 5.250% 15/07/2019 1,104,007 1,000,000 Banco BPM SpA 2.750% 27/07/2020 1,006,500 1,000,000 Dexia Credit Local SA 0.404% 12/02/2019 997,100 1,000,000 Italy Buoni Poliennali Del Tesoro 0.350% 15/06/2020 995,380 1,000,000 Pirelli & C SpA 0.390% 26/09/2020 984,500 1,000,000 Teva Pharmaceutical Finance Netherlands II BV 0.375% 25/07/2020 983,750 900,000 Tereos Finance Groupe I SA 4.250% 04/03/2020 880,450 650,000 CNH Industrial Finance Europe SA 2.750% 18/03/2019 663,520 600,000 Telecom Italia SpA 4.875% 25/09/2020 643,716 500,000 BPCE SA 12.500% 29/09/2049 556,295 500,000 National Bank of Greece SA 2.750% 19/10/2020 512,500 500,000 Allergan Funding SCS 0.034% 01/06/2019 500,405 500,000 Vallourec SA 3.250% 02/08/2019 500,275 500,000 L Brands Inc 5.625% 15/02/2022 448,724 500,000 Aleris International Inc 7.875% 01/11/2020 414,963 400,000 Origin Energy Finance Ltd 2.875% 11/10/2019 411,500 400,000 Solvay Finance SA 4.199% 31/12/2049 406,000 500,000 Casino Guichard Perrachon SA 4.870% 31/12/2049 337,500 300,000 Garfunkelux Holdco 3 SA 7.500% 01/08/2022 267,450 250,000 Credit Agricole SA 8.375% 29/10/2049 226,816 200,000 Arkema SA 4.750% 29/10/2049 210,660

*ANIMA Bond 2020 Opportunities changed its name to ANIMA Bond 2022 Opportunities, see note 24 for further details.

ANIMA Funds Plc 742 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Global Macro

Largest Purchases

Principle Cost Amount EUR 31,240,000 Spain Letras del Tesoro Zero Coupon 18/01/2019 31,353,149 38,177,000 United States Treasury Inflation Indexed Bonds 0.125% 15/07/2026 31,227,646 27,429,000 United States Treasury Inflation Indexed Bonds 1.750% 15/01/2028 29,364,403 24,900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 24,981,644 28,778,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 23,554,106 12,897,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 14,477,821 22,258,000 Australia Government Bond 0.75% 21/11/2027 14,308,505 8,671,000 United Kingdom Gilt 4.25% 07/12/2027 12,344,531 10,607,000 United States Treasury Inflation Indexed Bonds 2.375% 15/01/2027 12,265,993 1,480,300,000 Japanese Government CPI Linked Bond 0.1% 10/03/2026 11,923,664 1,459,300,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 11,836,788 9,029,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 11,803,273 7,964,000 United Kingdom Gilt Inflation Linked 0.125% 22/03/2026 11,247,608 9,142,000 Spain Government Inflation Linked Bond 1.8% 30/11/2024 10,844,143 4,812,000 United Kingdom Gilt Inflation Linked 1.25% 22/11/2027 10,248,096 8,994,214 France Government Bond OAT 0.1% 01/03/2025 9,819,296 8,986,000 Italy Buoni Poliennali Del Tesoro 1.3% 15/05/2028 9,533,161 10,511,000 United States Treasury Inflation Indexed Bonds 0.375% 15/07/2025 8,693,472 9,838,000 United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 8,227,590 6,556,000 Canadian Government Real Return Bond 3% 01/12/2036 7,697,170 5,573,000 France Government Bond OAT 1.85% 25/07/2027 7,619,149 7,470,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 12/10/2018 7,482,397 7,390,000 Spain Letras del Tesoro Zero Coupon 16/11/2018 7,409,067 6,840,000 Spain Government Inflation Linked Bond 0.65% 30/11/2027 7,389,778 492,930 Invesco Bloomberg Commodity UCITS ETF 7,143,159 5,813,000 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 6,926,142 120,860 UBS ETFs plc - CMCI Composite SF UCITS ETF 6,580,543 6,000,000 Spain Letras del Tesoro Zero Coupon 10/05/2019 6,020,615 5,635,000 Bundesrepublik Deutschland Bundesanleihe 0.5% 15/08/2027 5,744,337 710,000,000 Japan Government Ten Year Bond 0.1% 20/12/2026 5,544,370 4,554,000 United States Treasury Inflation Indexed Bonds 2.125% 15/02/2040 5,367,257 8,840,000 Canadian Government Bond 1% 01/06/2027 5,286,875 6,485,000 Australia Government Bond 4.75% 21/04/2027 4,869,630 44,700 Invesco Physical Gold ETC 4,704,091 5,129,000 Australia Government Bond 3% 20/09/2025 4,661,135

ANIMA Funds Plc 743 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Global Macro (continued)

Largest Sales

Principle Proceeds Amount EUR 35,447,000 United States Treasury Inflation Indexed Bonds 0.125% 15/07/2026 29,606,714 24,467,000 United States Treasury Inflation Indexed Bonds 1.75% 15/01/2028 26,660,442 26,050,000 Spain Letras del Tesoro Zero Coupon 18/01/2019 26,128,081 24,900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 24,955,384 28,229,000 United States Treasury Inflation Indexed Bonds 0.375% 15/01/2027 23,595,158 2,159,479,960 Japanese Government CPI Linked Bond 0.1% 10/03/2026 17,601,776 1,943,900,000 Japanese Government CPI Linked Bond 0.1% 10/03/2027 15,937,254 22,000,000 Australia Government Bond 0.75% 21/11/2027 14,121,672 12,058,000 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 13,635,215 13,230,000 Spain Letras del Tesoro Zero Coupon 16/11/2018 13,257,121 8,905,000 United Kingdom Gilt 4.25% 07/12/2027 12,641,266 12,130,000 Spain Letras del Tesoro Zero Coupon 09/03/2018 12,139,452 10,152,000 United States Treasury Inflation Indexed Bonds 2.375% 15/01/2027 11,795,179 8,305,000 United Kingdom Gilt Inflation Linked 0.125% 22/03/2026 11,727,331 11,680,000 Spain Letras del Tesoro Zero Coupon 17/08/2018 11,709,035 11,690,000 Bilhetes do Tesouro Zero Coupon 18/05/2018 11,704,369 8,824,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 11,343,776 9,002,000 Spain Government Inflation Linked Bond 1.8% 30/11/2024 10,764,912 12,221,000 United States Treasury Inflation Indexed Bonds 0.375% 15/07/2025 10,131,503 11,438,000 United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 9,582,010 4,407,000 United Kingdom Gilt Inflation Linked 1.25% 22/11/2027 9,372,437 7,817,000 Canadian Government Real Return Bond 3% 01/12/2036 9,300,669 8,299,214 France Government Bond OAT 0.1% 01/03/2025 9,132,982 8,493,000 Italy Buoni Poliennali Del Tesoro 1.3% 15/05/2028 8,837,661 6,354,000 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 7,650,739 137,300 UBS ETFs plc - CMCI Composite SF UCITS ETF 7,530,793 6,112,000 United States Treasury Inflation Indexed Bonds 2.125% 15/02/2040 7,431,072 5,164,000 France Government Bond OAT 1.850% 25/07/2027 7,129,831 83,530 iShares USD High Yield Corp Bond UCITS ETF 7,025,312 6,159,000 Spain Government Inflation Linked Bond 0.65% 30/11/2027 6,755,931 5,840,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 5,856,710 6,553,000 United States Treasury Inflation Indexed Bonds 0.75% 15/02/2045 5,609,913 710,000,000 Japan Government Ten Year Bond 0.1% 20/12/2026 5,497,243 6,122,000 Australia Government Bond 3% 20/09/2025 5,486,700

ANIMA Funds Plc 744 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2023-I

All Purchases*

Largest Sales

Principle Proceeds Amount EUR 11,265 ArcelorMittal Com NPV 309,395 9,000 Industria de Diseno Textil SA Com EUR 0.03 230,547 25,628 Iberdrola SA Com EUR 0.75 163,785 5,350 Cellnex Telecom SA Com EUR 0.25 119,064 8,051 Siemens Gamesa Renewable Energy SA Com EUR 0.17 100,757 12,500 Telefonica SA Com EUR 1.00 95,850 47,100 Banco de Sabadell SA Com EUR 0.125 86,816 2,333 Koninklijke Philips NV Com EUR 0.20 76,796 1,700 LafargeHolcim Ltd Com CHF 2.00 67,667 1,325 TOTAL SA Com EUR 2.50 60,042 6,391 Acerinox SA Com EUR 0.25 56,753 900 Anheuser-Busch InBev SA/NV Com NPV 56,557 92 Puma SE Com NPV 46,902 600 Amadeus IT Group SA Com EUR 0.01 44,393 9,750 CaixaBank SA Com EUR 1.00 41,393 1,609 Tecnicas Reunidas SA Com EUR 0.10 38,164 1,305 Repsol SA Com EUR 1.00 22,160 3,615 Banco de Sabadell SA Com EUR 0.125 14,730 17,916 Distribuidora Internacional de Alimentacion SA Com EUR 0.10 13,886 231 ACS Actividades de Construccion y Servicios SA Com EUR 0.50 8,540

*There were no purchases during the financial year.

ANIMA Funds Plc 745 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2023-II

All Purchases*

All Sales

Principle Proceeds Amount EUR 3,629,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 4,097,846 3,356,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 3,881,270 2,422,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 3,103,345 1,272,000 Italy Buoni Poliennali Del Tesoro 0.95% 15/03/2023 1,222,233

*There were no purchases during the financial year.

ANIMA Funds Plc 746 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2023-III

All Purchases*

All Sales

Principle Proceeds Amount EUR 1,406,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 1,610,346 761,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 958,498 433,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 518,127 360,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 367,404 16,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 19,335

*There were no purchases during the financial year.

ANIMA Funds Plc 747 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2023-IV

All Purchases*

All Sales

Principle Proceeds Amount EUR 2,162,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 2,509,725 936,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 1,193,429 492,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 460,794 248,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 304,579 87,000 Italy Buoni Poliennali Del Tesoro 4.75% 10/08/2023 102,023

*There were no purchases during the financial year.

ANIMA Funds Plc 748 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2024-I

All Purchases

Principle Cost Amount EUR 19,500,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 22,787,229 21,358,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/04/2018 21,372,927 15,600,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 20,935,311 20,683,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 20,700,250 15,600,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 20,479,067 19,087,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2018 19,106,318 15,600,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 16,412,474 7,800,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 9,311,360 8,739,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/05/2018 8,749,448 4,124,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 4,129,928 3,900,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 3,836,054 3,729,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 3,735,419

All Sales

Principle Proceeds Amount EUR 21,426,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/04/2018 21,426,527 20,748,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2018 20,752,150 19,147,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2018 19,158,938 8,767,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/05/2018 8,772,699 4,138,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2018 4,141,660 3,742,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 3,746,538 1,707,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 1,900,536 167,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 155,332 55,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 68,876

ANIMA Funds Plc 749 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2024-II*

All Purchases

Principle Cost Amount EUR 24,625,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 28,637,064 26,535,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 26,551,401 19,700,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 26,242,444 19,700,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 25,683,668 25,481,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 25,501,683 23,947,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2018 23,969,753 14,775,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 17,372,983 14,775,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 15,533,492 10,464,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/08/2018 10,475,432 4,925,000 Italy Buoni Poliennali Del Tesoro 1.85% 15/05/2024 5,072,180 4,857,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 4,862,066 3,885,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 3,889,542

All Sales

Principle Proceeds Amount EUR 26,535,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/07/2018 26,535,221 25,481,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/07/2018 25,485,373 23,947,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2018 23,953,873 10,464,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/08/2018 10,468,835 4,857,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/09/2018 4,859,787 3,885,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 3,887,537 1,942,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 2,111,904 9,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 11,071

*This Fund launched on 14 March 2018, see note 24 for further details.

ANIMA Funds Plc 750 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2024-III*

All Purchases

Principle Cost Amount EUR 28,774,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 31,664,304 28,772,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 30,871,102 23,019,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 29,049,941 23,019,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 28,165,167 28,146,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 28,157,945 26,846,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 26,858,191 22,352,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2018 22,363,881 9,806,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/11/2018 9,811,575 5,755,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 5,810,700 5,755,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 5,615,662 5,028,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 5,029,249 4,402,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/12/2018 4,408,105

All Sales

Principle Proceeds Amount EUR 28,146,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/10/2018 28,146,166 26,846,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 26,847,641 22,352,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2018 22,359,392 9,806,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/11/2018 9,809,951 5,028,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 5,030,057 4,402,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/12/2018 4,404,615 644,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 693,734 16,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 19,655

*This Fund launched on 30 May 2018, see note 24 for further details.

ANIMA Funds Plc 751 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2024-IV*

All Purchases

Principle Cost Amount EUR 22,151,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 22,156,131 20,576,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/12/2018 20,582,493 19,519,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 19,520,393 16,087,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 16,096,156 15,170,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 15,179,278 12,698,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 12,704,040

All Sales

Principle Proceeds Amount EUR 22,151,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 22,157,894 20,576,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/12/2018 20,576,000 19,519,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 19,523,745 16,087,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 16,088,966 15,170,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 15,175,843 2,698,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 12,702,446

*This Fund launched on 5 September 2018, see note 24 for further details.

ANIMA Funds Plc 752 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Brightview 2024-V*

All Purchases

Principle Cost Amount EUR 250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 249,924

All Sales**

*This Fund launched on 21 November 2018, see note 24 for further details. **There were no sales during the financial year.

ANIMA Funds Plc 753 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Orizzonte Europa 2022

All Purchases

Principle Cost Amount EUR 308,000 CDP Reti SpA 1.875% 29/05/2022 302,302 304,000 FCA Bank SpA 1% 15/11/2021 301,908 294,000 Autostrada Brescia Verona Vicenza Padova SpA 2.375% 20/03/2020 297,643 260,000 Unione di Banche Italiane SpA 0.75% 17/10/2022 245,050 243,000 Mediobanca Banca di Credito Finanziario SpA 0.625% 27/09/2022 230,937 172,000 Unipol Gruppo SpA 4.375% 05/03/2021 179,568 144,000 Fiat Chrysler Finance Europe SA 4.75% 15/07/2022 157,320

All Sales

Principle Proceeds Amount EUR 2,244,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 2,569,607 1,747,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 2,059,066 1,540,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 1,955,459 1,801,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 1,846,428 1,245,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 1,510,141 324,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/09/2022 387,156

ANIMA Funds Plc 754 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Orizzonte Europa 2023 - Rendimento Bilanciato

All Purchases

Principle Cost Amount EUR 365,000 CDP Reti SpA 1.875% 29/05/2022 358,248 359,000 FCA Bank SpA 1% 15/11/2021 355,733 285,000 Unione di Banche Italiane SpA 0.75% 17/10/2022 268,613 257,000 Mediobanca Banca di Credito Finanziario SpA 0.625% 27/09/2022 244,243 203,000 Unipol Gruppo SpA 4.375% 05/03/2021 211,932 100,000 Autostrada Brescia Verona Vicenza Padova SpA 2.375% 20/03/2020 100,750

All Sales

Principle Proceeds Amount EUR 2,644,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 2,923,826 1,704,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 2,165,363 1,637,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 2,017,669 1,019,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 1,167,942 697,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 712,592 429,000 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2021 505,632

ANIMA Funds Plc 755 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Orizzonte Sostenibile 2023*

All Purchases

Principle Cost Amount EUR 59,946,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 71,723,606 47,957,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 65,608,086 59,946,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 62,419,946 35,968,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 42,629,644 23,978,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 32,246,324 24,000,000 Spain Government Bond 5.4% 31/01/2023 29,402,400 24,000,000 French Republic Government Bond OAT Zero Coupon 25/03/2023 24,146,400 11,989,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 12,841,280

All Sales

Principle Proceeds Amount EUR 33,104,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 36,061,101 10,331,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2022 10,366,337 5,000,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 4,797,921 2,852,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 3,109,207

*This Fund launched on 8 May 2018, see note 24 for further details.

ANIMA Funds Plc 756 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Orizzonte Benessere 2023*

All Purchases

Principle Cost Amount EUR 68,540,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 85,984,725 65,560,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 84,575,488 83,617,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/08/2018 83,643,766 74,500,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 83,542,213 79,128,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 14/09/2018 79,163,299 73,153,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 28/09/2018 73,189,108 59,600,000 Bundesrepublik Deutschland Bundesanleihe 1.5% 15/05/2023 64,691,310 32,839,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 12/10/2018 32,860,546 14,900,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 16,976,141 16,421,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/10/2018 16,429,510 14,900,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 14,720,591 11,941,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 14/11/2018 11,950,199 50,000 Italy Certificati di Credito Del Tesoro 0.429% 15/07/2023 47,351

All Sales

Principle Proceeds Amount EUR 83,617,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/08/2018 83,635,539 79,128,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 14/09/2018 79,155,320 73,153,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 28/09/2018 73,184,627 32,839,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 12/10/2018 32,857,400 16,421,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 31/10/2018 16,429,607 11,941,000 Italy Buoni Poliennali Del Tesoro Zero Coupon 14/11/2018 11,949,285 2,651,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 3,228,714 801,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 998,662 581,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 620,986 155,000 Bundesrepublik Deutschland Bundesanleihe 1.5% 15/05/2023 168,690

*This Fund launched on 24 July 2018, see note 24 for further details.

ANIMA Funds Plc 757 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Orizzonte Consumi 2023*

All Purchases

Principle Cost Amount EUR 6,670,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 8,091,819 6,380,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 8,033,768 5,800,000 France Government Bond OAT 4.25% 25/10/2023 7,023,593 5,800,000 Spain Government Bond 4.4% 31/10/2023 6,911,447 6,445,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 6,443,990 5,538,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 5,538,493 4,626,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 4,627,089 3,812,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/12/2018 3,813,344 2,900,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 3,174,362 2,407,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 2,408,556 2,210,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,211,335 870,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 846,494 290,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 322,496 290,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 295,581

All Sales

Principle Proceeds Amount EUR 6,445,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 6,448,081 5,538,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 5,539,777 4,626,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 4,627,822 3,812,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/12/2018 3,812,139 2,407,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 2,408,151 2,210,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 2,210,688

*This Fund launched on 16 October 2018, see note 24 for further details.

ANIMA Funds Plc 758 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Orizzonte Energia 2023*

All Purchases

Principle Cost Amount EUR 31,280,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 36,904,269 29,920,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 36,780,793 34,542,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/10/2018 34,548,773 33,796,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/10/2018 33,810,205 27,200,000 Bundesrepublik Deutschland Bundesanleihe 2% 15/08/2023 30,036,774 27,200,000 French Republic Government Bond OAT 1.75% 25/05/2023 29,384,160 24,514,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/11/2018 24,524,986 23,329,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/02/2019 23,328,686 22,585,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/03/2019 22,549,271 16,361,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/04/2019 16,325,537 14,960,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 15,964,952 11,789,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 30/11/2018 11,794,636 8,977,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/12/2018 8,980,893 8,119,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2019 8,095,898 8,041,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 8,040,389 6,327,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2019 6,302,856 5,797,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/07/2019 5,770,352 2,720,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/05/2023 2,574,123 1,360,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 1,477,548 1,360,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 1,334,508

All Sales

Principle Proceeds Amount EUR 33,796,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/10/2018 33,800,272 24,514,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/11/2018 24,520,437 23,329,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/02/2019 23,347,547 22,585,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/03/2019 22,570,312 16,361,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/04/2019 16,348,648 11,789,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 30/11/2018 11,793,367 8,977,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/12/2018 8,981,615 8,119,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/05/2019 8,106,775 8,041,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 31/01/2019 8,044,003 6,327,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 14/06/2019 6,316,244 5,797,000 Italy Buoni Ordinari Del Tesoro BOT Zero Coupon 12/07/2019 5,782,743 1,220,000 Italy Buoni Poliennali Del Tesoro 3.1% 15/09/2026 1,491,730 329,000 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 351,353 203,000 Italy Buoni Poliennali Del Tesoro 2.6% 15/09/2023 249,763

*This Fund launched on 31 July 2018, see note 24 for further details.

ANIMA Funds Plc 759 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Defensive*

Largest Purchases

Principle Cost Amount EUR 4,010,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2019 4,070,422 3,910,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 3,905,002 3,725,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 3,722,741 3,595,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 3,585,867 679,968 ANIMA Euro Government Bond**/*** 3,500,000 485,956 ANIMA Medium Term Bond **/*** 3,500,000 305,650 ANIMA Fix Obbligazionario Globale*** 3,500,000 321,248 ANIMA Fix Euro*** 3,500,000 3,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 3,493,993 3,425,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 3,423,394 3,325,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 3,318,915 445,720 ANIMA Short Term Corporate Bond**/*** 2,500,000 254,738 ANIMA Obbligazionario Corporate*** 2,500,000 2,250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 2,248,874 2,200,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 2,209,994 2,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,098,969 1,950,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/05/2019 1,977,004 1,900,000 Italy Certificati di Credito del Tesoro Zero Coupon 15/11/2019 1,899,641 1,900,000 Italy Buoni Poliennali Del Tesoro 0.1% 15/04/2019 1,899,025 273,563 ANIMA Liquidita Euro *** 1,875,000 333,025 ANIMA Liquidity**/*** 1,875,000 1,550,000 Italy Buoni Poliennali Del Tesoro 1.5% 01/08/2019 1,563,524 1,300,000 Italy Certificati di Credito del Tesoro FRN 15/12/2020 1,293,360 92,057 ANIMA Europe Equity**/*** 1,000,000

All Sales

Principle Proceeds Amount EUR 3,725,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/04/2019 3,725,206 3,595,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 3,591,368 3,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 3,495,147 3,425,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 3,426,302 3,325,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 3,323,191 2,250,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 2,248,846 2,100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,099,933 600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 600,934 100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/12/2018 100,180 100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 100,176 100,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/11/2018 100,076

*This Fund launched on 24 May 2018, see note 24 for further details. **The indicated holdings are cross holdings in the Company. ***The indicated holdings are managed by ANIMA SGR S.p.A.

ANIMA Funds Plc 760 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Zephyr Global*

Largest Purchases

Principle Cost Amount EUR 4,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 3,974,282 3,950,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 3,898,608 3,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 3,298,719 3,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 2,980,878 2,550,000 Italy Certificati di Credito del Tesoro 0.943% 15/11/2019 2,554,127 2,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 2,494,981 2,450,000 Italy Buoni Poliennali del Tesoro 1.050% 01/12/2019 2,470,062 2,450,000 Italy Certificati di Credito del Tesoro 0.561% 15/12/2020 2,435,185 2,000,000 Bundesobligation Zero Coupon 14/04/2023 2,021,520 2,050,000 Italy Buoni Poliennali del Tesoro 0.45% 01/06/2021 2,008,182 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2019 1,997,715 2,000,000 Italy Buoni Poliennali del Tesoro Zero Coupon 23/10/2018 1,996,700 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/12/2019 1,995,804 1,800,000 Italy Buoni Poliennali del Tesoro 4.75% 01/09/2021 1,993,716 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 1,993,108 2,000,000 Italy Buoni Poliennali del Tesoro 1.2% 01/04/2022 1,951,382 1,800,000 Italy Buoni Poliennali del Tesoro 0.35% 15/06/2020 1,786,112 1,500,000 Kingdom of Belgium Government Bond 2.25% 22/06/2023 1,659,825 1,600,000 Italy Certificati di Credito del Tesoro 0.461% 15/12/2022 1,537,536 1,600,000 Italy Buoni Poliennali del Tesoro 0.95% 15/03/2023 1,522,864 1,500,000 Italy Buoni Poliennali del Tesoro 0.05% 15/04/2021 1,464,690 1,450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 1,447,755 1,400,000 Italy Certificati di Credito del Tesoro 1.524% 01/11/2018 1,407,615 1,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 1,393,821 1,400,000 Italy Buoni Poliennali del Tesoro 0.9% 01/08/2022 1,377,865 1,300,000 Spain Government Bond 0.35% 30/07/2023 1,299,477 1,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 1,294,272 1,000,000 Ireland Government Bond 3.4% 18/03/2024 1,183,520 1,000,000 Portugal Obrigacoes do Tesouro OT 2.2% 17/10/2022 1,077,990 1,000,000 Spain Government Bond 0.45% 31/10/2022 1,009,720 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 993,653 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 797,197 750,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 748,335 700,000 Italy Buoni Poliennali del Tesoro 4.5% 01/03/2019 719,938 700,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 700,286

*This Fund launched on 30 May 2018, see note 24 for further details.

ANIMA Funds Plc 761 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Zephyr Global* (continued)

All Sales

Principle Proceeds Amount EUR 2,450,000 Italy Certificati di Credito del Tesoro 0.561% 15/12/2020 2,389,240 2,200,000 Italy Certificati di Credito del Tesoro 0.943% 15/11/2019 2,212,320 2,100,000 Italy Buoni Poliennali del Tesoro 1.05% 01/12/2019 2,109,009 2,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 1,999,140 2,050,000 Italy Buoni Poliennali del Tesoro 0.45% 01/06/2021 1,969,886 1,800,000 Italy Buoni Poliennali del Tesoro 4.75% 01/09/2021 1,922,166 1,800,000 Italy Buoni Poliennali del Tesoro 0.35% 15/06/2020 1,770,894 1,750,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 1,714,650 1,600,000 Italy Certificati di Credito del Tesoro 0.461% 15/12/2022 1,543,600 1,500,000 Italy Buoni Poliennali del Tesoro 0.05% 15/04/2021 1,429,065 1,400,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/03/2019 1,400,546 1,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/02/2019 1,300,630 800,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/01/2019 800,148 700,000 Italy Buoni Poliennali del Tesoro 4.5% 01/03/2019 719,418 700,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/10/2018 700,366 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/11/2018 450,275 450,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/09/2018 450,205 200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2018 200,185

*This Fund launched on 30 May 2018, see note 24 for further details.

ANIMA Funds Plc 762 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA Zephyr Real Assets*

Largest Purchases

Principle Cost Amount EUR 1,500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 12/07/2019 1,494,824 1,300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/08/2019 1,294,149 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 29/03/2019 1,198,266 1,200,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/10/2019 1,192,681 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 28/02/2019 999,669 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/05/2019 997,589 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/11/2019 995,430 900,000 Belgium Government Bond 2.25% 22/06/2023 995,239 1,000,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/09/2019 994,808 1,000,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/03/2020 986,075 975,000 Bundesobligation Zero Coupon 14/04/2023 982,924 1,000,000 Italy Buoni Poliennali Del Tesoro 1.2% 01/04/2022 974,611 1,000,000 Italy Buoni Poliennali Del Tesoro 0.9% 01/08/2022 965,305 900,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 14/06/2019 897,090 900,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 885,007 900,000 Italy Buoni Poliennali Del Tesoro 0.95% 15/03/2023 850,631 800,000 Italy Certificati di Credito del Tesoro FRN 15/12/2022 756,536 650,000 France Government Bond OAT Zero Coupon 25/05/2022 653,244 550,000 Ireland Government Bond 3.4% 18/03/2024 641,454 600,000 Spain Government Bond 0.4% 30/04/2022 604,011 600,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 13/12/2019 598,741 600,000 Spain Government Bond 0.35% 30/07/2023 593,010 500,000 Portugal Obrigacoes do Tesouro OT 2.2% 17/10/2022 535,807 500,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 30/04/2019 499,429 500,000 Italy Certificati di Credito del Tesoro Zero Coupon 30/05/2019 498,747 300,000 Italy Buoni Ordinari del Tesoro BOT Zero Coupon 31/01/2019 300,045

All Sales

Principle Proceeds Amount EUR 800,000 Italy Certificati di Credito del Tesoro FRN 15/12/2022 771,800 200,000 Italy Certificati di Credito del Tesoro FRN 15/11/2019 201,120 200,000 Italy Buoni Poliennali Del Tesoro 0.35% 15/06/2020 198,060

*This Fund launched on 12 September 2018, see note 24 for further details.

ANIMA Funds Plc 763 ANIMA Funds Plc Schedule of Material Portfolio Changes for the financial year ended 31 December 2018 (Unaudited) ANIMA International Bond*

Largest Purchases

Principle Cost Amount EUR 5,000,000 United States Treasury Note/Bond 3.625% 15/02/2020 4,456,808 2,000,000 United States Treasury Note/Bond 2.375% 15/05/2027 1,691,099 1,900,000 United States Treasury Note/Bond 2.5% 15/02/2045 1,508,489 150,000,000 Japan Government Twenty Year Bond 2.1% 20/09/2029 1,442,439 930,000 France Government Bond OAT 1.75% 25/11/2024 1,020,556 80,000,000 Japan Government Thirty Year Bond 2% 20/03/2042 811,484 100,000,000 Japan Government Ten Year Bond 1.4% 20/06/2019 802,813 650,000 United States Treasury Note/Bond 3.75% 15/11/2018 561,773 65,000,000 Japan Government Ten Year Bond 0.6% 20/03/2023 531,345 600,000 United States Treasury Note/Bond 3.125% 15/05/2019 528,943 50,000,000 Japan Government Ten Year Bond 0.1% 20/03/2026 399,187 600,000 Australia Government Bond 2.75% 21/04/2024 392,443 380,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/12/2024 374,950 370,000 Belgium Government Bond 1% 22/06/2031 365,268 180,000 Bundesrepublik Deutschland 4.75% 04/07/2040 324,454 300,000 Netherlands Government Bond 0.75% 15/07/2027 306,753 200,000 United Kingdom Gilt 4.75% 07/12/2030 306,434 150,000 United Kingdom Gilt 4.25% 07/12/2055 290,816 200,000 United Kingdom Gilt 5% 07/03/2025 278,751 150,000 United Kingdom Gilt 4.5% 07/12/2042 260,228 200,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 252,558 150,000 France Government Bond OAT 4.5% 25/04/2041 243,474 200,000 Spain Government Bond 5.85% 31/01/2022 240,144 200,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 235,232 200,000 Spain Government Bond 2.9% 31/10/2046 208,580 200,000 Spain Government Bond 1.3% 31/10/2026 199,394 20,000,000 Japan Government Forty Year Bond 1.7% 20/03/2054 196,312

All Sales

Principle Proceeds Amount EUR 1,000,000 United States Treasury Note/Bond 3.625% 15/02/2020 889,748

*This Fund launched on 10 August 2018, see note 24 for further details.

ANIMA Funds Plc 764 ANIMA Funds Plc Appendix I – UCITS V Directive Annual Report Disclosures (Unaudited)

Remuneration Policy of the Company

The Company has implemented a Remuneration Policy (the “Policy”) which follows the principles and the framework of a remuneration policy which promotes sound and effective risk management and does not encourage inappropriate risk taking. The Policy has been approved by the Board of Directors of the Company who are ultimately responsible for overseeing its implementation.

The objective of the Policy is to describe the remuneration principles established by the Company regarding remuneration applicable to its identified staff (the “Company’s Identified Staff”).

In accordance with Article 14a and 14b of UCITS V, the Company’s Identified Staff are (i) the Directors (ii) designated persons responsible for the monitoring of certain UCITS management functions of the Company and (iii) delegates identified staff.

The Directors accept fees in accordance with the Company’s Memorandum and Articles of Association and as outlined in note 6 of the financial statements. The Directors of the Company receive a fixed fee only and do not receive performance-based remuneration, thereby avoiding a potential conflict of interest. The total gross amount of fees charged to the directors for the year is €107,458 (31 December 2017: €110,157). The basic fee of a Director is set at a level that is on par with the rest of the market and reflects the qualifications and contribution required in view of the Company’s complexity, the extent of the responsibilities and the number of board meetings. No pension contributions are payable on Directors’ fees.

The Designated Persons do not receive any form of remuneration from the Company for fulfilling their roles as “Designated Persons”.

In relation to the delegates’ identified staff, the Company ensures that the remuneration rules are not circumvented by having in place portfolio management delegation arrangements with third parties and more specifically ensures that: a) the entities to which investment management activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under these guidelines; or b) appropriate contractual arrangements are put in place with entities to which investment management activities have been delegated in order to ensure that there is no circumvention of the remuneration rules set out in the ESMA guidelines; these contractual arrangements should cover any payments made to the identified staff as compensation for the performance of investment management activities on behalf of the Company.

Material Changes

During the financial year there have been no material changes to the Renumeration Policy. The principles of the Policy, which were revised during 2018, have been applied during the financial year and no issues have been noted.

ANIMA Funds Plc 765 ANIMA Funds Plc Appendix II – Securities Financing Transactions Regulations (Unaudited)

Securities Financing Transactions Regulations (“SFTR”)

Article 13 of Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No 648/2012, requires UCITS management companies/UCITS investment companies/AIFMs to provide the following information on the use made of SFTs and total return swaps (TRSs).

1. Market value of assets engaged in securities financing transactions and the market value of securities on loan as at 31 December 2018 The following tables detail the market value of assets engaged in each type of securities financing transactions expressed as an absolute amount and as a proportion of the Fund’s Net Assets, as at 31 December 2018.

Securities lending activites ANIMA Italian ANIMA Euro Equity Equity Fair Value EUR 172,574 196,662 Securities on loan % of Net Assets 0.91% 0.17% Securities on loan % of Total lendable securities 1.03% 0.18%

Total return swaps ANIMA Star High ANIMA Star High ANIMA Star High ANIMA Potential Europe Potential Italy Potential Global Infrastructure Unrealised Gain EUR 5,089,233 195,400 46,062 708,192 % of Net Assets 0.80% 0.40% 0.07% 0.84%

2. Top 10 Counterparties used for the SFT held as at 31 December 2018* The following table details the top 10 Counterparties in respect of securities lending activities including the name of the counterparty and Country in which the counterparties are established.

Counterparty Name Morgan Stanley & Co, International Plc Country of Establishment United Kingdom

The following table details the top 10 Counterparties in respect of total return swaps including the name of the counterparty and Country in which the counterparties are established.

Counterparty Name Morgan Stanley & Co, International Plc Country of Establishment United Kingdom Counterparty Name Goldman Sachs International Country of Establishment United States

*This list is a complete list of the counterparties for the reverse repurchase agreements, securities lending activites and total return swaps held as at 31 December 2018, the market value of outstanding transactions for each Fund is as per Table 1 above.

3. Settlement/clearing for each SFT

Securities lending activities Tri-Party Total return swaps Tri-Party

4. Maturity tenor of each SFT

Securities lending activities For all Fund’s, the maturity tenor of securities on loan is open, as these are equity positions and are not subject to a contractual maturity date.

Total return swaps The following table provides an analysis of the maturity tenor (maturities below 3 months are not applicable) by Fund’s in respect of total return swaps as at 31 December 2018. ANIMA Star High ANIMA Star High ANIMA Star High ANIMA Potential Europe Potential Italy Potential Global Infrastructure EUR EUR EUR EUR Greater than 1 year 5,089,233 195,400 46,062 708,192 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 5,089,233 195,400 46,062 708,192 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

ANIMA Funds Plc 766 ANIMA Funds Plc Appendix II – Securities Financing Transactions Regulations (Unaudited) (continued)

5.– Maturity tenor of Collateral pledged/received in respect of each SFT

Securities lending activites ANIMA Euro ANIMA Italian Equity Equity EUR EUR Greater than 1 year 206,671 181,357 –––––––––––– –––––––––––– 206,671 181,357 –––––––––––– ––––––––––––

Total return swaps ANIMA Star High ANIMA Star High ANIMA Star High ANIMA Potential Europe Potential Italy Potential Global Infrastructure EUR EUR EUR EUR Open maturity - - 70,000 - –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 70,000 - –––––––––––– –––––––––––– –––––––––––– ––––––––––––

6. Type, Quality and Currency of Collateral received in respect of each SFT as at 31 December 2018

Securities lending activities Detailed below are the type, quality and currency of non cash collateral received in respect of securities lending activities as at 31 December 2018.

ANIMA Euro Equity Coupon (%) Maturity Date Rating (Moodys') Type Currency Value of Collateral Finland Government Bond Zero Coupon 15/09/2023 Aa1 Bond EUR 41,298 Finland Government Bond 0.50 15/09/2027 Aa1 Bond EUR 41,224 Austria Government Bond 1.65 21/10/2024 Aa1 Bond EUR 40,972 Austria Government Bond 3.90 15/07/2020 Aa1 Bond EUR 40,922 Austria Government Bond 0.75 20/02/2028 Aa1 Bond EUR 21,357 Finland Government Bond Zero Coupon 15/04/2022 Aa1 Bond EUR 20,472 Netherlands Government Bond Zero Coupon 15/01/2024 Aaa Bond EUR 380 United Kingdom Gilt 4.00 07/03/2022 Aa2 Bond EUR 46 –––––––––––– 206,671 ––––––––––––

ANIMA Italian Equity Coupon (%) Maturity Date Rating (Moodys') Type Currency Value of Collateral Finland Government Bond Zero Coupon 15/09/2023 Aa1 Bond EUR 36,238 Finland Government Bond 0.50 15/09/2027 Aa1 Bond EUR 36,175 Austria Government Bond 1.65 21/10/2024 Aa1 Bond EUR 35,954 Austria Government Bond 3.90 15/07/2020 Aa1 Bond EUR 35,910 Austria Government Bond 0.75 20/02/2028 Aa1 Bond EUR 18,741 Finland Government Bond Zero Coupon 15/04/2022 Aa1 Bond EUR 17,965 Netherlands Government Bond Zero Coupon 15/01/2024 Aaa Bond EUR 334 United Kingdom Gilt 4.00 07/03/2022 Aa2 Bond EUR 40 –––––––––––– Total return swaps 181,357 ––––––––––––

All TRS positions are collateralised using cash denominated in Euros, the base currency of the Company.

The actual collateral pledged/received for the Company’s TRS positions is not separately identifiable.

The Company’s collateral management process is to pledge or receive collateral to each relevant counterparty based on the total net exposure to that counterparty which includes exposures from other FDIs such as forward currency contracts. The total collateral pledged/received as at the reporting date is disclosed in note 18.

ANIMA Funds Plc 767 ANIMA Funds Plc Appendix II – Securities Financing Transactions Regulations (Unaudited) (continued)

7. Ten largest Collateral Issuers (for Collateral received)

Securities lending activities Detailed below are the names and values of the top ten collateral issuers in respect of securities lending activities as at 31 December 2018.

ANIMA Euro Equity Value of Collateral EUR

Austria Government Bond 103,252 Finland Government Bond 102,993 Netherlands Government Bond 380 United Kingdom Gilt 46 –––––––––––– 206,671 –––––––––––– ANIMA Italian Equity Value of Collateral EUR

Austria Government Bond 90,605 Finland Government Bond 90,378 Netherlands Government Bond 334 United Kingdom Gilt 40 –––––––––––– 181,357 ––––––––––––

8. Re-investment of Collateral received in respect of each SFT There was no re-hypothecation of Collateral received in respect of securities lending activities during the financial year ended 31 December 2018.

9. Safe-keeping of Collateral received in respect of each SFT State Street Custodial Services (Ireland) Limited are responsible for the safe-keeping of all collateral received in relation to the SFTs held on the Funds.

10. Returns and costs of the SFTs

Securities lending activites ANIMA Italian ANIMA Euro Equity Equity EUR EUR Income received* 2,194 1,591 Gains/Losses - - Costs incurred** - - Net returns 2,194 1,591 % of Overall SFT Return 100 100

*There was no net gain or loss in respect of securities lending activites during the financial year ended 31 December 2018. **Costs incurred in relation to securities lending activites are not separately identifiable for disclosure within the financial statements.

Total return swaps ANIMA Star High ANIMA Star High ANIMA Star High ANIMA Potential Europe Potential Italy Potential Global Infrastructure Income received* ---- Gains/Losses 5,584,941 137,781 47,644 708,192 Costs incurred** ---- Net returns 5,584,941 137,781 47,644 708,192 % of Overall SFT Return 100 100 100 100

*There was no income in respect of total return swaps during the financial year ended 31 December 2018. **Costs incurred in relation to total return swaps are not separately identifiable for disclosure within the financial statements.

ANIMA Funds Plc 768